Small customers may not generate the sales volumes needed to support them as you would support your larger customers, but they usually generate higher profit margins and do not require as many resources.
Increasing market share is good. However, increasing wallet share is even better because it is usually far easier to sell additional products to existing customers than it is to acquire new customers.
We recently published an article on selling value internally along with selling externally to prospects. Because while many distributors have spent time creating a value proposition their employees will take to heart, salespeople often falter when it comes to selling the company’s value to prospects.
You must look closely at the business you want to acquire from your competitors, in order to define a specific strategy. Do you want to dominate a certain product category or a specific geography? Or do you want to focus on a particular customer type, such as large volume or a specific SIC?
It’s a great idea and it requires thoughtful planning. Most distributors want to increase sales by entering new markets — but what does that mean?
How Your Reps Can Make Calls without Visiting Customers Background As of this writing, the coronavirius (COVID-19) is infecting an increasing number of people around the world. We grieve over the human toll this virus takes. With a mortality rate that appears to be about 3% (at the moment) and focused primarily on the elderly…
What’s the difference between customer service and inside sales? What are the skills sets distributors should look for when hiring for a successful proactive inside sales team, and aren’t those the same as customer service?
Your top 10% of customers are covered by field sales. How are you reaching the other 90%? The very largest of a distributor’s accounts (on average the top 5%) tend to make up 55% to 70% of a distributor’s revenue. They have massive buying power, and distributors typically offer them value-added services pro bono.
Most distributor inside salespeople are actually playing the roles of customer service reps and don’t have the skillset for a more proactive role. As a result, these distributors are losing out on significant bottom-line benefits and shareholder value.
As the world of distribution continues to shift to digital, the way that customers want distributors to communicate with them is shifting as well. To gain a better understanding of these changes, Real Results Marketing has surveyed more than 10,000 of distributors’ customers across diverse sectors and geographies. The goal of this ongoing Shopping and…