The role of Independent Manufacturer’s Reps (IMRs) is going through a sea change. Founders are aging out, and new priorities have emerged, including leveraging data better and building a talent pipeline. Innovative technologies such as AI are also changing the game.
Some distributors are growing their private-label offerings and have become, in effect, manufacturers. And when manufacturers source globally, they become distributors. The distinction between an IMR and a distributor has continued to blur, but that can be a competitive advantage for IMRs.
To do business effectively, IMRs need to analyze their traditional business model and re-strategize to manage disruptions from manufacturers and distributors. And they need to rethink what they consider their competitive advantage.
It’s no longer about giving manufacturers access to distributors through the relationships they’ve cultivated. It’s about analyzing the market to identify where real growth opportunities exist and looking at what is important to both your channel partners and your principals.
Learn how to identify your firm’s selling costs and the upstream or downstream value they create; then focus on developing a talent pipeline to keep your business solid. Read more in my guest post for PHCP PROS: Rethink Your Competitive Advantage | phcppros