5 ways to Generate New OEM Accounts with higher sales margins
Tips From the Trenches
Face the facts: you need an improved sales process, or your profit margins will go south.
The problem: suppliers are having difficulty getting traction adopting a new sales process. This calls for sales people to discover new and innovative ways to overcome the many obstacles related to price barriers that can kill profit margins. The solution, though simple, requires a realignment of an effective sales process for component manufacturers based on your core competencies, bundled to create impact.
Here are 5 ways to generate new OEM accounts with an effective sales revenue process:
1. Differentiation. It’s what REALLY makes you different than the competition—why you should become your prospect’s new supplier. This isn’t about quality, service or price; that’s what your competition is saying. If you sound like anything they have now in terms of suppliers, you will quickly become victim of “give me your best price”.
2. Dollarization and Impact. Document in real dollars how you can impact your prospect’s bottom line.
3. Case Studies. This is evidence proving you have the expertise to deliver impact for a high-level VP. This is done with before and after stories demonstrating that you have done this before … taking prospect’s confidence to a whole new level.
4. Sell Higher In The Organization. Stop selling to the buyer, procurement specialist or some guy with a fancy title that still means “buyer.” Instead, sell to the people with REAL power that make decisions on impact.
5. Process Methodology. This should be in the form of a flow chart/diagram that illustrates a step-by-step process that solves problems and delivers results systematically — every time. Every company has one the key is to uncover it and articulate it into a diagram.
Remember, adaption in today’s ever-changing manufacturing market is critical. If what you are currently doing isn’t working, find out what you can do to change it−now. Those who are adept at this skill will succeed in gaining market share and increasing revenue.