A Strong Marketing Mix is Key to Success In the oilfield industry, we have found online auctions and private sales to be effective channels for selling surplus equipment, when combined with a marketing strategy that utilizes a broad mix of marketing tactics to reach the right buyers and connect them to the equipment they need. During tight equipment markets like the current one, it is easy to find people who need equipment, but the key is finding multiple buyers—then effectively putting those buyers in a dynamic bidding environment that will maximize value received.
A combination of four key marketing tactics can be effective in accessing and building the buyer market for online auctions and private sales:
- Advertisements in trade publications and local newspapers
- Communicating to an existing database through emails, faxes & direct mailer
- An experienced Inside Sales team
- And utilizing the Internet Print Media
Our experience has shown that the best return on investment is not newspapers in small towns or larger metropolitan cities, but that mid-size cities provide the best exposure for the money. By advertising in local newspapers, one is able to reach regional oilfield buyers as well as consumers who may be interested in purchasing trucks, old pipe for fences, scrap metal, and other items owned and sold by oilfield and industrial companies.
Marketing directly to a customer database through emails, faxes and brochures is another focused marketing effort that can generate good returns for a minimal investment. Having a qualified contact list provides the opportunity to reach a targeted group, and allows accurate measurement of the return on each campaign. Utilizing all three methods (direct mail, email, and faxes) helps cover your audience, regardless of their communication preference, and reaches that audience with multiple marketing pieces. Considering that some research indicates it often requires six (6) “touches” for people to see a marketing piece and remember a company name or message, developing diverse touch points is essential. While the fax machine is often thought of as an outdated marketing tool, some clients still prefer to receive faxes over electronic communication. For faxes and emails it is important to follow all current marketing guidelines and etiquette, such as having customers request faxes in writing, and continuing to update email lists to reflect any “unsubscribe” requests. This provides an important service in an unobtrusive manner.