Electrical Wholesale Market Insights for 2018

Sales performance software provider, sales-i, have surveyed manufacturing, distribution and wholesale executives to discover what we can expect from 2018.

How are these industries shaping up as we get stuck into the new year? Where are their biggest opportunities? What challenges are they worried about?

These are some of their biggest findings.

Top business objective for 2018

The top three business objectives for electrical wholesalers in 2018 are to:

  1. Acquire new business (78%)
  2. Boost retention of and sales to existing customers (71%)
  3. Increase productivity (30%)

These objectives are hardly surprising and all three point to wholesalers making more sales and driving up profits. But what challenges are standing in their way?

Challenges to overcome

The top three struggles that electrical wholesalers are facing, directly correspond with the top three goals mentioned above. They are:

  1. Finding and securing new business (59%)
  2. Up-selling and cross-selling to current customers (38%)
  3. Under-performing salespeople (25%)

These aren’t the only challenges that electrical wholesalers are facing. Unsurprisingly, 98% of those surveyed stated that the current economy has a direct impact on their success. It certainly effects what customers are willing to spend their money on and how much they plan to spend.

Unfortunately, the economy isn’t something that we have a lot of control over, so what’s important is that you guard yourself against it and be ready to adapt accordingly. Certainly, having a loyal customer base is always helpful.

How to tackle these challenges

  1. Business intelligence

Using business intelligence software is a key way to gain deeper insights into the behaviour and preferences of customers. Having a deep understanding of your customers’ and prospects’ buying habits will place you in a much stronger position to satisfy them.

  1. Training

Knowledge is power. If your salespeople really know their products and can effectively advise customers, they will reap the benefits in their results. With new technology rapidly emerging, there are plenty of new products entering the marketplace, so ensure that your team receive continuous training to keep them at the top of their game.

  1. People

62% of those surveyed stated that hiring salespeople is a top priority for 2018. Having the right team can make or break a business. If you invest in great talent, then you’ll see your profits increase. This is why so many electrical wholesale businesses are making changes to their hiring processes – making them faster and putting more effort into winning candidates over. Plus, they are looking at their onboarding procedures and the training and progression on offer to ensure that their talent stays.

Recruiting can is a big challenge and can be incredibly time consuming, so finding the right recruiting partner and ensuring that they have an in-depth knowledge of your business is extremely important.

Bringing it all together

The outlook for electrical wholesalers is looking positive. Of course, there are plenty of challenges and fickle factors such as the economy and emerging technologies that can both help and hinder businesses. However, companies seem ready to tackle these challenges to make 2018 a successful year.

About Bridgewater Professionals

At Bridgewater Professionals, we specialise in recruitment for electrical wholesale jobs, distribution and manufacturing industries, recruiting highly skilled individuals at all levels across the UK and Ireland.

If you’re an electrical wholesale, distribution or manufacturing professional interested in developing your career, get in touch with us today.

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