Highlighted Business Outcomes
85%
user adoption in the field
$3.7M
captured cross-sell revenue just 4 months after go-live
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months before realizing full initial return on investment
TruckPro, America’s Best Choice for Heavy Duty Parts, Establishes a Pricing Discipline
Before introducing a proven, methodical, pricing discipline within the walls of TruckPro, pricing was a small part of managing an entire product category and did not get the focus it needed to make real bottom line improvements.
However, Reid Garrett, Vice President of Merchandising was hired on to do just that – to give pricing the attention it deserved – with an established discipline and a team to own it across the organization.
Of course, complete transformation takes people, processes, and technology. TruckPro initially partnered with Vendavo for help with price optimization that expanded to include strategic product recommendations for sellers’ negotiations and cross-sells.
According to Garrett, TruckPro chose Vendavo because the team showed a lot of integrity, trustworthiness, and expertise in the selling process. Vendavo also had strong customer references and came highly recommended by analysts.
The power behind this technology is that we are using insights from the past to inform the future. We aren’t setting prices out of a brand new black box, we are setting prices that are based on historical data. This has helped tremendously with adoption in the field.
Reid Garrett
Vice President of Merchandising, TruckPro
Analyzing the Past to Inform the Future with Price Optimization
When it came to price optimization, TruckPro set out to use transactional history to identify fair prices for each market that they serve. They saw strong adoption with their team in the field. They saw the benefit in introducing price optimization and decided to invest in Vendavo Sales Optimizer to help their sales team sell more by using data analytics to recommend the right products for each customer.
Success with Vendavo Sales Optimizer in Just 4 Months
Vendavo Sales Optimizer provides TruckPro sellers with product recommendations behind the scenes. It is seamlessly integrated with their Salesforce CRM, so it can serve up recommendations within the system. Sales Optimizer has significantly sped up the ability for sellers to find opportunities and focus on additional deals and wins. Sales team members coach the AI with human expertise by accepting or rejecting product recommendations. The knowledge of the sellers is blended with the power of the AI to make the recommendations stronger over time and customized for the company’s opportunities.
As part of Vendavo’s Lighthouse customer program, TruckPro was able to work directly with Vendavo’s developers to build key capabilities into the solution. In the first 4 months after go-live, TruckPro covered the cost of the software and exceeded the expected ROI. There is over 85% solution adoption in the field.
“Partnering developers with people that sell truck parts could be a challenge. But the transparency, clarity, and priority-setting from Vendavo helped us build a strong foundation. They were with us every step of the way.”
Reid Garrett
Vice President of Merchandising
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Using Technology to Deliver a Better Experience for their End Customers
For heavy duty truckers, if your truck is down and you’re missing a critical part, your business is losing money. TruckPro is committed to getting their customers the parts they need, when they need them, at a fair price. They have heavily invested in technologies that help them provide a better experience for their end customers. TruckPro is digitally managing cost structures to ensure they are delivering fair prices, investing in commerce to enable their customers to self-serve, and empowering their sellers to be more strategic with rich product recommendations. Pricing is a major value driver for TruckPro. Looking ahead, they’ll continue to improve their product offering, invest in technology that better arms their team, and find new ways to serve their customers nationwide. With the agility, scalability, and flexibility of the Vendavo solution, TruckPro is prepared for any disruptions or necessary changes to come.
Fireside Chat with Reid Garrett
In a Fireside Chat at Vendavo’s Growth + Profitability Summit 2023 in Chicago, Morgan Short, Director of Content & Web Strategy at Vendavo, spoke with Reid Garrett, Vice President of Merchandising at TruckPro, about the process of pricing transformations, the risk of silos and how to avoid them, and why it’s important to make sure you have executive sponsorship and the right people in the room when undertaking company-wide changes.
Overview
Founded in 1958, TruckPro is one of the nation’s largest independent distributors of heavy duty truck and trailer parts. With over 145 locations in 35 states, TruckPro distributes more than 300,000 parts from over 200 industry-leading manufacturers to over 30,000 customers.
Fast Facts
Website: www.truckpro.com
Vedavo Products: Deal Price Optimizer, Profit Analyzer, Vendavo Sales Optimizer
Industry: Aftermarket Distribution – Heavy Duty Truck Parts
Region: U.S. and Canada with more than 145 locations
Employees: 16,400+