MDM’s quarterly survey in partnership with investment banking firm Baird reveals that distributor revenues decelerated sharply in 2Q but not as bad as feared at the beginning of the pandemic shutdown. One consensus among more than 550 participants: Distributors began rethinking the way they manage talent.
Beginning in late April, Global Industrial started to pack an R3 Program Guide in with all shipped orders.
This is the third article in a three-part series for distributors to improve long-term financial performance. Part one addressed steps to create an appraisal of your firms current financial position. Part two tackled profit improvement variables and key mistakes distributors make.
This is the second article in a three-part series for distributors to improve long-term financial performance. Part one addressed first steps to create a financial appraisal of your firms current financial position. Part two tackles profit improvement variables and key mistakes distributors make.
The race to embrace digital marketing can put you in a strong position with clients, the MDM/Real Results Marketing 2019 State of Distributor Marketing survey shows, but dont elevate online efforts at the expense of traditionally profitable opportunities.
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Ransomware has evolved into a billion-dollar enterprise, affecting two-thirds of small to medium-size businesses in the past 12 months, the Ponemon Institute and Keeper Security reported in a recent study. Yet many in this group most often targeted by cybercriminals do not feel an imperative to make cybersecurity a priority. Blame it on the number of publicized attacks highlighting big companies, municipalities, or just about any organization in the healthcare sector and something even more prevalent: a false sense of security in data backup technology.
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Through its technical investments, Ferguson, No. 1 on MDMs Top Distributors List in 2019, is working to create seamless connections with customers across all touchpoints.
Given increased global competition and the rise in digital as a major sales channel, a value proposition has never been more important for independent distributors today. Consolidation is also likely to accelerate over the next five years; distributors who have not differentiated will either get acquired or go out of business.
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There are well-known quick fixes an inventory management solution can bring to a distributor, such as cutting back on disappearing products or eliminating user error from incorrectly typed SKUs on a manual tracking spreadsheet. But the data available from inventory management platforms can also present a long-term strategic opportunity in the form of improved demand planning, exposure of costly trends and even visibility into competitors share of customer spend.
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Distributors site improved efficiency as a panacea for growing competitive pressures in a slowing economy, but often dont know where to start.
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Add recruiting to the list of processes that distributors should consider overhauling to successfully compete and engage the increasing numbers of Gen Z prospects perusing social media to find the ideal workplace.
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Most distributors dont view their inside sales team as a proactive sales force. Its relatively rare for inside sales reps to make outbound calls to generate more business or to employ active selling techniques. In fact, in a survey, nearly two-thirds of distributor respondents told Real Results Marketing their inside sales force spends less than 25% of their time proactively selling.
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Distributors that are on the path to sustainability are realizing a long list of benefits that come from operating as a good corporate citizen in their communities.
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MDM has frequently and carefully noted that growth for most distribution sectors is slowing down. Slowing down does not mean sales are declining, just continuing to grow, but at a slower rate. At some point slower could well be a precursor to decline.
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We saw a dramatic shift in 2017 and 2018 in the amount of revenue coming through e-business channels for distributors in part due to a lower barrier to entry for smaller companies. Platform costs are less expensive, better product data is available and distributors in general have more know-how around how to use these technologies.
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