December 27, 2006

E-Mail news for the wholesale distribution industry

News and Trends
	TTI bought out by Berkshire Hathaway Berkshire Hathaway announced it had purchased the electronic components W-D in a deal that was expected to close in early 2007. Financial details of the transaction were not made public.   Quad-City Times (Davenport, Iowa)/Associated Press (12/25),   Modern Distribution Management (12/22)
	Applied Industrial gets philanthropy award Applied Industrial Technologies had been honored for its fundraising efforts. "We believe the foundation for Applied's community involvement lies in our strong corporate culture -- the cornerstone of which is our core values," Mike Coticchia, chief administrative officer and vice president of government business.   Progressive Distributor (12/22)
	Gulf of Mexico Energy Security Act gets congressional OK The Gulf of Mexico Energy Security Act, which will allow 8 million acres in the Gulf of Mexico to be opened up for drilling, was passed this month in the House and with wide support in the Senate. The revenues the drilling provides will be divided between Gulf-region energy producing states for various environmental programs and undertakings. "The bill will bolster this nation's energy security," said one industry association president.   Industrial Distribution (12/22)
	"Anti-Goldilocks economy" running hot and cold As long as you're not in the housing or auto industries, the U.S. economy seems to be doing pretty well. How can that be, however, when traditionally the nation's financial health is closely tied to these two bellwether businesses? The answer seems to be that we're in an odd "anti-Goldilocks" phase, an economy that's both too hot and too cold, according to Lombard Street Research, a British economic forecasting firm.    Bloomberg/ClipSyndicate (12/26),   The New York Times (12/26)
		Commerce Department: Economy slows in third quarter: A strong first half yielded to a marked third-quarter slowdown in the nation's economy, with Commerce Department figures showing GDP growth of only about 2% for the period that ended in September. Forecasters predict a slow fourth quarter as well, amid signs that the economy is slowing even further this month.   The New York Times (12/22),   The Wall Street Journal (12/22)

Best Practices
	Use CRMs, private data with discretion Putting your customers' information into a CRM database is useful and provides an easy-to-access, condensed overview, but leaving that information open to anyone in the business could be a security concern. Certain information should be kept between the customer and the sales rep to safeguard commission amounts and other sensitive information.   CRM Daily (12/19)
	The one-two-three of getting a raise Getting a pay raise often requires forethought and extra effort. Acting in advance by starting a new program or fixing an office problem is a great way to increase your personal value and justify to your boss why you deserve more money.   CNNMoney.com/Fortune (12/1)

Sales
	Avoid losing customers' attention Lecturing, providing too much technical information, or going on and on about yourself are the fastest ways to scare off or bore prospects. Instead, keep meetings short and to the point, provide need-to-know information, and give prospects the chance to speak and ask questions.   MarketingProfs (free registration) (12/19)

Small Business Manager
	Set new tech goals for upcoming year It may be too late in the year to make better use of your Internet-based tools and functions, such as your Web site or e-mail, but the new year is just around the corner. Take stock of your capabilities and venture over to your competitor's sites during the reminder of the year, and get a jumpstart on next year's goals of improving your Web-based tools.   SmartBIZ (12/22)

Executive Life
	Never ask "Where am I?" again Axion's Geo-632 GPS system and TeleNav's GPS Navigator service are two of the latest GPS devices to hit the road this holiday season, and the Geo-632 even plays MP3 files and displays JPEG image files.   PC World (12/21)
	Ritz-Carlton reinvents itself Today's travelers aren't looking for the same level of formality in terms of mood and service that past generations of guests expected, and the Ritz-Carlton is among those hotel companies adapting to these changing tastes and expectations.   USA TODAY (12/26)

NAW Insider
	NAW and The Hartford NAW has partnered with The Hartford to offer insurance expertise and comprehensive coverage tailored to the specific needs of wholesaler-distributors. The Hartford also offers expedited claims handling services and a countrywide network of loss control and risk management experts to help wholesaler-distributors protect their businesses and minimize loss costs. More information available here.
	Invest your training dollars wisely and develop top performers NAW/DREF publication Smart Investments addresses the long-ignored aspect of the industry training and development. Let it help you identify a strategy for employee development, engage your staff to move forward with common vision and purpose, ensure that your training dollars are invested wisely and think about how to use training and development activity to reach your strategic business objectives.
	Maximize your salesforce's productivity Did you know that inside and outside salesforces are 30% to 40% of the typical distributor's operating expenses? Many distributors don't know that or how to measure sales productivity and whether they are becoming more or less productive. Let Restructuring the Distribution Sales Effort for Maximum Productivity guide you through the process from the traditional fully loaded salesforce cost structure to new salesforce models that promise higher profitability.
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Weekly Poll
	Would you consider donating to a microcredit organization? After voting once, check out the real-time poll results on NAW's All Access page as often as you would like.
	I have done it before and will continue.             Yes, I would.             I have done it before but will not do it again.             No, I'm not interested.
Commercial/Institutional Products & Service Consultant   A.W. Hastings   Enfield, CT     Industrial Marketing Specialist   Crescent Electric Supply Co.   East Dubuque, IL     Manager, Marketing Research and Analysis   Crescent Electric Supply Co.   East Dubuque, IL     VP Regional Manager   United Pipe & Supply Co., Inc.   Portland, Oregon     VP sales&marketing   BTC Electronics   Wake Forest NC

SmartQuote
From a commercial point of view, if Christmas did not exist it would be necessary to invent it." --Katharine Whitehorn, British columnist and writer

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