Now is the time to focus on account penetration
Are you looking to increase your share of wallet, improve customer loyalty, run marketing plays based on customer behavior, and improve order profitability? Keep Your Bottom Line Secure with Greater Account Penetration is the educational video series for businesses looking to do just that. From understanding deeper insights into customer behavior and leveraging out of the box analytics tools to running various marketing plays, this video series will equip you with the knowledge and skills needed to achieve success in growing your business. Join us as we explore how greater account penetration can help you boost revenues and profits!
In times of economic turbulence, the importance of maintaining meaningful relationships with existing customers cannot be overstated. With many businesses struggling or facing uncertain futures, doing everything possible to support and strengthen ties with your current customer base is essential for keeping your business profitable.
That’s why we’ve put together this mini-webinar series to help you learn some of the most important strategies distributors use to achieve greater account penetration.
Increasing Share of Wallet
Growing your wallet share with current customers is an efficient way to profitably grow your business. However, this means having a thorough understanding of their buying patterns – who’s purchasing what and when? By analyzing these trends over time, you can identify potential opportunities for increased sales. Understanding customer habits will help uncover gaps in spending which not only increases your share of their spend but is ultimately more convenient for your customer as well. Most customers would prefer to source from fewer suppliers, so you are helping their business by helping them understand the depth of your product lines.
During difficult economic times, it is especially important for distributors to protect against competitive encroachment. As the focus shifts from growth of new accounts to maintaining and nurturing existing accounts, distributors must protect their turf and ensure that rivals don’t successfully steal away customers. This may involve creating more comprehensive marketing campaigns, strengthening relationships with key customers, or providing additional incentives to retain loyalty. By proactively anticipating and responding to potential threats, distributors can continue to build on their customer base and benefit even in difficult environments.
Data is your best friend when it comes to protecting against competitors and in this mini webinar we’re going to show you how data gives you a competitive advantage.
Improving Profitability of Current Accounts
There’s an easy way to add profit to your current account orders. Adding an extra item to every fifth order can drastically increase your profits. With access to the right purchasing, profiling and behavioral data, it’s easy to determine which orders are most likely to benefit from this strategy. On average, adding a single line per order on every fifth order can result in 40% more profits. Small changes like this can make a big difference in overall sales and help your business grow. With the right data and analytics tools, it’s easy to make well-informed decisions about which orders to add the extra line to and maximize profits.
Centralized Customer Database
A centralized Customer Relationship Management (CRM) database is a critical component of your distribution business. SMP’s platform allows distributors to store, track and analyze customer information in one place, providing greater visibility into customer trends, interactions and needs. By having all the customer data in one location, distributors can accurately forecast sales opportunities by analyzing past performance, while providing a streamlined process for managing customer information.
Improving your product mix with each customer involves much more than just analyzing which complementary products they might purchase together, although such an analysis is a good place to start. You need to understand your customer profiles so that you know you are comparing the right customers purchasing behavior. When you understand your customers segments, you can understand which customers buy products “A,” and “B,” together to generate a consistent and deeper analysis of who is buying product “A,” but not product “B.” If you’re not comparing the right customers to each other, it doesn’t matter if your report card shows a gap in their product mix because they may have much different motives for their purchasing behavior.
Sales and Marketing Plays
We believe that one of the best ways to understand your customers based on their purchasing behavior is to group them based on frequency and order size. SMP’s easy to use data visualization tools let you do this analysis in minutes. And creating targeted lists based on this analysis requires just a few additional clicks. This makes it extremely easy to create new marketing plays based on customer behavior and share that with your sales team.
Sales Momentum With Data
Distribution sales teams are under a lot of pressure to produce results. To meet their quotas and goals, they need access to the right data. Sales managers can use data to help them make informed decisions about how to lead their sales teams. SMP makes it easy for distribution sales managers to use data to improve their sales performance and gain momentum.