Look at inventory, customers, scenarios ahead of downturn | How AI makes sales easier for distributors, customers | What do this year's distribution mergers mean for 2023?
Distributors can best prepare for a possible recession by strengthening customer relationships, analyzing inventory exposure and planning for various scenarios, according to Tom Gale, CEO of Modern Distribution Management, and Mike Marks, founding partner at Indian River Consulting Group. If a recession occurs, the business-to-business sector will likely be less affected than business-to-consumer companies, and distributors will wind up being stronger after the recession, Marks said.
Distributors can give customers a "truly seamless" omnichannel buying experience by using artificial intelligence to provide product recommendations and optimize sales, writes Benj Cohen, founder of Proton.ai. "To keep customers and suppliers happy, distributors must be aware of their customer needs and provide a personalized experience no matter what channel they choose to interact with you," Cohen writes.
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Trucking fleet managers should use dashcams to prevent dangerous driving and collisions, as well as "reward great driving," said Mary Shepherd of dashcam provider Motive. Shepherd added that companies can get buy-in from drivers and reduce legal risks by being upfront about why the cameras are being used.
Rising diesel prices took over as the top concern in a recent trucking industry survey, supplanting driver shortages, which had ranked first for the past five years. Parking, driver compensation and the economy rounded out the top five, while speed limiters came in ninth, appearing in the top 10 for the first time.
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Experts share advice on how marketers can tackle the top challenges identified for next year in a HubSpot survey, which include using data-driven strategies, keeping up with trends, generating leads and pivoting marketing in response to big events. "You'll need to figure out how to convey your ability to alleviate their challenges in a unique way to penetrate the significant market noise," advises ZoomInfo's Bryan Law.
Interviewing for a sales job can be challenging, but sales leaders can make the experience more positive by starting with a talent assessment, which saves time for both parties, Kate Rehling of the Center for Sales Strategy writes. A sales leader can better gauge how an applicant will fit into the company culture by asking people from key departments to observe the interview and offer you their perspectives afterward.
New leaders must respect a team's previous culture and strategy while helping staffers see the potential for their own growth as they guide them into a new future, says Jacqui Canney, chief people officer at ServiceNow. "If you can invest in people and bring them along and trust in them, you can get more out of people than sometimes they even see in themselves," Canney says.
Use times of relative calm in your leadership career to equip yourself with the skills you will need to handle an inevitable crisis, be it foreseeable or a surprise, writes Wally Bock. "When the crisis is over, reflect and learn," Bock writes.
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