Importance of price in industrial buying: sales versus purchasing perspectives

A study investigating buyers' and sellers' perspectives in attempting to determine the importance of 3 types of knowledge bases: product, service and price, indicated that industrial buyers are evaluating attributes such as product and service first and looking for an acceptable price range second. Sales training programs must reinforce the notion of matching salient attributes of the seller's product to the salient attribute needs of the buyer. In a long-term selling cycle, it is advisable to spend a month or 2 on salient product attributes, another similar amount of time on salient service attributes, and finally, after building a relationship with the industrial buyer, price information can be presented. The sales organization may benefit by surveying customers' needs and asking them which attributes are used in their decision-making process. A sales training program could then be developed that emphasizes attributes that their customers feel are of utmost importance.