News Digest 5010
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2020
Chicago Fed National Activity Index Falls to -16.74 in April
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Build Your Business in Any Climate
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Today’s Litmus Test for Distributors
Blindly following a competitors lead or treating every customer the same are two common mistakes that distributors cant afford to make in todays environment. Consultant Robert Sabath explains how these and other common actions can hold you back.
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Opportunities and Challenges in a Shifting Distribution Market
Tracking industry and customer data can provide distributors with a window into future planning as the market continues to shift during the coronavirus crisis. Channel Marketing Groups David Gordon suggests elements to consider, ranging from pricing pressures to the availability of talent.
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New Podcast: How Innovation Can Help Distributors Map New Growth Strategies
Products, features and benefits. How are we doing (or not doing) on monthly goals set up with Supplier A or Supplier B? These are the day-to-day conversations that, while particularly urgent in the current uncharted pandemic-infested waters, can get in the way of deeper strategic conversations about how to create more value for customers. In this third podcast of our three-part series on innovation, Dorn Groups J Schneider maps how to rethink your business model to build a more customer-centric and innovative organization.
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Texas A&M Distribution Students Visualize Industry’s Digital Future
In a recent virtual conversation with a few hundred Texas A&M Industrial Distribution students, the next generation had a lot to say about what changes they see in B2B distribution after the full impact of COVID-19 becomes clear. The future of distribution is moving faster than any of us thought possible, and its looking brighter with the talent coming online.
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Building Controls & Solutions Uses COVID-19 Distancing to Strengthen Employee Skills
For employees who are traditionally customer-service oriented, making cold calls requires a different skill set. Eric Chernik, CEO of Building Controls & Solutions, is providing training and tools for all employees, such as customer call lists with outbound call scripts, to grow business during the coronavirus slowdown.
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Managing Sales through COVID-19: Immediate Actions and Long-Term Tactics
There is an escalating response to the economic impact of the coronavirus among distributors, increasing furloughs and hiring freezes, management consulting firm Alexander Group finds. However, forward-looking distributors are also putting plans into place to convert competitors customers and grow digitally.
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Orders for Manufactured Technology Goods Down 10.3% in March
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Distribution’s Value: Rebuilding for the Next Normal
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News Digest 5009
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Fastenal Posts 7% April Daily Sales Growth on Safety Surge Buys
A follow-up phone call to the industrial distributors mid-April 1Q report provides detail behind dramatic shifts in growth rate, with EVP and CFO Holden Lewis highlighting how the company is pivoting to meet changing customer demands.
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5 Rules for Growing Customer Loyalty During Coronavirus
Customers are more open to change in the wake of COVID-19 disruption. Distributors can take advantage of this opportunity by using profit segmentation to drive strategic decision making and rework customer contracts in favor of increased profitability, Profit Isles Jonathan Byrnes explains in an MDM webcast.
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Amazon Business Tops Coronavirus in Most-Read MDM Blogs of April
Though the fallout for distributors from COVID-19 continued to be a hot topic in April, news on Amazon Business garnered the most attention from MDM readers during the month. New data show the enormous number of SKUs available on the platform and that it may be poised to become the top industrial distributor in the U.S.
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4 Lessons on Inventory Management During the COVID-19 Pandemic
Four procedures distributors can implement now to adjust your forecast of future demand of items and address the effects of COVID-19, from inventory management expert Jon Schreibfeder.
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Company-Wide Dashboard Displays COVID-19 Impact for SPI Health and Safety
Executives at the health and safety distributor review key performance indicators each week in order to actively monitor how the coronavirus is affecting the business. The dashboard is helping to shape how SPI will move forward, says COO Kim Levesque.
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RS Components Uses Pandemic ‘Pause’ to Enhance Customer Value
Customers looking to reset after COVID-19 disruption will want efficiency gains made possible by data, digitization and automation, says Suroor Anwar, VP at the electronic products distributor.
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Coronavirus Accelerates Timeline for Changes at Stellar Industrial
The industrial distributor is encouraging a company-wide focus on opportunities to improve operational efficiencies, including making some COVID-19-induced changes permanent. President and CEO John Wiborg is also elevating ROI expectations from existing technology investments.
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Think Like a Futurist
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