The law dictates that you must be able to show financial numbers based on things that are easy to see, count, tax and borrow against. Because financial numbers are ultimately downstream, aggregated symptoms or by-products of your business activity, you won’t find any powerful insights within them or their sliced and diced derivatives.
Continue reading 59. Measure Your Vital Intangibles in Distribution
Many distributors resist vital changes out of vague fears that some sales reps might not like change or its compensation implications. Some fear losing their sales reps in distribution to a competitor and all their loyal customers along with them. Of course, there are many factors that will determine what will happen, including how strong your reps are, whether you can afford to lose a few customers based on the projected new sales, and how many of your customers have integrated contracts. Ranking sales reps in distribution by their loyalty and account profitability is a good place to start. Continue reading 58. Ranking Sales Reps in Distribution by Their Potential to Switch to a Competitor
Quid pro quo is a Latin phrase meaning “this for that.” In sales terms, quid quo pro is a negotiation and creative selling skill as well as a sales philosophy.
Are your reps QPQ black belts? If you and your reps need to learn more, here are a few customer cases showing examples of common sales rep responses and some better QPQ responses.
Developing and using the right analytics is the most important step you can take towards exponentially growing your business. After all, you don’t know what you don’t know. The right metrics can reveal some astounding facts about your business. This is why you need Enterprise Selling Metrics in Distribution. Continue reading 56. Why You Need Enterprise Selling Metrics in Distribution
Processing customer orders perfectly is less expensive than making mistakes. More realistically, reducing errors saves operational expenses, increases service value to customers, and boosts morale due to the absence of angry customers. Think: Systematically reduce errors with Zero-Error Analytics in Distribution. Continue reading 55. Zero-Error Analytics in Distribution
The first distributor association financial surveys debuted over 40 years ago and mostly highlight data that lenders and tax authorities want audited. Now, it’s clear that these numbers show the downstream symptoms rather than the upstream root causes of profits or losses. Also, the causes often remain unknown and unmeasured by at least 90% of distributor survey participants. Continue reading 54. Innovation Metrics Recap