Capital equipment is typically defined as an asset with an acquisition cost of at least $5000, but also includes assets that can cost millions of dollars. Capital equipment encompasses thousands of products and industries, from desktop computers to mainframes, trucks and airplanes, agriculture, medical and military, machine tools to entire plants. The greater the investment, the more likely the purchase requires numerous related services including finance (leases or loans), installation and training, system integration, parts and supplies, maintenance and more.
Because of the cost involved, the capital equipment purchasing process is complex for several reasons: the number and type of decision makers, the need to carefully evaluate and compare multiple options using financial analysis, the economic environment and changing tax laws. As a result of these complexities, the capital equipment purchasing process is often protracted, sometimes taking years to complete.
Not surprisingly, the marketing of capital equipment requires some different approaches and techniques. Certainly much different marketing approaches than consumer products or low cost business products or services. This guide details four aspects of capital equipment purchasing, along with three considerations of capital equipment marketing, followed by a capital equipment marketing checklist and best practices detail, a capital equipment marketing infographic, and some relevant resources.
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