4 ways distributors can help customers mitigate inflation | Empire Southwest buying Nev.-based equipment dealer | Linde to supply NASA with liquid hydrogen in $29.1M deal
Distributors can retain customers during periods of high inflation by helping them avoid cost increases as much as possible, writes Michael Wilson, senior vice president of marketing and packaging at AFFLINK. Wilson lists four strategies, including adjusting product-bundling requirements and conducting product audits, and notes that distributors "now have a broader mandate to help their clients be more resilient, deal with volatility, and collaborate more closely with them."
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(11/17)
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Distribution center operators can avoid having to replace their warehouse management system by adding external systems and software that optimize processes and productivity using artificial intelligence, writes Simon Dunlop of Lucas Systems. These solutions also provide a faster return on investment compared with an all-new WMS, Dunlop writes.
The ability to pivot quickly depending on economic and supply chain headwinds will be imperative in 2023 as the supplier-buyer relationship shifts to favor the buyer, writes Jeff Staub, CEO of supply chain consultancy SGS Maine Pointe. Instilling resilience in sourcing and optimizing accounts through cash management standards are two of six ways Staub suggests for firms to stay on top.
Sales managers should require salespeople to read sales books and articles, ask customers better questions and reject bad deals to teach them not to rely too much on cheaper pricing, writes sales consultant Troy Harrison. Salespeople should also provide two reasons why customers want to buy from their company before obtaining permission to lower prices, Harrison writes.
However tempting it may be to take the 2023 off-ramp, sales and marketing leaders can't set goals for the new year without taking a scenic trip through 2022's key metrics to uncover each team member's roadblocks. Approach those issues as positive opportunities for growth, then turn inward to see if you hit every place on your own goals road map, Elissa Nauful with the Center for Sales Strategy suggests.
Team leaders must stay focused on the big-picture goal while caring for their reports and managing, supervising and leading them effectively to maintain momentum for success, writes Wally Bock. "And you must remain resilient and adaptive to deal with all the human issues that will come your way," Bock writes.
Being physically and mentally fit is a priority for leaders because it can help them endure the challenges of the job and spark more creativity, write Kari Gearhart and Ashley Tappan, co-creators of the Fit to Lead program. They offer a five-step plan that combines fitness and leadership goals, including setting priorities, clarifying the vision and building resilience and agility.