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Article Check - Footprints to Success: The Five Priorities of Strategic Planning in Wholesale Distribution
Do you know what the biggest predictor of success for your prospecting program is?YOUR PROSPECT LIST!Sales courses and sales writing – they’re of vital importance. But, if you cannot reach the right decision-maker, then these other tools are almost wasted efforts – and money.Here are two case studies – where the list made all the difference between success and failure.Client A is an established, successful firm who really knows its market.The executives know that the best prospects for them are manufacturing firms primarily with male employees of a certain age group. They know the range of employee size, and the decision maker’s title.In the past year, this client has come to VSA several times. At the client’s request, VSA ordered prospect lists that fit the exact criteria our client wanted – not an entirely quick task, but one well-worth the effort. This kind of list can be ordered at virtually any list broker, but requires asking the right questions and scrutinizing the list delivered by the vendor.Then, the VSA calling team began dialing for Client A.We spoke to a real human being at nearly each prospect firm - a rarity in today's world of voicemail! Our rate of appointment-generation was excellent.Our client visited prospects and made multiple sales, generating a significant return on investment.Client B is a start-up firm, with no track record.This client had previously hired a west coast firm, who didn’t quite understand the market, to help them build a custom-list of prospects. This list was comprised of businesses with recent property damage because our client wanted to finance the repairs. The list included the apparent decision- makers’ names, telephone numbers, and addresses. What mo
1. What markets will your company be serving five years from now?
2. What products will you be distributing?
3. Who are your primary competitors?
4. What are your strengths?
5. What are your competitors’ strengths?
6. How has your marketing strategy changed?
7. What a
Would a Mobile Oil Change Company be a good business to own and run in Cincinnati? Does it make sense to start such a company doing this in that lower part of OH along the river? Can a small regional company in the mobile oil change business become the market leader and a strong regional player?Well these are good questions indeed. There are several people currently in that market such as Pitt Stop Mobile Oil Change and Location Lube. But a good entrepreneur could make it happen as one owner operator points out; “You are right that entrepreneurs are the ones who make things happen.”There is such a small company in that market which could make a run at the business model to become a regional dominator in the sector. Ever heard of Lube on Demand before? Well they are such a small regional company with the potential to take that market. And although the HQ for Valvoline On-Site Services is in Lexington, KY not very far away; they haven't been seen doing oil changes on personal cars in Cincinnati and need a higher break point and profit margin and thus have concentrated on fleet business instead.They do have some 500 fleet accounts on the KY side of the river; mostly Lexington and Louisville, with only a few in Cincinnati and Huntington. If you want to be a strong regional player in any market you must understand what is going on with the competition. Consider this in 2006.
Discipline is a prerequisite to this process because it requires laser-like persistence to bring about a productive strategic planning initiative. The process raises a sequence of questions that helps planners examine current reality, test assumptions, gather and incorporate information about the present, and perform trend analysis on the future industry environment.
Fundamental decisions, actions and choices must be made in order to develop a plan that provides the “Footprints to Success.” The plan is ultimately no more, and no less, than a set of decisions about what to do, why to do it, and when and how to do it.
The scope of the strategy development process for any distributor is dependent upon individual business needs. The strategic planning process is a time and resource-consuming endeavor that involves many people in the organization. This process includes both tactical and strategic application.
A critical factor in developing a strategic plan is looking at the end game first. Just exactly what do you want your company to be when it grows up? Ask yourself the following questions from the perspective of looking five years into the future.
1. What markets will your company be serving five years from now?
2. What products will you be distributing?
3. Who are your primary competitors?
4. What are your strengths?
5. What are your competitors’ strengths?
6. How has your marketing strategy changed?
7. What a
The season for planting is in the air and many of us will be toiling the soil and planting gardens during the next few months. With this in mind, there are many similarities to gardening and sales. Here are a few strategies to apply.Proper Selection Makes a Happy Gardener Normally, we select our garden plants based on what we love to eat. If we love tomatoes we should plant them. There is nothing like picking a ripe tomato off the vine and eating it. The same holds true for customers. If we prefer accounts that require frequent production of blue widgets in large quantities we should select and pursue accounts that require them. The same joy of eating a fresh ripe tomato will be felt when a blue widget account is landed. It is up to sales management to help sales people plant the right seeds for our needs, wants and profits. Otherwise, it will be a painful growing season for everyone. Imagine what it would be like if we hated beets and all that was planted in our garden was beets. Now that would be an ugly and long season.Training and Development Improves Performance As tomatoes grow they need support or they will flop to the ground and our fruit will spoil. A trellis needs to be constructed to keep the vine growing the way we want it to grow. Constant attention to the plant and working the vines through the trellis will keep our tomato vine healthy for a long growing season. The same is true with our sales team. They require training and a system of learning new skills to keep them abreast of opportunities for sales. If we have areas we want to grow the business towards, we must train our salespeople to understand the best ways to sell the services we offer. Keeping a sales team trained requires constant interaction and tools for de
Discipline is a prerequisite to this process because it requires laser-like persistence to bring about a productive strategic planning initiative. The process raises a sequence of questions that helps planners examine current reality, test assumptions, gather and incorporate information about the present, and perform trend analysis on the future industry environment.
Fundamental decisions, actions and choices must be made in order to develop a plan that provides the “Footprints to Success.” The plan is ultimately no more, and no less, than a set of decisions about what to do, why to do it, and when and how to do it.
The scope of the strategy development process for any distributor is dependent upon individual business needs. The strategic planning process is a time and resource-consuming endeavor that involves many people in the organization. This process includes both tactical and strategic application.
A critical factor in developing a strategic plan is looking at the end game first. Just exactly what do you want your company to be when it grows up? Ask yourself the following questions from the perspective of looking five years into the future.
1. What markets will your company be serving five years from now?
2. What products will you be distributing?
3. Who are your primary competitors?
4. What are your strengths?
5. What are your competitors’ strengths?
6. How has your marketing strategy changed?
7. What a
Owning an online or offline business means you have a product or service that you want to sell. If selling was easy, we’d all be rich! The thing about salespeople is that many of them are selling something they know little about, or something they don’t even like or care about, just to make a quick buck. When the quick buck doesn’t come, they might take desperate measures to make a sale, which also might turn out to be the wrong approach entirely. What they are not realizing is that their focus is on the product or service they are selling, when the focus should really be on themselves, and on their customers.To sell a product or service, you must first sell yourself. This means letting the customer know that you care about them, that you can be trusted, that you love what you do, and that you believe in yourself, in the customer, and what you are selling them. You cannot expect to influence someone when you have little credibility to begin with. The salesman is in a tough position, as most people consider them to be pushy and manipulative, and will often disregard them right away. But the customer is in a difficult position too, not knowing who to trust, and sometimes taken for a sucker whenever they do fall for a sales pitch! In order to sell yourself then, you must discover what your customers’ needs are, work with them, build a relationship with them, and ultimately do what is right for them, not what is going to make the sale for you. What will make the sale in the end is your genuine desire, willingness, and commitment to serve and help your customers.A salesperson with a bad attitude to begin with is going to be powerless. If you think you won’t make the sale for this or that reason, and feel that it’s out of your control, then you won’t ma
Fundamental decisions, actions and choices must be made in order to develop a plan that provides the “Footprints to Success.” The plan is ultimately no more, and no less, than a set of decisions about what to do, why to do it, and when and how to do it.
The scope of the strategy development process for any distributor is dependent upon individual business needs. The strategic planning process is a time and resource-consuming endeavor that involves many people in the organization. This process includes both tactical and strategic application.
A critical factor in developing a strategic plan is looking at the end game first. Just exactly what do you want your company to be when it grows up? Ask yourself the following questions from the perspective of looking five years into the future.
1. What markets will your company be serving five years from now?
2. What products will you be distributing?
3. Who are your primary competitors?
4. What are your strengths?
5. What are your competitors’ strengths?
6. How has your marketing strategy changed?
7. What a
It is essential for any enterprise to be sufficiently staffed. An organized and methodical approach must be adopted to make certain that the right people are selected. This is referred to as recruiting, and it requires a lot of time and careful attention to locate individuals who have a strong work ethic and are right for the vacancy. The recruiting procedure is not simple and involves a number of obstacles created by both internal and external factors that influence an organization.Management recruiting or searching for potential managers is affected by the organization?s policy concerning filling up a percentage of the existing vacancies, with internal applicants or local candidates. The influence of trade unions and government rules regarding the reservation of a certain number of vacancies on the basis of community, region, and sex cannot be ruled out.Management recruitment is affected by the working environment and promotional prospects. It is also influenced, by the salary and scope of benefits, the image of the organization, and the capability and the skills of the organization. These factors help to motivate candidates to be a part of the organization. Recruitment is also affected by external factors such as policies and practices of the various organizations, existing circumstances, earnings, benefits, promotion opportunities, and job opportunities that exist with other organizations. Yet, devising sound policies can curtail the degree of complexity involved in management recruitment.The management recruitment policy of any organization is the consequence of the existing rules and regulations of the organization. On the other hand, management recruitment policies of an organization need to take into consideration the recruitment policies of o
A critical factor in developing a strategic plan is looking at the end game first. Just exactly what do you want your company to be when it grows up? Ask yourself the following questions from the perspective of looking five years into the future.
1. What markets will your company be serving five years from now?
2. What products will you be distributing?
3. Who are your primary competitors?
4. What are your strengths?
5. What are your competitors’ strengths?
6. How has your marketing strategy changed?
7. What a
You have decided that you love firearms so much that you want to open up your own business, right? How to get your federal firearms license may seem like a daunting task, but when you take it step by step, it can be as easy as filling out paperwork at a doctor’s office. Remember that you have a second amendment right to have a firearm but to sell a firearm is a totally different task to embark upon.The Bureau of Alcohol, Tobacco, Firearms and Explosives dictate how to get your federal firearms license. There are certain things that they will and will not require of you, including these:• You must be at least twenty one years old. There is no exception to this rule. You have to be twenty one just to own a gun, why would you think you could sell one at a younger age?• You must have a place to set up a business. This must be an actual building or store where you can sell guns and collect money safely. Your garage will not work and you certainly cannot sell firearms online. Find a place to run your business and then apply.• You cannot be prohibited from using firearms. Arrested for armed robbery and now on parole? Yeah, you won’t be selling firearms legally any time soon.• Have you violated the Gun Control Act? If you have, don’t even bother asking for an application. You break one law, and you won’t be selling firearms anytime soon.• How to get your federal firearms license is an easy process that can quickly become complicated if you lie on your application. The government will investigate you to no end and probably make a note of you for future reference. There will be a red flag every time you buy or sell a weapon from that point forward.• Abide by business laws. All of them. If you apply and get accepted, open the business
1. What markets will your company be serving five years from now?
2. What products will you be distributing?
3. Who are your primary competitors?
4. What are your strengths?
5. What are your competitors’ strengths?
6. How has your marketing strategy changed?
7. What are your core competencies?
8. What is the size of your revenue stream?
9. How is your revenue stream segmented?
These are just a few sample questions, but don’t stop there. After you’ve tried to visualize your corporate profile five years in the future, the next step is scenario planning. It’s the old “What If” analysis. What if you lose your major product line? What if your three biggest competitors become part of a consolidator roll up? What if you dramatically change your product offering so it doesn’t even resemble the industry you represent today? How will e-business impact your strategy? Recognize that an e-strategy should not exist in isolation from your overall company strategy. Remember that e-anything is only a tool while your company vision is the guide on how you use your tools.
Follow the Strategic Thinking Process
Strategic thinking by a strategy team leader provides a platform for the distributor that identifies the “end game” vision, determines core initiatives to achieve the vision, develops associated SIPs (Strategic Implementation Plans), and coaches the executive strategy team in preparing a presentation of their strategic document to the ownership or Board for approval. After approval is granted, this document becomes the basis for launching the total company planning process. Tactical issues such as sales strategies, performance accountability and compensation issues may also be included.
The Strategy Development Process
Phase I: Company Internal Survey
Preparation
A web-based survey is developed focusing on all aspec
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