5 Ways 3PL Sales Has Changed and What You Can Do About It with Ann Holm

09/25/18 • 45 min

Podcast Summary:

Joe is joined by Ann Holm who, in addition to being a good friend of Joe’s, is an executive coach who often works with people in the logistics field. The two inform the audience of 5 ways 3PL (third-party logistics) sales have changed, along with plenty of advice on how to deal with these changes. We also learn about a sales improvement course specifically for people in the logistics industry that Joe and Ann are co-facilitating.

Podcast Show Notes:

00:21 – Joe welcomes Ann Holm to the show
01:13 – An introduction of today’s topic: 5 Ways 3PL Sales Have Changed and What You Can Do About it with Ann Holm
- 5 ways 3PL sales have changed
02:38 – #1: Internet has given buyers unprecedented access to product and industry information
- More control for the buyer
- Buying processed controlled by buyer
- Industry research / lists available
- Experts available
05:51 – #2: Purchasing professional’s involvement
- Transportation and logistics has become strategic – many more groups involved including operations, logistics, IT, finance, senior management,
- Process defined by customer
- Worldview of customer is often shaped by purchasing process
08:05 – #3: Distracted customers
- Online and in-person, people are distracted
- Day-to-day overload / overwhelm
- Electronic gizmos
- Multi-tasking
12:17 – #4: More competition and more sophisticated competition
- 3PL industry consolidation
- VC and PE investment money
- Marketing money and clout
14:47 – #5: The buying process begins online
- When shippers are selecting transportation and logistics providers, they are beginning with online research
- If your selling process begins with a cold call, you may be late to the game
..What you can do about it
19:07 – Defining your personal brand
- Looking at competence and the emotional connection
- 360-degree process for personal brand development
- Personal brand should be authentic and include how others see you
24:30 – Developing a specialization
- Be an inch wide and a mile deep – not a mile wide and an inch deep
- Specialization doesn’t limit new opportunities, it expands them
- Mistakes that Ann made early in her coaching career
32:35 – LinkedIn and social media
- Capturing attention with just a picture and headline
- LinkedIn best practices
- Choosing the right social media platform
38:23 – Engagement
- Connecting with customers in a meaningful way
- Speaking their language – being on their wave length
- Interpersonal – read their type, body language, connection beyond business, trust, rapport, relationship
- Business - Understanding their needs – walk a thousand miles in their shoes
- Understanding your type and their type
- Buyers will zone out – daydream if you can’t engage them
For more details, check us out at LogisticsofLogisticscom or follow Joe on LinkedIn

Topic Takeaways:

3PL sales has changed and to stay competitive, sale professionals must adapt to the changing market and adopt new approaches

Mentioned Resources:

21st Century Sales Skills for Transportation and Logistics Professionals (Podcast)

Sales Personality Types with Ann Holm (Podcast)

Joe Lynch (LinkedIn)

Ann Holm (LinkedIn)

Training: 21st Century Sales Skills for Transportation and Logistics Professionals (Information and Registration)

Download the audio file

Podcast Summary:

Podcast Show Notes:

00:21 – Joe welcomes Ann Holm to the show
01:13 – An introduction of today’s topic: 5 Ways 3PL Sales Have Changed and What You Can Do About it with Ann Holm
- 5 ways 3PL sales have changed
02:38 – #1: Internet has given buyers unprecedented access to product and industry information
- More control for the buyer
- Buying processed controlled by buyer
- Industry research / lists available
- Experts available
05:51 – #2: Purchasing professional’s involvement
- Transportation and logistics has become strategic – many more groups involved including operations, logistics, IT, finance, senior management,
- Process defined by customer
- Worldview of customer is often shaped by purchasing process
08:05 – #3: Distracted customers
- Online and in-person, people are distracted
- Day-to-day overload / overwhelm
- Electronic gizmos
- Multi-tasking
12:17 – #4: More competition and more sophisticated competition
- 3PL industry consolidation
- VC and PE investment money
- Marketing money and clout
14:47 – #5: The buying process begins online
- When shippers are selecting transportation and logistics providers, they are beginning with online research
- If your selling process begins with a cold call, you may be late to the game
..What you can do about it
19:07 – Defining your personal brand
- Looking at competence and the emotional connection
- 360-degree process for personal brand development
- Personal brand should be authentic and include how others see you
24:30 – Developing a specialization
- Be an inch wide and a mile deep – not a mile wide and an inch deep
- Specialization doesn’t limit new opportunities, it expands them
- Mistakes that Ann made early in her coaching career
32:35 – LinkedIn and social media
- Capturing attention with just a picture and headline
- LinkedIn best practices
- Choosing the right social media platform
38:23 – Engagement
- Connecting with customers in a meaningful way
- Speaking their language – being on their wave length
- Interpersonal – read their type, body language, connection beyond business, trust, rapport, relationship
- Business - Understanding their needs – walk a thousand miles in their shoes
- Understanding your type and their type
- Buyers will zone out – daydream if you can’t engage them
For more details, check us out at LogisticsofLogisticscom or follow Joe on LinkedIn

Topic Takeaways:

3PL sales has changed and to stay competitive, sale professionals must adapt to the changing market and adopt new approaches

Mentioned Resources:

21st Century Sales Skills for Transportation and Logistics Professionals (Podcast)

Sales Personality Types with Ann Holm (Podcast)

Joe Lynch (LinkedIn)

Ann Holm (LinkedIn)

Training: 21st Century Sales Skills for Transportation and Logistics Professionals (Information and Registration)

Previous Episode

21st Century Sales Skills for Transportation and Logistics Professionals

Download the audio file

Podcast Summary:

In this podcast, Joe Lynch welcomes Ann Holm to the show. Joe and Ann discuss their upcoming sales improvement program. The program, 21st Century Sales Skills for Transportation Logistics Professionals begins Wednesday, September 19th, 1:00 p.m. EST and last 10 weeks.

The sales improvement program was designed specifically for transportation and logistics professionals and their hectic, unpredictable schedules. The program will be delivered remotely, which means there is no travel. The training program consists of 3 separate components: 1. Training webinars 2. One on One coaching sessions 3. Online assessments and instruction, specially tailored to your unique personality types.

Podcast Show Notes:

00:25 – Joe welcomes his friend and collaborator, Ann Holm
00:35 – New sales improvement program starting September 19 and lasting 10 weeks
- 21st Century Sales Skills for Transportation Logistics Professionals
01:09 – Joe shares how he met Ann 8 years ago
- Joe hired Ann Holm as an executive coach to work on lead generation
- Ann’s suggestion for The Logistics of Logistics
- 02:45 – Lead generation in the 21st century
- A distracted, crowded marketplace with empowered customers
- The importance of positioning for success
04:51 – Why developing specialization or niche is more important than ever
- Clarity on your business
05:44 – The program is done remotely, as convenient as possible
- There will be 9-10 training sessions every Wednesday, 1:00 p.m. EST, 10:00 a.m. PST
- 3 coaching sessions
06:48 – Ann talks about the benefits of the online training (web-based)
- Helping individuals understand their sales personality
- Website available 24/7
- Joe’s experience with the online training platform
- The online assessment provides every participant with an individualized training plan (identifies strengths and weaknesses)
- Playing your game vs somebody’s elses
- Understanding different communication styles
10:21 – Program highlights
- Becoming an expert in your space — 46 different services in transportation
- Trends in transportation, logistics, and supply chain
- Positioning yourself for success through personal branding
- Getting good leads is one of the keys to sales success
- Managing the sales process
21:14 – Each participant develops a customized sales action plan with Ann Holm
- Individual coaching sessions focus on individual development and execution
26:05 – 21st Century Sales Skills for Transportation Logistics Professionals

Topic Takeaways:

Joe Lynch and Ann Holm are conducting a sales improvement program especially for transportation and logistics professionals
The program is called 21st Century Sales Skills for Transportation and Logistics Professionals and begins on September 19th
The program is very comprehensive and includes 9 training sessions, 3 one-on-one coaching sessions and access to a website that includes the latest sales best practices

Mentioned Resources:

Next Episode

Buying and Selling Transportation/Logistics Companies with Peter Stefanovich

Peter Stefanovich and Joe Lynch discuss buying and selling transportation/logistics companies.

Today’s guest is Peter Stefanovich, co-founder of Left Lane Associates, a business brokerage specializing in the transportation and logistics business.

Peter shares his insight that he has gained from working with both buyers and sellers in the logistics industry. He tells us such things as why now the best time is to sell a logistics company, things to do when preparing to sell, how long the selling process takes, and why sellers choose to use a broker.

[1:02] Peter’s introduction and bio.
- Born and raised in Toronto, Canada to immigrant parents. He has one sister and a 2-year-old nephew.
- Started his first company, Saxcom, at age 16, providing custom computer and networking solutions for small and medium-sized business
- Graduated from Western University with degrees in Business and Political Science.
- Peter started in the transportation/logistics world in 2008 while working in Chicago for an international retail construction company
- Focused on retail fixtures when working for Wheels Group, now owned by Radiant (a 3PL company). upon returning from the USA in 2013.
- Peter Stefanovich started Left Lane Associates with Mike McCarron in 2015
[2:20] How did you end up starting a business brokerage specializing in transportation and logistics companies?
- Peter is a lifelong entrepreneur
- Started a computer networking company and sold the business at age 19
- Doing the logistics for fixtures at a retail construction company.
[3:54] Why not start a 3PL or a trucking company? Why a business brokerage?
- Helping entrepreneurs find a solution to get out of the business that they’re in.
- Entered business brokerage to fill the void by providing transportation and logistics experience.
[6:07] Why do owners of transportation and logistics companies come to you? Or any other broker for that matter? Why not go it alone?
- Owners in this industry have likely never sold a company before, so they want to trust the process with someone more experienced in the process.
- You only get one chance to sell your business - once it’s done, you can’t go back
- Brokers specialize which let owners focus on their business, while preparing to sell
[8:23] What are the reasons that owners want to sell their transportation or logistics company?
- They might want to or need to due to the economy.
- The four dreaded Ds: divorce, death, delinquent partner, and disease.
- Owners have many reasons for wanting to sell – personal, economy, retirement, industry, change of pace, etc.
[9:48] Explain why it’s a great time to sell, and maybe a great time for buyers too.
- We’ve had a bull market for the past nine years, and there’s been extreme growth in the transportation industry for the past year.
- People haven’t seen rates like this in the industry, ever
- There has never been a better time to sell
- For buyers, money is currently cheap to get a hold of from a banking standpoint
- Transportation companies are looking to buy other transportation companies because of driver shortages
- Rates to borrow money are some of the lowest they’ve ever been
- Private equity is very interested in the transportation industry
[14:18] What is the partnership and genesis of working with Mike McCarron like?
- Mike and Peter met at Wheels Group, a 3PL out of Washington state
- Mike started with Yellow Freight right out of college and was eventually one of the top salespeople
- He outgrew the role and wanted to start his own firm
- He started MSM Transport and eventually sold it in 2012 to Wheels Group
[17:27] Owners of transportation and logistics businesses should prepare years in advance before selling – what should that preparation look like? What should they be doing to make their business more attractive to prospective buyers?
- Companies often come to Left Lane Associates ready to sell, but typically there is preparation required to have the company sell for top dollar
- Legal issues must be resolved – internal and external
- Get authorizations and certifications in order
- Get rid of underutilized assets
- Release underperforming employees
- Lean out the organization
- Maximize EBITDA (earnings before interest, taxes, depreciation, and amortization).