Sales & Marketing Promotions Can Keep You Ahead of the Competition
With rising prices becoming the norm it can make it hard to set yourself apart from other distributors in your field. A well-thought-out and managed sales promotion can assist by attracting new customers and strengthening existing relationships by bringing positive attention to your establishment.
With a “do this, get that” mentality, you can stand out to your customers by showing your appreciation for them. Offering an extra incentive to use your service will set you apart, especially when considering there are many other distributors selling similar products.
Showing your appreciation for your customers’ time leaves them with a lasting positive impression. And in an industry where customers tend to have an especially long memory, continual positive impressions will allow you to gain and maintain the market mindshare!
(Oh, and it just so happens that Rivet|MRO has the background and expertise to help you successfully launch promotions at no cost to your company!)
Sound too good to be true? It’s not!
Co-op dollars are an important and often underutilized tool. These often-forgotten funds, are typically based on the prior year’s purchases of your channel partners’ product lines. This is free money offered from your suppliers and it’s an excellent tool to utilize in the funding of an effective sales promotion.
There’s more than $70 billion in co-op funds offered up by US manufacturers annually, and of that, anywhere from $14 billion to $35 billion goes unclaimed and unused.
Put your best foot forward by applying the money given to you by your trusted vendors. This can be daunting task for independent distributors who lack the marketing resources to leverage these funds into effective marketing campaigns. That is where Rivet|MRO can help. We have the resources to identify just how much funds are available at your disposal, and we can apply our marketing expertise to ensure a robust ROI. Don’t leave tens of thousands in risk free money on the table!
Proof of concept
As stated above, Rivet|MRO has a proven track record with executing prosperous sales campaigns on the behalf of the independent distributor. Here are some examples of our clients’ success in the field:
Richard Supply’s Free Retro Lantern with Jet Air Tools quote
By increasing quote opportunities for their sales team, Richard Supply doubled their JET Air Tools sales over a 4-month period.
Industrial Mill & Maintenance Supply sample boxo IMMS received a 35:1 ROI
Gained 20 new customers
$175K+ in new business
Promotions need to appeal to the needs, values, and emotions of your target audience. Think about what you can offer that will help you gain mindshare and maintain it with the end-users in your market. You will draw in more business by focusing on the aforementioned points, and you’ll see an ROI that will justify your spend. Try thinking about what your customer will find most interesting and leave a lasting impression. Remember that running a promotion doesn’t have to mean a reduced price. It just needs to offer something of value to your customers.
Don’t fix what isn’t broken, optimize it. Take vendors that you have a proven track record with and focus on how to gain more of the market share. Once you establish the vendor go back to the first point and think what you can offer in tandem with their products to appeal to your customers.
Consult with your sales team to get an idea on what end-user behaviors need to be influenced. What will be the most effective approach for bringing in more business? There are a few categories to consider:
· A guaranteed trial or product demo,
· An incentive for quotes or purchases
· A focus on utilizing your company’s specific services
Incentives have limitless possibilities and could include cobranded apparel, tickets to an event, or gift cards to a place of value (restaurants, shops, etc.). If you’re stuck on which option is best, ask your manufacturers about previous experiences. They can share what has worked well with other distributors in your field.
Consider limiting the availability of your incentive. Fear of Missing Out or FOMO is more than catchy phrase. It’s a very real phenomenon that you can capitalize! Check out this article from Psychology Today on the matter!
Don’t forget to promote your promotion! You should promote it through social media posts, email campaigns, and hard copy flyers too. LinkedIn has become a strong tool in sales world, nearly everyone is using it and can be a vital tool in reaching a new audience. With each like and share the more likely it will reach a new audience of potential customers. Use customer loyalty to your advantage! Flyers on hand can be helpful reminders of why your end users will benefit through buying from you.
Don’t forget Rivet MRO
Not sure where to start? Or you’ve tried to claim co-op in the past and have realized you lack the time and/or resources to dedicate to it? That’s where our team at Rivet|MRO can help! We will work closely with you and your team to find out what fits your needs best as a distributor. We work from start to finish by identifying funds available to you, acquiring campaign approval from suppliers on your behalf and designing and executing the promotion. And it all nets out at a ZERO cost to you. We’ve got you covered! Don’t hesitate, reach out to us today for a free consultation!