Randy MacLean, President — WayPoint Analytics
•order fullfilment •distribution industry trends •efficiency •customer segmentation •market share •customer profitability •customer profitability management •managing customers for profit •account strategy •customer intimacy program •best customers •analyzing orders •customer experience •customer loyalty
Wednesday, May 19, 2021—The Five Things Customers Want
If you ask your sales reps what customer want, you'll get a lengthy inventory of needs, whims and wishes, as expressed by customers over the years.
More than a decade working in LIPA (Line-Item Profit Analytics) with hundreds of the world's best distributors has answered this question much more directly.
In reality, there's only five fundamental items that truly influence customer purchasing decisions. Distributors with mastery of these items always lead the market. Moreover, you'll need either parity or superiority in all five to seize and hold a leadership position. If you fail in any of them, competitors that outperform your deficiencies will pass you by.
There are no exceptions: you either have them, or you lose.
The 5 Things Customers Want
Customers are affected and influenced almost exclusively by:
2. on-time delivery
3. no product failures
4. smooth (and short) interactions
5. acceptable price
What's the Take-Away?
Total customer experience determines customer loyalty and market share. You get advantage in your market by executing above your peers on these five items. Superiority on one or more will increase share and profits as long as you're not underperforming on others.
If you're feeling margin pressures, evaporating customer loyalty, or an inability to maintain historic profit levels, you're certainly behind your peers on one or more of these elements.
Gather your team and get to work on these five items and you'll begin your advance to new records in cash-flow, profits and market share.
For more information about Randy MacLean, visit: www.waypointanalytics.net
The 3rd of 3 lists defining the markers of Distribution companies outpacing their peers.
Bruce Merrifield and Randy MacLean discuss the handful of key customers in your business, and how to keep them happy and loyal.
In-house analytics initiatives are prone to delivering ineffective information or to outright failure. Here's why.
2020 Q4 is the time companies can take great leaps in market position, actively shaping their competitive landscape for years to come.
Randy MacLean and Bruce Merrifield of WayPoint Analytics discuss different levels of cost analysis, and why deeper analytics can bring much greater benefits.
Customer triage is key to profits in Distribution. Randy MacLean share the key elements of costing required to help you assign the right service level.
Discussion about a 9-step process aimed at transforming a transactional relationship with an account into a partnership.
Randy MacLean and Bruce Merrifield of WayPoint Analytics discuss profit value-based customer segmentation.
A discussion of the benefits of segmentation and how this approach can help distributors achieve far greater levels of profitability.
Top companies like Amazon can leverage big data to predict consumer buying habits. Bruce Merrifield discusses how you can do this too!
Randy MacLean and Bruce Merrifield sit down for a talk about the issues and opportunities, tactics and strategies for increasing profit performance.
Continuance of the Enterprise Account Selling Model video series. Refers to a preceding video. Drawn from Bruce's presentation at APIC on March 1, 2016.
Using the negotiation process to achieve CTS savings, allowing you to offer your customers lower prices while leaving the table with a larger profit.
An in-depth look at some historical limitations to sales compensation, and why those factors no longer apply with the availability of LIPA.
Randy MacLean discusses the value and utility of segmenting your customer accounts.
A fixation on gross margin – without looking at cost-to-serve (CTS) – has blinded countless distributors and limited their ability to achieve profitability.
Learn why distributors can't simply rely on gross margin when determining whether a sale will add to the bottom line.
Randy MacLean talks about the emergence of a new sales strategy.
A discussion on how little extras can sometimes add up to a lot of infrastructure cost in wholesale distribution companies.
Catalogs still exist, but they have gone online. In this video, Randy MacLean and Bruce Merrifield outline the changing reality of catalog operators.
Randy discusses the benefits of the extraordinarily valuable High Volume Account Report.
What is the value of the APIC conference for a business, and why does it stand out above other education programs?