If you let potential ROI determine how much you’ll invest in your website and how you’ll measure its success, you’re going about it all wrong and you will not succeed.
B2B Sales Channel Strategy
Distributors sell through multiple sales channels: outside sales, inside sales, ecommerce, customer service, VMI and more. But as customer expectations shift, the role of each channel in B2B sales continues to evolve. Customers are demanding a seamless experience no matter where they interact with the distributor.
A sales call guide can be a useful tool to help salespeople connect with prospects and ensure they are firing on all cylinders with every interaction, whether in person or virtually.
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.
Despite the many columns and webcasts predicting distribution’s post-pandemic “new normal,” it’s going to be a long time before our industry settles back into a rhythm. For now, expect a “new abnormal,” where powerful forces will continue to transform the industry and redefine how you must compete to win.
Pursuing new customers in existing markets can be an expensive proposition if not done with proper planning, analysis and execution.
Well-run companies know that customer retention is critical to long term success as a business. For some companies, an annual increase of 1% in customer retention over each of the next ten years results in 20% increase in annual earnings. Retention is powerful for several reasons.
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?