How sales managers should strategize for better customer experience on economic growth.
In this blog post, we discuss the unique difficulties that sales managers in the electrical wholesale market meet and how they can take advantage of these issues to improve results.
Businesses in the electrical wholesale industry must continually navigate small profit margins, frequent price wars, and the cyclical nature of demand. To thrive in this competitive environment, they need to find ways to stand out from competitors.
A reminder of what the electrical wholesale industry is.
Electrical wholesale covers a wide range of products, including power generation, controls and automation, lighting fixtures, and electrical cables. These are sold through a variety of channels, including direct-to-business, direct-to-consumer, and e-commerce. It's highly fragmented, with only a few large players and many smaller companies. Although the current electrical equipment wholesale industry is valued at $1271.11 billion, there are some areas within the industry as a whole that need improvement.
Why are there fewer sales opportunities in the industry?
It is a very price-competitive industry. In addition, customers tend to prefer lower-risk solutions. These two factors mean fewer sales opportunities, so companies often have to compete on price alone.
Being able to offer a lower price than the competition is crucial for gaining and keeping business. However, it's needed to note that price alone is not enough for winning deals. Customers are clever and will look beyond the cost to find the best solution for their business.
Focus on establishing strong relationships with key accounts.
In the middle of all the adversity, the economy is still somehow flourishing, and sales managers can focus on expanding their sales volume.
However, when sales are booming, customers are more likely to switch suppliers, as they spot opportunities to buy lower-priced products elsewhere. In slow economic times, however, customers are less likely to switch suppliers - which means that your sales volume could stay the same or even go down.
Instead of focusing on growing your sales volume, it might be more important to focus on growing your sales revenues. This means that you should focus on increasing the average amount that each customer spends with you. You can do this by focusing on strengthening relationships with your customers, especially the ones that spend the most. This can be done by:
- Visiting customers face-to-face (with safety regulations in place) to have more meaningful relationships.
- Communicating with customers more often.
- Ensuring that your salespeople have the right training and education to supply high-quality products and services.
Stay ahead of the competition with effective recruiting strategies.
Choosing the right candidates to drive revenue can be difficult, as many job seekers may not be familiar with the electrical wholesale industry. Sales managers can stay ahead of the pack by recruiting individuals who are intrigued by the industry's unique challenges.
To stay ahead of the competition, they can use recruiting tactics that seek out job seekers who are interested in the unique challenges the industry presents. Recruiting software can help sales managers find and select the ideal candidates.
In addition to hiring via alternative channels, such as recruitment firms, job boards, and social media, they can also diversify their hiring approach by hiring through alternative channels. Industry associations and other activities are accessible to help target candidates who are already committed to the industry.
Leverage technology to increase efficiency and close more deals.
Electrical wholesalers have been slow to adopt the technology. However, technology can greatly improve efficiency and close more deals. When technology can improve the sales process, it will be used. In some cases, it can revolutionize it.
Sales teams can use sales-i to manage the sales process by tracking opportunities and easing the collaboration between stakeholders. This will help you stay organized and respond to leads quickly. You can also invest in a digital storefront, such as eCommerce, to generate leads and close more deals. In addition to generating leads, eCommerce can also help you assess leads and manage expectations by supplying correct estimates.
Stay compliant with the law, and invest in technology.
Software like a good CRM may help you with managing your invoices, payments, and other compliance issues. You must use a certain type of software depending on your sector and regulation requirements. Some of the most common types of software for this industry are ERP (enterprise resource planning), e-commerce platforms, and business automation software.
Moving forward with sales-i
The electrical wholesaling business has altered drastically in recent years. There has been a rise in prices, a decrease in investment, and a focus on increased competition. Electrical wholesalers can stay ahead of the pack by recruiting effectively, using technology to increase efficiency, and developing stronger connections with key customers to close more deals.
If you’re looking for a simple, easy-to-use solution, then click the link below and find out what sales-i can do for your sales team's future growth.