Distributing Ideas, The NAW Blog
The Sales-First Approach to Customer-Specific Pricing – Intelligent Sales and Profit Acceleration #15
In the unending quest to secure the revenue that fuels their companies’ growth and meets their personal quotas, industrial B2B sales professionals need flexibility in pricing to adapt to competitive or customer pressures (real or imagined) in the highly dynamic markets that they serve. If salespeople don’t have flexibility, they may fail to acquire new customers or drive share-of-wallet [...]
The Distributor’s Guide to AI Implementation – Leveraging the Power of AI #21
AI is an incredibly beneficial tool for distributors who want to transform their offerings and get ahead of the competition. Artificial intelligence can analyze complex data and provide unique insights into customer patterns, product demand and future sales. With it, you can support various sales channels and enhance how your team interacts with customers. AI implementation will not only [...]
The Growing Impact of Freight Recovery – Intelligent Sales and Profit Acceleration #14
There is a silent but growing profit drain leaking away at wholesale distributors this year, and according to experts, it’s likely to double next year and beyond. For the average distributor with an EBIT of four percent, it could potentially reduce their profitability by 60 to 150 basis points, or 15 to 25 percent. However, for a select group of companies, it will increase profitability by [...]
What Distributors can Learn from Amazon’s AI-Powered Product Recommendation Strategy
Amazon is a sales powerhouse. The company generates billions in revenue every year selling to both consumers and businesses. This B2C behemoth entered the distribution space when it launched its online B2B marketplace Amazon Business in 2015. This service offers specialized product listings and bulk purchasing options catered to small- and medium-sized businesses. In 2018, Amazon Business [...]
Push Beyond Your Traditional Pricing Challenges – Intelligent Sales and Profit Acceleration #13
Everyone knows that distribution is a thin-margin business, with net operating profit averaging around four percent of revenues. Even elite distributors struggle to attain or sustain double-digit levels (aside from those in certain specialty market segments). With these thin margins, every point counts. A four-percent company that consistently gets one margin point more across thousands of [...]
Why an Integrated Supply Chain Is Critical for Recovery
The entire supply chain has taken a major hit. As the world works toward moving forward post-COVID-19, the global supply chain is still trying to recover too. During the pandemic, multiple national and international lockdowns halted manufacturing. At the same time, customers began demanding certain health and wellness products, which resulted in retailers doing the same. Although some demand [...]
Creating a More Productive Sales Team Post-Pandemic
You know the age-old saying, “There’s no I in team”? That same concept applies to a high-performing sales team. Consistently meeting sales goals is a team effort. Each sales rep might set and meet their personal goals, but reaping the rewards as a business requires the whole company to be on board. Unfortunately, the way sales reps spend their time can be a significant roadblock to [...]
Why AI is the Technical Keystone Businesses Need to Compete in the 21st Century
Imagine running your business today without electricity. It would be impossible. Just as electric power transformed every industry in the late 19th century, Artificial Intelligence (AI) will have the same impact on every business in the 21st. According to Forrester, companies with data-driven business capabilities are 2.8x more likely to report double-digit year-over-year growth than [...]
Optimize Pricing and Improve Profitability – Intelligent Sales and Profit Acceleration #12
Marketplace pressures continue to evolve and change the competitive landscape, ranging from commoditization to eCommerce to the changing workforce. These factors are beginning to negatively impact the bottom line for many distributors. Distribution is traditionally a thin-margin business to begin with, so these new pressures are challenging many distributors. What is your company’s [...]
Data-Driven Selling: 3 Common Mistakes (and How to Stay on Track)
Data-driven selling can be incredibly powerful for distributors. The right insights and information, packaged the right way, provided at the right time, and launched with proper training can be a game-changer when it comes to driving profitable sales growth. This approach: Aligns the entire company around key performance metrics. Reduces perpetual firefighting and leads to more [...]
