Electrical distribution revenue declined in April, May and June, according to a survey of National Association of Electrical Distributors members, although June's decline of 9.8% was the lowest and could indicate signs of recovery. The survey predicts a decline of 7.6% for the third quarter, which would be less than half of the second quarter's actual 15.7% decline.
On-site audits of suppliers are being replaced by other means during the coronavirus pandemic, including the use of video and data analysis. "We've seen clients start to look at some of those data analytics technologies to minimize the need to actually do on-site reviews," says Sharon Chand of Deloitte.
Industrial vending machines can help customers dispense personal protective equipment and other safety gear without physical contact, as well as better manage inventory and ensure compliance, writes Mark Hill, founder of 1sourcevend. "These benefits amount to more than just dollars and cents; it results in stronger partnerships and happier customers," he writes.
Business-to-business executives share tips on how to successfully network without the benefit of in-person events, such as being active on the right social platforms and finding industry-related Facebook Groups or Twitter chats. Other tips include reaching out to participants and speakers at virtual events, nurturing existing relationships and using personal video messages recorded on smartphones.
Launch Marketing's Christa Tuttle explains how business-to-business leaders can improve lead generation by investing in automation, streamlining responsibilities and adjusting team roles. She recommends leaders create thought leadership content to boost brand reputation and personally host virtual or in-person, when allowed, meetup events.
People with explosive personalities can be difficult to handle and potentially demoralizing to some co-workers, giving leaders a difficult task in determining whether such "hotheads" contribute enough generosity, talent and success to be worth the trouble, writes Dan Rockwell. "Don't underestimate the drag of disengagement and low morale a hothead creates in some environments," he writes.
The traditional role of distributors has been evolving, but with the influx of new competitors and new technologies, changes are happening at warp speed. Through an NAW series of seven research reports and accompanying webinars, you'll receive the intelligence you need to formulate new strategies and ensure that your company thrives through this era of technology transformation. Download the just-released July report, "The Coming Storm of Converging Technologies," and register for the accompanying July 28 webinar. Get started here.
NAW's new project, "How Technology Will Transform Wholesale Distribution," will help forward-thinking distributors to develop successful marketplace strategies, form new methods of differentiation, and survive and thrive through the digital transformation and disruption before us. To ensure that our research includes the advanced technology distributors are using now or contemplating using, please take 7-9 minutes to complete this survey. All answers will be kept confidential.
