Indian River Consulting Group's Pandemic Revenue Index of 13 distributors fell by 7.2% the week of Feb. 15-19 after multiple weekly increases. The decline was likely due to severe winter weather in Texas and elsewhere, Mike Emerson writes.
Lawson Products reported $352 million in full-year sales for 2020, a 5.2% drop from 2019, although fourth-quarter sales were up 10.8%, at $98 million. "By adjusting our cost structure for the effect of the pandemic to protect our profitability and cash flows, we are well-positioned entering 2021," said President and CEO Mike DeCata, who sits on the NAW Board of Directors.
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The pandemic has accelerated a trend of rising demand for cold storage. Adding to this is a need to update existing storage to increase efficiency and to incorporate modern logistics and racking.
Equipment, compensation and communication are areas of concern for truck drivers, according to the 2020 Driver Recruiting and Retention Annual Report. Most truckers will look at web reviews before signing on with an employer, the report found.
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A superior digital customer experience is more important than ever during the pandemic, writes Adam Johnson, who outlines five ways business-to-business marketers can up their online content game. Personalize messaging to match where prospects are in the customer journey and their level of expertise with your product or service, and prioritize high-quality copywriting, Johnson recommends.
Strategic pricing has financial benefits for distributors, but executives need to persuade salespeople to get on board, says Gregory Smith of SPARXiQ. Pricing matrixes and aligning gross margins with compensation can overcome most internal concerns, Smith says.
Pressure doesn't create results as effectively as helping employees learn and connect on their own terms, writes Susan Fowler. "You're more likely to get the results you need when you focus on the needs of the people delivering the results," she writes.
Proton.ai Founder Benj Cohen writes, "The effects of the COVID-19 pandemic on the supply chain linger in 2021. The most visible challenge for distributors has been extended lead times, which means frustrating backorders for customers who need product now -- and not three weeks from now. But perhaps the biggest hit is to customer loyalty and share of spend: If a customer can't get what they need from you when they need it, chances are they will go somewhere else. They can't afford to wait." Read his post.
NAW and Distribution Strategy Group have launched a seven-part free series called, "Adding Value in a Post-Pandemic World: New Leadership Strategies for Distributors." We'll focus on innovative ways for distributors to differentiate themselves from industry disruptors. Distributors will understand the challenges facing the industry over the next decade, and will be armed with new modes of thinking and information to build robust strategies with staying power. Each part includes a free research report to download and a free webinar to watch live and on demand. Sponsored by Oracle Netsuite.
Are you well-informed about different best practices and knowledge in our industry? If not, NAW's Top 10 E-book List can help get you up-to-speed quickly so you and your business can stay competitive in these challenging times.
