Truck Parts and Service | Heavy Duty Trucking, Aftermarket, Service Info
Issue link: http://read.dmtmag.com/i/290319
2 I am not an impulsive person. Sure I might be swayed to pick up a box of Oreo's when I see they're on sale at the store, and I'll admit the AT&T salesman talked me into the extended warranty when I bought my last phone, but for the most part my purchasing decisions are measured. Before I buy anything I give the pur- chase serious thought. "Do I need this? Will this fi ll my cur- rent need? How long will this last before I need another one?" I don't like buying anything unless I'm sure it's the best choice for me. In this way I think I could be a good distributor. I know I'm not a salesman. But I think my never-ending quest to look for value, profi tability and util- ity in everything I buy could serve a purpose. At the very least, I think I'd be good about managing my inventory. I know I'd track every sales met- ric I could get my hands on, and I'd constantly be evaluating my inventory against the needs of my customer base. Never one to be wasteful, I think I'd work tirelessly to minimize my parts ob- solescence and strive to create the most effective use of my warehouse space as humanly possible. And I think I'd be good about adding new product lines. In speaking with multiple members of the aftermarket for this month's cover story on adding product lines, the one tip that each source mentioned above all others was research. To successfully add new lines, you have to do your research. I know that's something I'd do, and if you are currently considering adding any product lines in your own business I'd recommend you do the same. It's easy to get caught up in a sales pitch on a new product and think you've got to have it, but before you add anything to your warehouse make sure you can turn it. A product you love might not be as loved, or needed, by your customers. Research their buying habits and see if they've bought similar products. Make sure they are running equipment that's compatible with the new product. If the potential new product is being offered by a trusted supplier, ask them how it is selling in similar markets, or in the hands of comparable distributors. Be diligent. Your business is your livelihood; you have every reason to take it seriously. Good suppliers will typically have a wealth of information available to answer your questions and ease your concerns. See if they would be willing to allow you to stock the product on a limited basis to see how it sells. If they say yes, communicate that new product's availability to your customers. The aftermarket is not a set it and forget it industry. Customers can only buy what they know you have. If you want to sell something, you have to get that news out there. And while that new product is on your shelf, be sure you are actively tracking its movement. Maybe you'll discover your custom- ers have always wanted you to stock it and they will immediately add it to their stock order. Maybe you'll discover you only need to keep eight on the shelf instead of a dozen. Maybe you'll discover that only your municipality customers are buying it, and then you can contact them directly to set up a distribution schedule. Maybe the product simply won't sell at all, and in that case you can notify your supplier that you aren't the right distributor to push the product in the aftermarket. I can't say now what you'll fi nd out, only that it's worth tracking as much information as possible and look for a pattern. You have too much invested in your business to do anything less. T R U C K P A R T S & S E R V I C E | A p r i l 2 0 1 4 Making an informed decision By Lucas Deal, Editor lucasdeal@randallreilly.com Editorial | Lucas Deal Your business is your livelihood; you have every reason to take it seriously.