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

Summary

In this episode of the Tapped In Podcast, Bud and Mike discuss the different types of displays in the beverage industry and how to maximize their effectiveness. They cover backstock, creative, incremental, and out-of-isle displays. They emphasize the importance of driving shopper behavior and choosing the right products to put on display. They also discuss the impact of display size on the rate of sale and the challenges of managing finished product loss. The episode concludes with discussing the recent joint venture between Yingling and Molson Coors and its potential implications for Michigan wholesalers.

Takeaways

Chapters

00:00 Introduction

01:37 The Importance of Displays in the Beer Industry

26:14 The Impact of Yingling and Molson Coors Market Swap on Michigan Wholesalers

35:43 Conclusion and Final Thoughts

Summary

In this episode of the Tapped In Podcast, Bud and Mike interview Hunter Jerome from Jerome Distributing. They discuss topics such as driving business results, the challenges of the beer industry, and implementing the VXP compensation model. Hunter shares his experience of working in the family business and the importance of providing data and clarity to motivate the sales team. They also talk about the role of leadership compensation and the process of getting the leadership team aligned and invested in the changes. The conversation focused on the implementation of the VXP method and its impact on the business. The main themes discussed were working with family, shifting from variable compensation to the VXP model, coaching the sales team, and the interaction with suppliers. The key takeaways include the benefits and challenges of working with family, the importance of aligning compensation with profits, the shift towards more strategic thinking and decision-making, and the impact of the VXP method on supplier relationships. Overall, the implementation of the VXP method has led to increased profitability and a more focused and engaged sales team.

Takeaways

Chapters

00:00 Introduction and Setting the Stage

06:24 Implementing VXP: Driving Sales and Profitability

09:27 Transparency and Knowledge: Motivating Sales Teams

16:19 Getting Ownership Involved in the Process

18:00 Effective Leadership Compensation: Aligning Goals

18:03 From Seeking Permission to Taking Ownership

19:35 Navigating the Challenges and Benefits of Working with Family

21:01 Transitioning to the VXP Model

22:02 Coaching and Empowering Sales Reps

24:05 The Importance of Considering Gross Profit Percentage and Dollars in Supplier Relationships

Summary

In this conversation, Bud and Mike discuss the importance of data cleanliness in managing products and customers. They cover topics such as package configurations, product styles, brand families, and account classifications. They emphasize the need for consistency and simplicity in organizing data to ensure accurate reporting and decision-making. They also touch on the importance of maintaining clean data and providing clear guidelines for future data entry. Overall, the conversation highlights the significance of data cleanliness in optimizing sales operations.

Download VXPs Data Guide

Takeaways

Consistency and simplicity are key in organizing product data and account classifications.

Maintaining clean data is crucial for accurate reporting and decision-making.

Clear guidelines should be provided for data entry to ensure consistency and accuracy.

Data cleanliness is essential for optimizing sales operations and identifying trends and opportunities.

Chapters

00:00 Introduction and Technical Difficulties

03:39 Overview of the Episode's Topic: Data Cleanliness

06:01 Organizing Products: Package Configurations and Product Styles

28:03 Considerations for On-Premise Account Classifications

37:07 Other Considerations for Data Cleanliness

40:29 Conclusion and Cheers

Summary

In this episode of the Tapped In Podcast, Bud and Mikey discuss the concept of owning your route in the beverage distribution industry. They share stories of reps taking ownership of their accounts and making strategic decisions to drive sales and profitability. They also discuss the growth and decline of craft breweries and the rise of non-alcoholic beverages in the market.

Takeaways

Chapters

00:00 Introduction

03:07 Owning Your Route: Taking Ownership in Beverage Distribution

06:56 The Power of Education and Understanding in Acting Like an Owner

09:45 Finding Opportunities for Incremental Growth in Your Accounts

24:02 Navigating the Growth and Decline of Craft Breweries

27:23 Conclusion

Episode 9 of the Tapped In Podcast features a conversation with Zach and Logan from Grellner Sales & Service, discussing their business and experiences in the beer industry. The conversation covers topics such as the history of Grellner Sales & Service, market challenges, and the unique experiences of working in the beer industry. The conversation covers topics related to the beer industry, market dynamics, sales strategies, and the impact of VXP on sales reps and retailers. It also touches on the potential impact of Delta 9 (marijuana) on the beer industry. The conversation provides insights into the changing landscape of the industry and the adoption of new technologies and strategies to drive profitability and growth.

Takeaways

Chapters

00:00 The History of Grellner Sales

03:13 Challenges in the Sales Industry

04:26 Unique Experiences in Sales

06:34 Flexibility and Adaptability in Sales

10:38 Market Dynamics and Vacationer Influence

13:17 The Role of VXP in Driving Sales Strategies and Profitability

22:50 Empowering Sales Reps for Growth and Profitability