Technical Instrumentation Products: Consumer Purchase Decisions (Large Firms)
There are various factors that are currently influencing the purchasing habits of technical instrumentation products by large firms. Some of these include the availability of after-sales service, convenient shipping arrangements, various purchasing methods, payment and pricing options and the presence of designated sales representatives. Below is a methodology that we used to find the leading factors that influence the product buying habits of large companies
Information for this research was obtained from credible industry publications and company websites relating to factors influencing the product buying habits of large firms. We started our search by focusing on large firms that purchase technical instrumentation products. This information was not available since most buyers rarely disclose their instrumentation suppliers to maintain their competitive advantage. However, we managed to get the top sellers of instrumentation products.
Our assumption is that the top sellers are responsible for supplying large and well-paying companies with their instrumentation products. We, therefore, focused on the attributes of these companies to determine the influences that affect clients to purchase their products. As such, we focused on various market reports to determine factors that are present in various resources. We then shifted our focus to the official websites of the top-selling instrument companies in North America to find details about their services and payment options.
Based on our search, we established some common factors like specialised shipping and bulk pricing are not prioritised and are therefore not strong influencing factors. Some common factors include after-sales service, offering price quotes and having various purchasing options.
TOP FACTORS CURRENTLY INFLUENCING THE PRODUCT BUYING HABITS OF LARGE FIRMS
Some of the current and projected industry influences include after-sales services, online purchasing options, product promotional activities, product testing before purchase and specialized customer service and support.
AFTER SALES SERVICE
The rate of after-sales service is expected to grow significantly by the highest compound annual rate. Some of the companies that offer after sales service include Keysight Technologies, National Instruments, Viavi Solutions and EXFO.
Companies are also directing potential clients, large firms, to sales representatives who will offer them personalized support throughout the sourcing and purchasing process instead of having them purchase items through their online stores. In case any issues arise throughout the process, the sales representative will be the contact person between the company and the client. Examples of companies that have adopted this approach include Keysight Technologies, National Instruments, Viavi Solutions and EXFO.
Companies are also offering training for products that have been purchased by large firms. This strategy has been adopted by Keysight Technologies, National Instruments, Viavi Solutions and EXFO.
Various companies have different payment options:
- Keysight Technologies: Payment options are not specified but can be discussed with a sales associate.
- National Instruments: Payment options are not specified although billing information can be provided, but can be discussed with a sales associate.
- Viavi Solutions: Payment options can be discussed with sales associates but payment can be through checks, automated clearinghouse payment and wire transfer.
- EXFO: Payment options can be discussed with sales associates but can be through credit card payment and electronic data interchange order processing.
Various companies have different pricing options that can be discussed with large buyers:
- Keysight Technologies: The company directs companies to sales representatives who will provide the potential client with a quote. In the case of bulk purchases, a discount can be discussed with the designated sales representatives. For some products, there are special offers.
- National Instruments: Potential clients request a quote from the sales representative, and once this has been obtained, they have a 30-day price guarantee for their selected products. Price discounts are offered by the company.
- Viavi Solutions: The company provides a price quote for prospective clients, and bulk pricing can be offered based on discussions with sales representatives.
- EXFO: The company provides a price quote for potential clients, and bulk pricing can be offered based on discussions with sales representatives.
Companies have different shipping arrangements for their clients. In the case of National Instruments, EXFO and Viavi Solutions, there are no shipping perks. Keysight Technologies offers clients the option to expedite shipping of orders.
There are different purchasing options that are offered by various companies. These include:
- Keysight Technologies: Instead of standard purchasing, clients can lease products, rent-to-own and get access to finance facilities for their services. They can also purchase used products at lower prices.
- National Instruments: The company does not specify alternative purchasing methods.
- Viavi Solutions: Clients can lease products, rent-to-own and get access to finance facilities from their regional partners. They can also purchase refurbished instruments at lower prices.
- EXFO: Clients can lease products, rent-to-own and get access to finance facilities from their regional partners. They can also purchase refurbished instruments at lower prices.