Canadian Electrical Wholesaler

 

Oct 23, 2018

Jeff MowattBy Jeff Mowatt

A question I sometimes ask managers and salespeople when I speak at conferences is, “How much business do you think you may be leaving on the table with your existing customers?” Most lament that there’s lots of room for growth in gaining more of their customers’ wallet share. I believe that most companies — even small businesses — have at least a million dollars worth of extra potential revenues sitting in their filing cabinets. The problem is employees aren’t effective enough at cross-selling and cross-referencing their other products and services. Let’s talk about how to get more of this business out of your filing cabinet and into your bank account.

Lesson from Las Vegas

First, decide which customers you should focus on. Consider the strategy of casinos. They categorize their customers as being tourists, high-rollers, or whales. “Tourists” and “high rollers” are self explanatory. “Whales” are the ultra rich who can afford big losses and still return for more. Each industry has its own version of whales. These are the first customers to approach. The problem next is how do you ask your whales for their extra business? Let’s begin with what not to do.

Make it deliberate

A common way to ask customers for more business is to mention, “By the way we have this other product or service that you may be interested in.” That approach works okay if you’re selling hamburgers and ask, ‘Fries with that?” If on the other hand your products or services are priced higher than $3 fries, you’ll need to have a more meaningful, deliberate conversation than a “by the way” approach. You’ll need three things:    

1. Their undivided attention    
2. Confirmation that they’re pleased with your existing products.   
3. A suggestion to expand that business.

Get their attentionInform your whale that you’re doing a “courtesy check-in” to ask for their input and advice on some of your products/services. Customers are flattered to be asked for advice. For them it gives them an opportunity to sound smart. Positioning the conversation as a courtesy check-in implies that it’s something pleasant (a courtesy) and that it won’t take a long time; you’re merely checking in.

Begin the conversation by expressing appreciation. Tell them why their business is valuable to you and what you like about doing business with that particular person. Do your homework and be specific. Remember, these are your whales… there will be lots of reasons you appreciate their business. So, go ahead and tell them.

Think about it. if you stopped the conversation right there you may have just cemented that customer’s loyalty. How often do you think they hear this type of feedback from a supplier? You may in fact be the first supplier who’s ever told them this. Customers are human; they don’t like being taken for granted. With corporate clients, the money they spend often doesn’t come out of their own pockets. So, it costs them nothing personally to spend a little more with a supplier who appreciates them. Good return for the cost of saying the decent thing to your best customers.

Confirm your strengths

Tell your whale you want to continue to earn their business. Ask if they have any general concerns about your products/services that you should be aware of. If they do express concerns, be prepared to address them right away. It makes no sense to talk about expanding your business at this stage if they aren’t completely satisfied with your existing relationship.

If the customer has no general concerns, then go on to specifics. Ask about three areas in which you think you are doing an exceptional job but would like to verify from the customer’s perspective. This helps remind the customer that you are indeed giving them great overall value beyond just pricing. Then and only then is it time to explore expanding that business.

Ask — don’t tell

After the customer confirms they value your existing businesses, sum up with, “Sounds like we’re doing a reasonable job providing Product X for you… and we’d love to do more business with you with Product Y. What advice do you have on how we might move forward with this?” Again, you’re asking the customer for advice. They may tell you their buying process, or you could discuss doing a pilot project where they try your other products/services in one of their operations for a limited trial.

If you’ve been suggesting they try your other product/service for some time, then consider adding, “We been talking about the possibility of testing this for X months/years. Is this something you’d like to move forward with on a trial basis, or would you rather we just dropped the whole thing? What’s your advice?” With this statement you are asking them to either take a baby step forward or stop wasting time with ambiguous statements. It’s a reasonable question to ask so that you can either advance the process or move on to other clients. Either way, it’s a more solid strategy than simply hoping that someday your best customers might drop you a few more crumbs.

The payoff

The bonus with expanding your business with your whales is not only do you earn more of that customer’s wallet share; you also gain access to more customers like them. Whales after all, congregate with other whales. That’s why I call them million dollar conversations.

This article is based on the bestselling book, Influence with Ease by Hall of Fame motivational speaker Jeff Mowatt. To obtain your own copy of his book or to inquire about engaging Jeff for your team, visit www.jeffmowatt.com. Watch for more articles from Jeff in future issues.

 

Westburne WOWLed by Divisional Lighting Manager Salma Siddiqui, the initiative will focus on making Westburne the workplace of choice in the electrical industry and beyond.

Results from research conducted by Westburne found that the electrical industry has a ratio of 6:1 of male vs. female employees. “Realizing these stats are the industry norm has made our eyes open and realize we need to make a change and showcase our women who work for us and at the same time make Westburne the place women would love to work for,” the company says.



Read More

 

 

 

Westburne and RockwellThe Authorized Service Provider designation enables Westburne to deliver Rockwell Automation services through their factory trained team of specialists. These services include installed base evaluation, network assessment, arc flash assessment, lockout/tag-out assessment, and start-up of variable frequency drives.

According to Steve Roy, Regional Sales Manager for Rockwell Automation Canada, “Customer expectations continue to evolve. Aging infrastructure, workforce gaps, global competition and an explosion of new technology provide endless opportunities for customers to improve their businesses.

Read More

 

IdeaIDEA plans to introduce an online learning management tool, the IDEA Learning Portal, to train customers on the new IDEA Connector, which will launch in late September. This portal will contain comprehensive training information and documentation on the IDEA Connector, a master data management (MDM) platform that enables distributors to securely access accurate and timely product and pricing data directly from manufacturers.

To complement the portal, there will be four training session devoted to manufacturers and distributors at eBiz. These training sessions will dive deeper into specific content to ensure a complete understanding of important functionality.

Read More

Changing Scene

  • Prev
Cree, Inc. has completed the sale of its Lighting Products business unit, Cree Lighting, to Ideal ...
Kelly Hanson has joined Ryan and Chris Maguire as agency Principal. Kelly has an extensive sales ...
AD, the contractor and industrial products wholesale buying/marketing group, reported a 7% increase ...
Profile your organization as a leader in the Canadian electrical industry by showcasing your ...
Legrand has promoted Scott Bausch to Vice President/General Manager for the Wiremold product ...
  The OmniCable Toronto branch recently completed its first customer order after opening ...
The Hannover Messe Trade Fair in Germany, held this year at the beginning of April, is the world’s ...
Global energy producer BP has selected Schneider Electric as one of its main electrical ...
The Stratford and District Chamber of Commerce has presented its 2019 Business Leader of the Year ...
The company’s wholesale locations will be branded Robinson Supply, and the lighting and bath ...

MundenOn March 29, Munden Enterprises moved into its new Atlantic Canada headquarters, located at 2 Bluewater Rd., Suite 105 in Bedford, Nova Scotia.

The new office offers more than double the square footage of its previous location, allowing for two boardrooms, a product showcase room, and a large demo amd sample warehouse space. This new space is home to seven of Munden Enterprises' employees.

 

 

 

Read More

 

 

EHRC WLNElectricity Human Resources Canada is delighted to have announced its new partnership with Women Leadership Nation™ (WLN) on International Women’s Day.

Electricity Human Resources Canada is delighted to have announced its new partnership with Women Leadership Nation™ (WLN) on International Women’s Day. This strategic alliance will offer EHRC members and Leadership Accord signatories with training, development and strategy support in their efforts to make progress in closing the Gender Gap.

Read More

 

ABB Showcases Its Vision of Leadership in Digital Industries at ABB Customer World 2019

Show ReportBy Line Goyette

Leaders and innovators from business, government and the education sector gathered for this ABB premier collaboration event. More than 11,000 delegates attended the bi-annual ABB Customer World Houston 2019 from March 4 to 7 in Houston, Texas. ABB’s latest pioneering technologies were displayed over 150,000 sq ft of a colourful, buzzy display of futuristic conveyor belts and robots, an ABB Formula E Generation 2 car, and much more groundbreaking technology.

Read More

 

 

Peers & Profiles

  • Prev
On a regular basis, our publications profile members of our industry through their responses to a ...
First and foremost, sitting down with Susan Uthayakumar feels more like sitting down and conversing ...
Sales of electrical supplies from full-line electrical distributors capture the geographic ...
Laura Dempsey has been working as an outside sales representative for E.B. Horsman & Son for ...
Michael Gentile, President and CEO of Philips Lighting Canada, has had a long and distinguished ...

 

National ManufacturingExcellence in Manufacturing Consortium EMC’s Advantage through Excellence: Future of Manufacturing Conference is a 2½ day event exploring the competitive advantages, opportunities and successes that can be achieved by manufacturers through a variety of learning forums — up to 40 workshops, panel sessions, keynote presentations and best practice plant tours — providing delegates with outstanding opportunities for benchmarking, peer networking, learning and sharing of hundreds of best practices. An estimated 500 to 900 manufacturing leaders and stakeholders from across Canada are expected to attend. 

Read More

 

 

 

Rick McCartenBy Rick McCarten

I think it was Bill Gates who said the Internet will not have an effect on society short term, but will have a profound effect on us long term. 

Long term versus short term fascinates me. Making the call for one over the other can determine the success (or failure) of companies today. 

Using Bill Gates’ long-term Internet effect example, means that business decisions about the Internet will not necessarily show short-term gain, but will show “profound” gain in the long term.

Read More

 

Looking Back

  • Prev
The best memory I keep from CEDA is the way that they accepted me when I came into the business. ...
In the 1930s to 1940s, CEDA’s Western Canada membership was very stable with old line independent ...
Prior to the late 1950s there was little if any involvement in CEDA by the so-called “national ...
  As 2017 marks the 150th anniversary of Confederation, we take a look back at an aspect of ...

Bnei AkivaBy Blake Marchand


Lior Levy, along with Josh Kantrowitz, led a team of 21 students earlier this year as they travelled to Hartsville, South Carolina for the annual Bnei Akiva Habit for Humanity trip, in partnership with Legrand. As a frequent supporter of Habitat for Humanity, Legrand donated the funds required to purchase the construction materials for the project.

Ms. Levy, a pre-med student from Toronto who recently received her BA in Biology while attending Yishiva University in New York.

Read More

 

 

Copper $US Dollar price per pound

Kerrwil Publications

538 Elizabeth Street, Midland,Ontario, Canada L4R2A3 +1 705 527 7666
©2019 All rights reserved

Use of this Site constitutes acceptance of our Privacy Policy (effective 1.1.2016)
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Kerrwil