The Woodworking Network released the FDMC 300 earlier this year (http://www.woodworkingnetwork.com/fdmc-300/2016). The FDMC 300 is a group of the 300 largest cabinet, furniture, millwork, store fixture, office/contract and component producers in North America. Sales for this group of companies has now grown for the fifth consecutive year. Business is booming! How can you increase sales to make sure that you’re growing your share?
Here are a couple places to start:
The concept of sales enablement is becoming increasingly popular, but what is it exactly? Here are a couple quick definitions:
- “Getting the right information into the hands of the right sellers at the right time and place, and in the right format, to move a sales opportunity forward.” – IDC
- “Sales enablement is a strategic, ongoing process that equips sales teams to have consistently effective engagements with prospects and customers throughout the buyer’s journey.” – Highspot
What are you doing to get the right information into the right hands? Most sales reps only spend about a third of their time selling. Some estimates say that they spend almost as much time searching for content.
Share of Wallet (SOW):
It costs between five and 10 times more to acquire a new customer than it does to retain an existing one. Share of wallet isn’t just about retaining customers, though. It’s about getting more revenue out of your existing customers. Here’s a better definition:
- Share of wallet (SOW) refers to the amount of a customer’s total spend or total revenue that a business captures in the products and services that it offers. Increasing your share of a customer’s wallet is usually cheaper and easier than boosting market share.
What are you doing to be easier to work with? Are you simplifying your operations? Many partners, vendors, or independent reps will simply recommend the brands that are easier to do business with. When presented with two options, they’ll often select the path of least resistance.
Maybe it’s time for you to clean house a little bit. Want to learn about how we can help you streamline the management of your sales content and improve the way that you interact with your dealers? Visit www.dboxnow.com or contact us for more details.