5 Ways Distributors Are Increasing Sales in a Tough Economy

Although the 2020 global pandemic feels like a lifetime ago, a lot of industries are still trying to bounce back from the economic effects, including the promo industry. And in today’s economic climate, it’s getting increasingly challenging for some distributors to forge ahead. It’s time to work smarter, not harder, to get your sales margins back on track for 2023 and beyond. Here’s how the top distributors are competing in this difficult market. 

1. Including online stores in all their pitches 

According to PPAI, in 2021, 33% of distributor revenue* came from online stores. For distributors that are below the 33% average or for those who haven’t tapped into the webstore market at all yet, there’s a huge opportunity. And now that webstore technology is so easy to use, even the least tech-savvy distributors can create branded stores in minutes, so introducing stores into your product offering is easier than it sounds.   

2. Watching the retail industry like a hawk  

The only way to pitch new products to your clients before your competitors is to proactively seek out trends in the retail world and think about how they’ll impact your clients. Pulling creative trends in will show your clients you’re ahead of the curve and always have the latest and greatest offerings. Network with your top suppliers often to learn about new and upcoming products they expect to sell fast. 

3. Searching for the best supplier pricing 

Distributors will do almost anything it takes to find the right product at the best price for clients.  And that’s not a bad thing!  Your clients can feel the amount of effort and passion that goes into your pitches. But the level of service you could provide your clients if you didn’t have to log in and search suppliers tab by tab for the right products is significant. Look into free sourcing products built for distributors that will give you hours back on each of your sourcing projects.  

4. Auditing technology for unnecessary expenses 

If you’re too busy to use half the features included in one of your technology subscriptions, it’s likely too expensive. So many distributors start their companies and use the first technology recommended to them. Does that technology still serve your business in a way that’s worth the cost? On the other side of the coin, is there promotional product technology that you didn’t invest in previously, that would save you enough time to warrant the cost?  

5. Removing monotonous work from their daily to-dos  

Are you spending more than 15 minutes a day on manual data entry like copying info from spreadsheets into other systems, stapling and filing paperwork, or editing PDF quotes to send updated versions to clients?  Every minute distributors spend on tasks that can easily be automated with technology is a minute they aren’t connecting with their clients, pitching to prospects, or mining referrals from happy customers. Distributors operating in this competitive market know that time is money and are taking steps to swap time-intensive monotonous activities with profit-producing activities.  

Increasing profits in a challenging economy doesn’t have to mean overhauling your entire business. The most successful distributors are making incremental shifts in their existing operations to spend their time on the most profitable activities.