Welcome to another episode of the Tapped In Sales Podcast with your hosts, Bud and Mikey! In today’s episode, we dive into the complex world of price increases and how to navigate them while keeping your profitability intact. With price increases on the horizon, it’s time to think strategically and avoid common pitfalls.

We explore three key strategies that every sales team and wholesaler needs to handle price increases like a pro:

This episode is packed with actionable insights on how to tackle price increases through a profitability lens. Whether you’re a sales rep, manager, or distributor, these strategies will help you turn a challenging situation into a win-win for your business and your customers.

Key Takeaways:

Don’t Miss:

Tune in now and make sure you’re prepared for the next price increase season!

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Welcome to another exciting episode of the Tapped In Sales Podcast! In this episode, we sit down with Kimberly McKinnish, COO of NBWA, to uncover the secrets behind the upcoming NextGen Conference 2024 – the ultimate event for emerging leaders and seasoned professionals in the beer distribution industry.

Get a sneak peek into the conference that’s all about shaping the future of beer distribution! Kimberly shares her insights on how the NextGen Conference has become a game-changer for professional development, offering attendees an unparalleled opportunity to learn, network, and grow.

What You'll Learn in This Episode:

Why You Should Listen:

If you’re serious about growing your career in the beer distribution industry, this episode is for you! Find out how attending the NextGen Conference can provide you with the skills, insights, and connections needed to thrive in this dynamic field.

Links & Resources:

Don’t Miss This Episode!Listen now on Apple Podcasts, Spotify, Google Podcasts, or wherever you get your podcasts.

Summary

In this episode of the Tapped In Sales podcast, Bud and Mikey discuss the importance of goal setting and how to go about it. They emphasize the need for goals to be realistic and attainable and the importance of accuracy in goal setting. They also discuss the role of selling day adjustment in setting goals and the need for qualitative input in the goal-setting process. They highlight the importance of transparency, involving the team in the goal-setting process, and the need for regular progress updates and feedback. They also stress the importance of documentation and note-taking to track progress and make adjustments in future goal-setting.

Takeaways

Chapters

00:00 Introduction and Weekend Recap

03:38 The Importance of Accuracy in Goal Setting

09:30 Involving the Team in the Goal-Setting Process

12:32 Tying it all together 

32:26 The Role of Documentation and Note-Taking

37:42 Shane Gillis for Beer? 

Summary

In this episode of the Tapped In Sales podcast, Bud and Mikey are joined by Eric Kiser from fintech to discuss the high-level overview of what fintech is and what EFT payments mean to the beer industry. They talk about the benefits of EFT, such as increased safety, efficiency, and cost savings. They also discuss the legislative and regulatory considerations behind EFT, including the movement towards 100% EFT in states like Michigan and California. Eric shares best practices for distributors looking to promote EFT and talks about the future of financial enhancements in the industry.

Takeaways

Chapters

00:00 Introduction and Overview of Episode

06:14 Understanding EFT Payments and fintech

12:37 Sales Reps talking to the benefits of EFT with retailers

17:38 Breaking news in the EFT World

18:35 Michigan and California: Leading the Way in EFT Payments

24:32 Overcoming Objections and Educating Retailers on the Benefits of EFT

30:35 Best practice to expand EFT at my operation

34:52 Don't Bet on Golden Tee with Eric

Summary

In this episode of the Tapped In Sales podcast, Bud and Mikey discuss the core components of annual business planning (ABP) with suppliers. They cover topics such as sales targets, distribution targets, financial projections, incentive planning, inventory management, training, and market visit planning. They emphasize the importance of setting realistic sales goals and understanding the productivity of each points of distribution. They also discuss the significance of gross profit and the need for effective incentive planning. The hosts provide insights and strategies for both suppliers and wholesalers to optimize ABP. In this part of the conversation, Bud and Mike discuss inventory management and the challenges faced by wholesalers and suppliers. They emphasize the importance of balancing inventory levels and the cost of carrying excess inventory. They also touch on the topic of supplier training, market visits, and in-market support, highlighting the need for effective communication and collaboration between wholesalers and suppliers. The conversation concludes with a discussion on the implementation of the annual business plan (ABP) and the risks and opportunities associated with it.

Takeaways

Chapters

00:00 Introduction and Setting the Stage

03:24 Core Components of ABP

08:51 Understanding Productivity of Points of Distribution

14:27 The Significance of Gross Profit

18:10 Effective Incentive Planning

20:31 Challenges and Strategies for ABP

22:33 Managing Inventory Challenges

25:24 Effective Supplier Training and Support

30:43 Implementing the Annual Business Plan

33:58 Considering Financial Health

40:10 Optimizing Portfolio Management

Summary

In this episode of the Tapped In Sales podcast, Bud and Mike interview Kary Shumway, a financial guru for beer distributors. Kary shares his journey in the beer business and how he became an expert in finance for the industry. He emphasizes the importance of financial literacy and training for all employees, from drivers to sales managers. Kary also discusses the challenges that distributors face, such as understanding their numbers and managing costs. He highlights the need to focus on cash flow and gross profit, and suggests creating a culture of collaboration and communication to break down silos within the organization.

Takeaways

Chapters

00:00 Introduction and Overview

01:32 Kary's Journey in the Beer Business

03:24 Importance of Financial Literacy

07:36 Engaging with Beer Business Finance Association

10:30 Common Financial Challenges for Distributors

11:54 Key Financial Metrics to Track

17:35 Cost Management Strategies

23:35 Driving Profitability through Gross Profit Management

27:28 Building a Positive Sales Culture and Breaking Down Silos

35:39 Contacting Kary Shumway

36:37 Conclusion

Summary

In this episode, Bud and Mike discuss the best practices for setting up variable pay and incentives. They explore different timing intervals, such as monthly, quarterly, and annually, and the pros and cons of each. They emphasize the importance of short-term focus and instant gratification for sales reps, making monthly incentives the most effective. They also discuss the potential use of quarterly incentives for sales leadership and middle management, as well as annual goals for long-term strategic thinking. The episode concludes with a discussion on different types of rewards beyond monetary incentives.

Takeaways

Chapters

00:00 Introduction and Small Talk

03:19 Different Intervals for Different People

05:16 The Importance of Instant Gratification

09:30 Pros and Cons of Monthly and Quarterly Payouts

14:34 Carryover of Missed Goals in Quarterly Incentives

20:50 Encouraging Long-Term Strategic Thinking with Annual Goals

27:16 Exploring Rewards Beyond Monetary Incentives

35:33 Major Player Entering the Hemp Market

Summary

In this episode of the Tapped In Sales podcast, Bud and Mikey interview Jennifer Hauke, the founder of Draftline Technologies. They discuss the importance of cleanliness in the beer industry and how Draftline helps beer distributors improve their line cleaning processes. Jennifer shares her journey in the industry and how she developed the mobile application that revolutionized line cleaning. They also talk about the data collection and analysis capabilities of Draftline, which helps distributors identify market opportunities and improve their draft beer offerings. The conversation discusses the use of data to identify opportunities in the beer distribution industry. It highlights the importance of understanding the competitive market and market share. The conversation also emphasizes the significance of open lines and the cost of rotating brands. It explores the concept of creating the perfect draft tower for each account and the role of incentives in driving profitability. The conversation concludes with a discussion on the ideal lineup of styles for a draft tower.

Takeaways

Chapters

00:00 Introduction

03:10 The Genesis of Draftline Technologies

08:08 The Importance of Cleanliness in the Beer Industry

14:58 Improving Efficiency and Lowering Costs with Draftline Technologies

19:59 The Line Cleaning Process and Data Collection

23:19 Using Data to Curate a Well-Designed Draft Lineup

24:20 Understanding the Competitive Landscape and Market Share

25:45 The Power of Open Lines in the Market

27:37 Creating the Perfect Draft Tower for Each Account

29:31 Rotation and Incentive Programs in Draft Operations

32:24 Optimizing Draft Operations through Data Analysis and Coaching

Summary

In this episode of the Tapped In Podcast, Bud and Mikey discuss the concept of entitlements versus incentives and how to get discretionary effort out of your team. Entitlements are the required payment or compensation for team members, such as healthcare, 401k, and base pay. Incentives, on the other hand, are used to encourage discretionary effort and can be variable or unpredictable. The hosts share examples of misappropriated entitlements, such as annual Christmas bonuses, and discuss the importance of authentic recognition and experiences in motivating employees. They also emphasize the need to balance entitlements and incentives to attract and retain top talent in today's labor market.

Takeaways

Chapters

00:00 Introduction and Discussion of Entitlements

13:22 Introduction to Incentives and Discretionary Effort

18:42 The Role of Recognition and Experiences in Motivating Discretionary Effort

25:34 Adapting Entitlements and Incentives in the Current Labor Market

30:13 Conclusion

Summary

In this episode of the Tapped In Podcast, Bud and Mikey discuss the concept of incremental profitability and how it can help beverage distributors grow their gross profit. They share examples of focusing on higher-profit items and shifting consumer attention to those products through signage and merchandising. They also emphasize the importance of thinking outside the beer aisle and exploring opportunities in non-alcoholic beverages. The hosts highlight the success of non-alcoholic brands like Athletic Brewing Company and encourage beer reps to consider the profitability of their portfolio and find ways to drive incremental volume. They also discuss the positive impact of a growth mindset and the satisfaction of seeing positive numbers in sales.

Takeaways

Chapters

00:00 Introduction and Update on Starlink

03:15 Introduction to Incremental Profitability

06:33 Focusing on Smaller Volume Items for Incremental Profit

11:11 Maintenace vs Focus as a Sales Rep

13:56 Maintaining and Managing Core Items vs. Growing Incremental Profit

19:36 Exploring Opportunities for Incremental Volume

23:05 Athletic Brewing News & The Success of Non-Alcoholic Beer Brands

26:23 Special Events and Incremental Volume

27:05 Conclusion