Four critical actions to take for an effective transition of sales teams to this new environment include reassurances about compensation, addressing performance gaps, elevating customer conversations and training on new customer interactions.
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A follow-up phone call to the industrial distributors mid-April 1Q report provides detail behind dramatic shifts in growth rate, with EVP and CFO Holden Lewis highlighting how the company is pivoting to meet changing customer demands.
All but one participant in the Pandemic Revenue Index realized a sales decline year over year, with a maximum decline of 43%. We now have six weeks of double-digit average declines.
Customers are more open to change in the wake of COVID-19 disruption. Distributors can take advantage of this opportunity by using profit segmentation to drive strategic decision making and rework customer contracts in favor of increased profitability, Profit Isles Jonathan Byrnes explains in an MDM webcast.
Though the fallout for distributors from COVID-19 continued to be a hot topic in April, news on Amazon Business garnered the most attention from MDM readers during the month. New data show the enormous number of SKUs available on the platform and that it may be poised to become the top industrial distributor in the U.S.
Four procedures distributors can implement now to adjust your forecast of future demand of items and address the effects of COVID-19, from inventory management expert Jon Schreibfeder.
So far, all but one participant in the Pandemic Revenue Index has realized an aggregate sales decline over the past five weeks with an average decline of 22.4%.
Customers looking to reset after COVID-19 disruption will want efficiency gains made possible by data, digitization and automation, says Suroor Anwar, VP at the electronic products distributor.
The industrial distributor is encouraging a company-wide focus on opportunities to improve operational efficiencies, including making some COVID-19-induced changes permanent. President and CEO John Wiborg is also elevating ROI expectations from existing technology investments.
Everyone wants to know, what will our economic recovery from COVID-19 look like? The most optimistic are hoping for a V-shaped curve, others are expecting a W or even an L. When faced with an indeterminate outlook like we see today, information is key.
How manufacturers sell and how customers buy have undergone significant change in recent weeks, and it wont go back to the way it was three months ago. MDMs John Gunderson shares tips on how the B2B manufacturer can reset plans with reps, key distributors and end customers.
Coronavirus market upheaval has future-focused manufacturers stepping up communication with end customers and putting themselves in a position to make channel adjustments in the coming post-pandemic economy. MDMs John Gunderson shares how distribution channel partners can prepare for the change.
Future-focused distributors are embracing the market upheaval brought on by the coronavirus to strengthen their brands, step up communication with customers and suppliers and put themselves in a position of strength to thrive in the coming post-pandemic economy. Consultant Mark Dancer during Fridays MDM Live webcast shared several ways distributors can show leadership now.
Streamlining the order-to-cash process can play an important role in helping distributors to stay on top of accounts receivable and reduce DSO at a time when cash generation is of paramount importance during the COVID-19 economic slowdown.
CEO Charley Hale shared during MDM Live how the fluid power distributor is making the most of a slower business environment to speed up its original 18-month plan to improve salesforce effectiveness and efficiency, enhance its e-commerce capabilities, and more.
Industry consultants Mike Marks and Brent Grover shared accounts of distributors who are acting quickly to adjust their business models to reflect new coronavirus realities during MDMs weekly MDM Live COVID-19 impacts webcast. They described why transparency is paramount in making the most of employee, bank and supplier relationships during the pandemic.
Zoro merchandises its nearly 4 million products thanks to help from its behind the scenes partnerships with a variety of distributors, from small businesses to larger outlets, operating in conjunction with a range of online channels — except Amazon.
NAW Chief Government Relations Officer Jade West discusses the industry associations effort to promote distributors as essential businesses and ensure distributors are not cut out of the supply chain, as well as ongoing initiatives such as financial support for distribution businesses with more than 500 employees.
There are several elements of electronic data interchange (EDI) solutions that can minimize the impact of operating in a modified business model during the global coronavirus pandemic. IDEAs Tom Guzik shares three common EDI transactions distributors can use to keep supply chains optimized.
The coronavirus hit distribution hard in the second half of March, according to a first look at the latest MDM-Baird quarterly survey. And distributors are acting quickly to protect the balance sheet and cash flow. Heres a recap of Fridays MDM LIVE program, where panelists shared the latest numbers on how quickly distributor revenue is declining, as well as what distributors are doing now to stem losses and conserve cash.
