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For distributors who have had to implement reductions to their sales force, there is a legitimate concern that as the number of salespeople go down, so will revenues. A three-step process exists to help mitigate these potential effects.
One question many distributors are asking is, How can I reduce costs without losing sales?
The answer: "Align your selling resources more closely with the market."
Achieving this is not simple, but a proven three-step process for doing so does exist. The steps: Segment customers, utilize effective sales management practices, and ensure incentive structures are in alignment. This article will discuss the importance of each step and illustrate how the outcomes from each will enhance ...
One question many distributors are asking is, How can I reduce costs without losing sales?
The answer: "Align your selling resources more closely with the market."
Achieving this is not simple, but a proven three-step process for doing so does exist. The steps: Segment customers, utilize effective sales management practices, and ensure incentive structures are in alignment. This article will discuss the importance of each step and illustrate how the outcomes from each will enhance ...
These select product groups provide a snapshot of inflation trends based on the Producer Price Index from the U.S. Bureau of Labor Statistics. First quarter 2009 is compared with first quarter 2008, first quarter 2009 with fourth quarter 2008.
The product groups in this report:
Abrasives
Adhesives & Sealants
Cutting Tools & Accessories
Hand & Edge Tools
Fasteners
Power-Driven Hand Tools
Ball & Roller Bearings
Mechanical Power Transmission Equipment
Valves, Except Fluid Power
Pumps, Compressors & Equipment
Electrical Machinery/Equipment
Industrial Material Handling Equipment
Industrial Gases
Welding Machinery/Equipment
Fluid Power Equipment
Plumbing Fixtures & Fittings
Hardware
Sanitary ...
The product groups in this report:
Abrasives
Adhesives & Sealants
Cutting Tools & Accessories
Hand & Edge Tools
Fasteners
Power-Driven Hand Tools
Ball & Roller Bearings
Mechanical Power Transmission Equipment
Valves, Except Fluid Power
Pumps, Compressors & Equipment
Electrical Machinery/Equipment
Industrial Material Handling Equipment
Industrial Gases
Welding Machinery/Equipment
Fluid Power Equipment
Plumbing Fixtures & Fittings
Hardware
Sanitary ...
The four business units of Genuine Parts Co. - Automotive, Electronics, Industrial and Office Products - have drafted detailed and specific cost reduction plans, which each have implemented, according to Thomas Gallagher, CEO, in the company's latest conference call on its first quarter 2009 results.
But as we saw the business decelerating even more in Industrial and Electrical, they had built contingency plans to take more costs out, which they have been working on, and they continue to refine the contingency planning to try to catch up with the declining revenue, he said.
But the company is cautious of not cutting too much. "It's a balancing act," says CFO Jerry Nix. "We don't want to go so far that ...
But as we saw the business decelerating even more in Industrial and Electrical, they had built contingency plans to take more costs out, which they have been working on, and they continue to refine the contingency planning to try to catch up with the declining revenue, he said.
But the company is cautious of not cutting too much. "It's a balancing act," says CFO Jerry Nix. "We don't want to go so far that ...
Grainger, Chicago, IL, reported first quarter sales of $1.5 billion, down 12 percent from first quarter 2008. Profit decreased 16 percent to $96 million. As part of cost reduction plans announced in February, the company reduced headcount by 200 employees and incurred severance expense of $5 million in the first quarter. The company is on track to meet headcount reductions of 300-400 this year. More
Grainger hosted green" educational events to honor Earth Day in 25 markets across the country focused on helping businesses and institutions garner the knowledge and tools needed to maintain and operate more sustainable and energy-efficient facilities. The educational events are in conjunction ...
Grainger hosted green" educational events to honor Earth Day in 25 markets across the country focused on helping businesses and institutions garner the knowledge and tools needed to maintain and operate more sustainable and energy-efficient facilities. The educational events are in conjunction ...
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3M, St. Paul, MN, reported first-quarter sales of $5.1 billion, a decrease of 21.3% from the first quarter of 2008. Profit was $518 million, about half of what it was a year ago.
As expected, the global economic slowdown dramatically affected our businesses in the first quarter, said George W. Buckley, president and CEO. "Substantial end-market declines and continued inventory takedowns in major industries, including automotive, consumer electronics and general industrial manufacturing, resulted in significantly lower sales and profits.
"Accordingly, we aggressively reduced our cost structure, lowered manufacturing output and intensified our attention to operational improvement. The combination of these actions drove strong operating ...
As expected, the global economic slowdown dramatically affected our businesses in the first quarter, said George W. Buckley, president and CEO. "Substantial end-market declines and continued inventory takedowns in major industries, including automotive, consumer electronics and general industrial manufacturing, resulted in significantly lower sales and profits.
"Accordingly, we aggressively reduced our cost structure, lowered manufacturing output and intensified our attention to operational improvement. The combination of these actions drove strong operating ...
60 MINUTES
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Your competitors' dream come true is that during this brutal economy you're selling the same way as before and biding your time until things get better. You're making their job easy. Here's the key insight: In tough times the stakes are higher than ever for your customers and prospects. They can't coast the way they did when the economy was forgiving.
Talk about an opportunity for a salesperson! Yes, people will be buying less until this recession ends. But so what? What matters is that in this time of tumultuous change, people are buying differently. For opportunistic sellers, that's a huge plus. In this hard-hitting 60-minute ...
Order the Recording of This Webcast
Your competitors' dream come true is that during this brutal economy you're selling the same way as before and biding your time until things get better. You're making their job easy. Here's the key insight: In tough times the stakes are higher than ever for your customers and prospects. They can't coast the way they did when the economy was forgiving.
Talk about an opportunity for a salesperson! Yes, people will be buying less until this recession ends. But so what? What matters is that in this time of tumultuous change, people are buying differently. For opportunistic sellers, that's a huge plus. In this hard-hitting 60-minute ...
Order the Recording of This Webcast
Goal-setting is always important for salespeople. But in these economic conditions, it's mission critical. Many sellers who scraped by in the past without being methodical and goal-oriented will fail in the coming year. Attend this conference and learn goal-setting best practices that separate stars from mediocre performers.
No salesperson plans to fail. But many fail to plan. For every star salesperson who achieves breakthrough results, several others plod on in mediocrity. More often than not the reason is that they don't get" the single most important thing that distinguishes successful from unsuccessful salespeople - the ability to plan. More specifically, to set goals and ...
Goal-setting is always important for salespeople. But in these economic conditions, it's mission critical. Many sellers who scraped by in the past without being methodical and goal-oriented will fail in the coming year. Attend this conference and learn goal-setting best practices that separate stars from mediocre performers.
No salesperson plans to fail. But many fail to plan. For every star salesperson who achieves breakthrough results, several others plod on in mediocrity. More often than not the reason is that they don't get" the single most important thing that distinguishes successful from unsuccessful salespeople - the ability to plan. More specifically, to set goals and ...
Industrial distributor Applied Industrial Technologies, Cleveland, OH, reported sales for the fiscal 2009 third quarter ended March 31, 2009, were down 14.8% to $451.6 million from the same period last year.
Profit fell 51%.
For the nine months ended March 31, 2009, sales were $1.49 billion, a decrease of 4% from the prior-year period. Profit was down 29.2%.
"Our results contained no surprises given the overall economic climate," said CEO David L. Pugh. "Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal and we face increases in the competitive environment as a result. In light of this, we have made prudent moves to reduce ...
Profit fell 51%.
For the nine months ended March 31, 2009, sales were $1.49 billion, a decrease of 4% from the prior-year period. Profit was down 29.2%.
"Our results contained no surprises given the overall economic climate," said CEO David L. Pugh. "Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal and we face increases in the competitive environment as a result. In light of this, we have made prudent moves to reduce ...
Manufacturer Black & Decker Corp., Towson, MD, reported sales for the first quarter 2009 were down 28% to $1.1 billion. Profit was $4.9 million, down from $67.4 million in the first quarter 2008.
"End-market conditions, particularly in Europe and the automotive industry, continued to deteriorate sharply in the first quarter," Nolan Archibald, CEO, said. "As the global economy has contracted over the past year, we have intensified our efforts to reduce costs."
Sales in the Power Tools and Accessories segment decreased 23% for the quarter. In the U.S. Industrial Products Group, sales decreased 30% due to lower construction activity and retailer inventory reductions. Sales decreased at a mid single-digit rate in the ...
"End-market conditions, particularly in Europe and the automotive industry, continued to deteriorate sharply in the first quarter," Nolan Archibald, CEO, said. "As the global economy has contracted over the past year, we have intensified our efforts to reduce costs."
Sales in the Power Tools and Accessories segment decreased 23% for the quarter. In the U.S. Industrial Products Group, sales decreased 30% due to lower construction activity and retailer inventory reductions. Sales decreased at a mid single-digit rate in the ...
