In recent years, many industrial companies have expanded their product and service offerings, through both organic and M&A efforts. Companies within sub-sectors such as industrial equipment and engineered products, distribution, packaging, agricultural equipment and logistics are especially keen to take advantage of cross-selling and solution-selling opportunities.
However, even with a broader portfolio of products and services, many industrial organizations are still struggling to capture greater share of their customers’ wallets. While it is easy to assume a broader product and service offering will naturally lead to higher sales, in practice this is often not the case.
L.E.K. Consulting’s research has uncovered four key sales challenges that industrial companies face when it comes to increasing their share of customers’ wallets, along with four examples of how some leading organizations have overcome them. What do all four have in common? They have connected their commercial data, people and sales efforts to routinely uncover customer insights and execute against them.
In this Executive Insights, we delve into how industrial companies can raise their sales performance and drive more organic growth by taking a page from the playbooks of other leading organizations. Case studies include: EMC, General Electric and Grainger.