3 Challenges & 3 Opportunities Facing MRO Companies
- E-commerce is constantly creating competition for MRO manufacturers. Comparison shopping doesn’t just mean buyers are finding what they need for less money—it means they’re looking for faster ways to get the best supplies. As more companies acquire and merge, buyers are looking for and finding one-stop shops for all of their MRO needs. These trends lead to outsourcing and settling for quantity over quality. Fair pricing and high-quality products are no longer enough to guarantee a steady client base; in many cases, timing and convenience come first and foremost.
- Ever-fluctuating economic changes create chaos for the unprepared MRO manufacturer. When rocky political climates cause clients to question their sales forecasts, requirements shift. As MRO buyers adjust frequently between manual and automated functions, MRO manufacturers need to pivot in stride. In addition, as more companies seek high-tech or eco-friendly solutions, it’s necessary to stay in tune with the alterations buyers are considering to save themselves money and resources in the long haul. In changing societies, it’s no longer appropriate to focus solely on past buying patterns; in other words, it’s now crucial to lean into innovation and improvement trends.
- MRO products are infinite. Ranging from maintenance toolkits to industrial-grade engines, it’s difficult to pinpoint what equipment a business needs to operate. Buyers are constantly barraged with both valuable and irrelevant information, and it’s incrementally hard to differentiate decent from great each time they search. In a world where some MROs corner a niche market and others employ chain retailers with a vast variety of items, buyers look to what is tailored to their companies. There is no generic umbrella solution for acquiring accounts — today’s market requires extra diligence in direct advertising.
- There are lots of people involved in MRO purchasing decisions. Often, companies make and approve decisions within buying committees or across several departments. The more individuals involved in the buying processes, the more that can be reached. By guiding a specific audience toward a range of relevant products, MRO manufacturers can better influence companies as a whole. Customizing products for each client generates accessibility and sparks conversation within buying committees, building consensus accross the board.
- MRO spending is expected to increase over the next several years. The technology behind making stronger, better, faster B2B connections is the same technology that drives revenue for MRO industries. It’s all about who can make an impact first. As companies modernize, the gamut of tools for operating them will progress, too, leaving ample room for development. And as buyers become familiar with MRO brands through early-established relationships, MRO providers become attune to individualized operational essentials (which won’t be slowing down any time soon).
- Establishing familiarity before the buying process leads to better relationships—and bigger sales. Large amounts of data are ideal for directing sales, but interpreting it can become overwhelming quickly. ABM identifies anonymous buyers, advertises and sends applicable, personalized information to precise audiences, helping MRO manufacturers reach buyers early and often. Marketing differentiation months before the peak in a prospect’s buying cycle means all the difference between an annoying ad and a relevant, content-centered victory.