Buying Power Within Surplus Assets - Finding Buyers

September 02 2021

Key Steps to Finding Buyers and Knowing What They Want

The most challenging part for any organisation is to develop a clear pathway for sellers to dispose of their surplus assets. This can be difficult as selling surplus assets begins with sourcing / identifying the right partners, who can find the right buyers with global presence with time sensitive sales options, competitive and transparent with high quality client management services.  

While many activities are in place many buyers explore classifieds but primarily take part in live and online auctions, private treaty sales and make direct offers across all various online / offline platforms worldwide, the principle question to ask is, how do we find the right buyers, what do we need to do to obtain maximum value, cost efficient?

Surplus is a source of value for businesses, by selling these assets in the secondary market, companies can generate working capital to help maintain their competitive edge, invest in new upgraded assets. Identifying surplus assets is a straight forward process, but in the event of deeper issues, needing to dispose due to stress, debt or economic factors the process to successfully finding the value can be a little more challenging

Find the right buyers starts with finding the best partner to reach the millions of buyers representing nearly every asset category that makes up a global secondary market.

From our extensive experience across global markets we have identified five key steps for sellers to follow, to help to attract, engage, and drive bidding and purchasing activity from today’s global equipment & surplus buyer’s market:

1. Providing effective and comprehensive, accurate equipment data

2. Target Online Buyers – effective marketing and advertising campaigns

3. Leverage off existing client referrals and their testimonials – repeat seller engagement

4. Maintain a positive simplified remarketing selling experience – on line, off line, on site

5. Upfront transparency on fees, storage and removal costs

Identifying surplus assets is a straight forward process, but in the event of deeper issues, needing to dispose due to stress, debt or economic factors the process to successfully finding the value can be a little more challenging. Find the right buyers starts with finding the best partner to reach the millions of buyers representing nearly every asset category that makes up a global secondary markets.

1. Providing effective and comprehensive, accurate equipment data

Sellers need to take responsibility for creating clear pathways of disposing surplus assets. Prospective purchasers WANT clear, concise and accurate information about surplus assets in order to make informed purchasing decisions. Areas of consideration for accurate information are as follows:

A.    Description and nature of the asset  

Include a brief description of the item, key specifications, asset condition and age, model number, components, and any other relevant details.

B.     Location, storage and removal

Providing clear information about up-front costs of removal and location requirements can help purchasers make informed decisions about the purchasing decision.

C.     Providing visual images photos and videos

Prospective buyers of surplus require pictures of the assets for sale. The pictures provided by the seller must be of high quality taken from multiple angles and in good daylight. Using videos demonstrating the sale of assets will enhance the prospective buyer make the purchasing decision.

*Point to note

It is critical for sellers to provide robust and accurate information about surplus assets which will eliminate purchaser uncertainty and contribute towards increasing recovery.

2.   Target Online Buyers – effective marketing and advertising campaigns E

Equipment remarketing plays a crucial role for assisting sellers visibility in the marketplace of surplus assets whether it’s the sellers company site or a third party site where buyers can complete online purchases. Areas of consideration for remarketing companies that have the power and market capability by targeting online buyers are as follows:

A.    SEO – The key to SEO is to ensure that the seller had uploaded content that is clear and accurate  about the assets ( photos/ videos/ detailed specifications etc) as this will drive the potential purchaser to the top of appropriate search results pages.

B.    Online Advertising – Online advertisements play an important role in driving sales. As part of the sellers marketing strategy, a significant marketing budget for advertisement is essential online to include  industry publications, on auction listing websites etc.

C.    Email Marketing – Generate bids for assets through timely, targeted emails promoting upcoming and current auctions. Discounts and other promotions can motivate buyers to view your inventory and bid.

D.   Social Media Marketing – The use of social media platforms like posting on LinkedIn, Twitter etc can help generate buzz for both sellers/ buyers driving bids for auctions in real time and creating awareness for sellers in the marketplace.

*Point to note

It is important remarketing companies must invest and develop a robust online marketing strategy which will help generate bids and sales from interested purchasers.

3.   Leverage off existing client referrals and their testimonials – repeat seller engagement R

Referrals and testimonials play a key role for both sellers and buyers in cementing the purchasing process for both parties. Recent reports have evidenced that it’s important for potential buyers to leverage information from referrals from colleagues as their primary sources. Although its easy to find assets online, buyers still value referrals from trusted third parties:

·      Remarketing companies should provide a high quality buying experience for purchasers of surplus assets, this will help elevate any concerns during the buying process.

·      Incentives for buyers who refer new customers for loyalty  

·      Be aware of the potential of lifetime value of a new customer, use statistics, data and metrics

·      Target and gather testimonials from loyal buyers to include in marketing materials

·      Testimonials are powerful as potential purchasers likely to make a purchase that’s recommended by others.

*Point to note

Recommendations by leveraging referrals and testimonials play key roles for both buyers and sellers.

4.   Maintain a positive simplified remarketing selling experience – on line, off line, on site

Recent research has found that once buyers register an ecommerce platform site for surplus assets, they automatically want to make a purchase online. Therefore it is essential that buyers have a positive experience online throughout the purchasing journey pathway. By enabling a positive smooth and professional experience for buyers this will encourage the purchase of surplus assets on the same day:

A.     How user friendly is the remarketing platform? It is important to hook the prospective buyer right from the start of the initial step and make the processing system user friendly such as registering, bidding, buying, and arranging payment and removal for potential buyers.

B.     Is the remarketing site site easy for buyers to search what they are looking for Bear in mind that ecommerce sites should include intuitive search and taxonomy functions that make it easy for buyers to find assets by price, category, condition, location etc. Recommendations based on past buyers’ interests should be visible as buyers will appreciate if they don’t have to look hard for what they need.

C.     Does the remarketing site provide helpful, responsive customer support? Customer support is important to all potential purchasers which can provide support in addressing any questions or concerns about surplus assets to a live customer service representative. Use of emails, LinkedIn, online chat or what’s app communication are also other forms of communication to consider.

*Point to note

Providing a positive ecommerce experience will continuously attract potential and existing loyal purchasers to the site and contribute towards the revenue growth of the business.

5.   Upfront transparency on fees, storage and removal costs

From recent reports relating to surplus assets, it has been highlighted that potential buyers considering to make a purchase may reconsider not to buy due to the sale of the cost of asset removal which may not have been clearly defined.

·      Removing capital assets from their original locations may be expensive cost and may be tempting for sellers to hide removal cost on the buyer. Upfront removal costs advertised by sellers is crucial in gaining and growing long term loyalty for any seller.

·       If seller are upfront about the cost, they might lose that particular sale but win a loyal customer in the long run, as the buyer will appreciate honesty and consider buying in the future.

·       Consider offering a one-time “free removal” for first-time buyers as taking this short-term loss could help sellers build long-term buyers.

·      Buyers need have the confidence to trust in sellers when purchasing surplus assets. Transparency of information across the purchasing process is critical in terms of removal costs, condition of the asset, and age etc.

*Point to note

By providing upfront and transparent removal costs for purchasers will ensure that loyal customers will continue to grow and make transactions through the site.

Summary:

By engaging with a remarketing company, using the tools above buyers can be found, select your sales process, work directly with your sales agent, be upfront of your expectations, pricing, timeframes for sale, reasons for selling and let your remarketing company do the rest.