At some point in time, many businesses find themselves with used industrial equipment on hand – whether because they’ve earned enough revenue to purchase new machinery or because their production processes have altered and they no longer need the machine in question. Whatever the cause may be, selling these pieces of equipment is an excellent way of earning extra funds.
1. Know Your Product
Numerous businesses end up owning used industrial equipment at some point or another. Whether the revenue exceeds what’s necessary to purchase new equipment, or production processes are becoming too cumbersome to continue running efficiently, selling machinery may often be more cost effective than investing in costly upgrades.
For an easier selling process of industrial equipment, it’s vital that you gain a complete understanding of both what and how much to ask for it. In order to do so, research industry trends and conduct background checks on prospective buyers.
Be sure to ensure the equipment you’re selling is in excellent condition before listing it for sale online, including cleaning and making any needed repairs. Online shoppers typically sort search results according to price, so ensuring a competitive offering is key for gaining sales.
2. Know Your Market
Understanding your market is the cornerstone of successful industrial equipment sales. You need to gain an in-depth knowledge of your customer demographics, from location and shopping preferences online, right down to what sort of price filters they use – an overpriced listing will likely be quickly passed over by buyers searching auction and liquidation websites.
Keep a keen eye on contextual trends that might affect your market, such as changes to rules or regulations, consumer laws or security laws. Also keep a keen eye out for potential risks to your business such as economic climate fluctuations, loan rates or commodity prices that could impact it negatively.
Selling equipment yourself, through an online marketplace or private auction are all viable options. Facebook groups are becoming an increasingly attractive option due to a recent change in their newsfeed algorithm that prioritizes posts from these groups.
3. Know Your Pricing
When selling industrial equipment, it’s essential that you know its true value. Conducting market research will enable you to ascertain how much comparable new and used equipment has sold for and adjust accordingly.
Documenting pricing claims requires having documentation such as maintenance logs. This is particularly crucial if using equipment management software which compiles all your information in one centralised place for both you and your prospects to access.
Mascus or other online marketplaces like Craigslist make selling industrial equipment simple. They provide various sales methods – such as auctions where multiple buyers compete to bid on your machinery – making this type of sale method particularly suitable if your machinery is expensive and in high demand.
4. Know Your Marketing Strategy
An effective marketing strategy begins by understanding the needs and wants of both existing and potential customers. Deliberately selecting groups who will use your equipment, and comprehending their preferences should be among your initial considerations in creating your plan for marketing success.
Online classified sites such as eBay and Craigslist can be an effective way to sell industrial equipment, with Facebook becoming increasingly popular as an avenue through specialized groups and the Marketplace. But such platforms can sometimes be daunting and it takes time for sellers to be noticed by buyers – this may take longer if sellers compete for buyers’ interest than is ideal.
An auction provider that specializes in heavy equipment auctions can take some of the pressure off by advertising and managing bidding process for you, while providing valuable tips to help sell equipment efficiently.
5. Know Your Timeline
Large business equipment sales can be challenging. It’s unlike buying a car where you can shop around at different dealerships and research its details using “TRACTORFAX.”
Assuming you will be selling industrial equipment online, keep in mind that most buyers are looking for the lowest possible price. Do your research by researching similar items being sold on auction and liquidation sites so you can estimate an appropriate pricing strategy for your equipment.
Note that recent updates to Facebook’s newsfeed algorithm could make your listings harder for people to see. To increase visibility, consider searching for groups devoted to specific types of machinery (forklift, for instance). Or try working with consignment services like MachinesUsed.