AED Summit 2024 is just around the corner, and you definitely don’t want to miss out on all the amazing sales and marketing tips, tools, and data that will be shared. If you’re not already familiar, The AED Summit is a convention & tradeshow designed for North America’s equipment distributors, with valuable workshops to help your business. This year, we have gathered a wealth of new data that will provide you with even deeper insights into your current buyers and the competitive landscape of 2024.
If you want a sneak peak of what Equipment Trader has in store for AED, keep reading as we reveal the top 5 marketing and sales insights from our presentation: “The 2023 Path to Purchase.”
1. Embrace the Diverse Nature Of Today’s Buyers
While males and professional buyers dominate the equipment market, it is important to recognize its diversity. Our data shows that 67% of Equipment Trader buyers are male, but over a quarter are female. Furthermore, there is a growing trend of consumers purchasing equipment for personal use, accounting for 29% of buyers. This means that potential buyers come from all walks of life. To effectively connect with this diverse audience, prioritize showcasing the worth of your product. By appealing to a wider range of individuals, you can enhance your chances of achieving maximum success.
2. Each Generation Has A Unique Communication Preference
Our data has revealed an intriguing finding – digital communication channels are the preferred choice for interacting with dealers, with each generation having their own favorite. Baby Boomers and Gen X prefer traditional digital communication like phone calls and emails. Millennials and Gen Z, raised in the era of technology, gravitate towards social media platforms, text/chat conversations, and engaging video content. Offering multiple communication channels is crucial for catering to each generation’s preferences.
3. Inventory Levels Are Beginning To Normalize
As the world gradually recovers from the pandemic, manufacturers are finally witnessing a resurgence in their inventory levels, returning to a sense of normalcy. This positive shift in supply is leading to a notable decline in demand for used units. As a result, With brand new units surpassing the attraction of pre-owned ones, a renewed sense of confidence in the market has positioned both dealers and consumers to embrace a future of innovation.
4. Dealers Have A Higher Likelihood Of Shaping Brand Preferences For Consumers
In the world of equipment sales, buyers typically have a clear idea of what category of units they need for personal and professional use. With buyers being more informed, it becomes crucial to meet their equipment needs effectively. One way to achieve this is by influencing the brand. Our data shows that 78% of consumers are already open to purchasing from different manufacturers. To help buyers more efficiently, train your sales staff to identify the specific equipment buyers need and then promote the brand. Be aware of popular brands among buyers when implementing this strategic approach.
5. Shoppers Are Turning To Digital Tools Over Traditional Shopping Methods
The days of shoppers walking into the nearest dealership to start their search are long gone. Today’s consumers start their online search 3-12 months in advance, according to our recent survey. This shift is due to the availability of online research tools and the convenience of online equipment purchases. In fact, our survey respondents revealed that two of their most valuable tools are the ability to shop by payments and the option to purchase 100% online. They also rely heavily on social media, search engines, and online classifieds, among other resources. That’s why it’s crucial to invest in your online presence so you can connect with consumers where they are.
Gaining a thorough understanding of your customers is vital when it comes to developing a successful sales and marketing plan. These insights only scratch the surface of what our data reveals about today’s buyers. Discover the current path of purchase at Equipment Trader’s presentation at AED. Gain valuable insights on top categories, consumer search data, and more. Leverage this data to create a winning digital strategy. Stay tuned!
