Equipment manufacturers and their distributors are becoming increasingly concerned about the cost of acquiring new businesses. Virtually every dealer is subsidizing the cost of every new piece of equipment sold.
There are effective ways of dealing with the problem, but the big question is are dealers and their salespeople willing to embrace solutions that are working for others? So what are others doing? They are getting noticed.
Maybe you’re like me. I know my sales territory (it’s North America), and the businesses that compete with me (all they do is lead generation) and the difference between what we do and they do is obvious. Problem is, to my target market the differences aren’t obvious at all. By and large, they see us as peas in a pod. Can you relate to any of this?
In many ways, high growth distributors aren’t all that different from average distributors. They focus on getting good people, providing quality products and services and maintaining their sales. But there are a few things they do differently, the things that generate their success.
Most dealers believe that it’s the background of their managers, the depth of their sales team, their key personnel and brand that gives them their competitive advantage. That kind thinking is common among equipment distributors. And it’s not that those things aren’t important, they are. But if you do a little research you’ll see that almost every dealer makes pretty much the same claims.
Why does a prospect choose one business over another? Price is the first thing that probably comes to your mind, but price does not top the list. More often than not, top companies differentiate themselves by using one or more of the following competitive advantages that clearly set them apart in the marketplace.
If you’ve been an equipment distributor for any length of time, you’ve probably already discovered that there are three routine sales activities that drive revenue:
What’s the easiest way to increase deal size? The traditional approach to increasing deal size requires: increased sales training, establishing effective sales methodologies and ongoing coaching.
When it comes to customer retention each of us is keenly aware of the need to deliver to and satisfy our customers, but what’s “Wowing” about?
Wowing is a lesson that I learned from my neighbor, Jim. Jim, his wife Kim, their twin daughters and dog moved in next door 5 or 6 years ago. Jim’s a great neighbor and he helps out when an extra hand is needed. We visit from time to time, as good neighbors do.
Bank robber Willie Sutton (1901-1980) did rather well at his profession: Over the course of his career he made off with an estimated $2 million. Sutton is famous for … a pithy rejoinder … about why he robbed banks. (He) replied: “Because that’s where the money is.”(1)
Although manufacturers and distributors don’t like talking about it, there is an Ugly Truth in the industry. Watch the video below and see what the Ugly Truth consists of.
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