Distributors Hold the Key to Economic Recovery
Some excellent points in MDM's article last week -- the top one being that, "Distributors play the most important role in getting this country back on its feet as quickly as possible."
It's true. Distributors keep the economy running at a time like this.
Here are a few things MDM's CEO Thomas Gale pointed out on that front:
- The role of person-to-person sales just got more critical than ever.
- Same with your customer service teams; thank them. Now.
- We absolutely, positively, MUST remain future-focused. That goes for everyone, not just distributors.
- Data is key. While mostly anecdotal, the data being collected by distributors' field sales people right now hold the key to economic bounce-back and margin recovery.
Approaching the New Normal
In a related article published this morning, MDM recapped a live session held with distribution speakers on how they are leading their teams and business through this health crisis. They summarized 4 key ways that distributors should approach the new environment:
- Take pride in being an essential business.
- Keep your teams safe and connected.
- Focus on what is in front of you this week, but plan ahead.
- Leadership — it’s time to show it.
Looking Ahead: Margin Recovery
The margins for distributors have been shrinking over recent years. Now that Coronavirus and its impacts are shaking things (everything) down, could distributors hold the key to economic recovery? Things that seem like threats could actually be opportunities.
Maybe it's time for a re-evaluation of logistics processes? Or to look at your pricing strategy and make some adjustments to optimize how you price items, and where there is opportunity to tap into undiscovered margins through price optimization?
We'd love to know what you think. How is the next chapter going to read? Could the decisions you make now contribute to overall economic recovery?
In case you missed it, we did an entire series on Managing Coronavirus for distributors last week. In it you will find some top fears and solutions being applied by our customers. Read it from the beginning here and send us your questions.