Thursday, January 17, 2019
Fast Company Analysis
Fastenal Company was founded in 1967 in Winona, Minnesota by Bob Kierlin. During the first month of business, Mr. Kierlin only managed to make $157 in sales. patronage the slow start, Mr. Kierlin knew what he wanted to do to make Fastenal successful, and that was to digest the anatomy of service that keeps customers coming back. This is when suppuration Through Customer Service was invented. Since then, Growth Through Customer Service has been the mission of Fastenal.Fastenal is an industrial supply political party and since 1967, 2,500 farm animals have opened across 50 states, Canada, Mexico, the Dominican Republic, Puerto Rico, Netherlands, Europe, China, and Singapore. Each caudex utilizes local memorandum, outside sales staff, and on-site delivery vehicles to help birth the customers time and money. Fastenal besides owns and operates 16 Distribution Centers with a fleet of all over 180 semi-trucks and trailers. Fastenals organization structure allows a customer to ful fill a fully-customized part hand delivered by an employee within three days.Fastenals main inventory is fasteners like screw, nuts, washers, and threaded rod. Fastenal has over 700,000 individual inventory items that range from power tools to tape to janitorial supplies. Fastenals target market is primarily focused on companies that consistently pauperisation to buy parts for the jobs they need to complete regularly. Fastenal even has vending apparatuss stocked with custom inventory to bequeath companies in need of access to certain parts without having to come into the store to each one time.Vending machines are critical to the business strategy of Fastenal the machines provide excellent customer service and convenience without an employee having to be present. It ensures that the companies with the vending machine will continuously and consistently purchase products. Fastenals marketing picture relies on monthly product deals that are distributed to every account owner each month. Outside sales staff and managers will deliver the catalogs each month. Fastenal also has an online presence, companies have the ability to go online and design an order templet for quick and easy purchasing.Fastenal currently sponsors Carl Edwards from NASCAR, Americas most viewed sport, as an additional source of marketing. In May 2011, Fastenal made over 200,000 sales, 29% more than 2010. Fastenal opened nine new stores this month and 57 this year-to-date. Fastenal has also hired 2,000 more employees compared to 2010. Performance of the company varies from month to month because the wintertime months of the year typically have less construction occurring which results in a smaller demand of what Fastenal offers.