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CLAIM #42453 · 3M Company (MMM) · 2024Q2 earnings call · Jul 26, 2024 · due Dec 31, 2024

We've done a very good job at the covering inflation and we'll see some incrementally positive pricing this year.

William Brown · CEO

PENDING
graded after results covering Dec 31, 2024 are reported

In context

ollars so that they can move across the company to the highest ROI investment. So that's what I'm focused on, on R&D. But again, it's going to take a little bit of time. So we've got to sell more of what we have on the market today. That's simply commercial excellence. I'm digging into a number of different factors. We've got a sales force today it's just over 5000 people. We know over the last four or five years it's down about 25%. That's partly because of the export model we've moved to. But we have an opportunity to take a look at our coverage, our incentives, our training around our sales force. I think there are some opportunities there. We distribute to almost 30,000 distributors. I think we have opportunities there. There are probably some opportunities in pricing at a high level. We've done a very good job at the covering inflation and we'll see some incrementally positive pricing this year. But when you get down to a granular level there's some disconnects between pricing and discounts and margins to the volume or size of the customer and we have an opportunity to take a harder look at that. We're looking very hard at advertising and merchandising. It's a lever that's important in our consumer business. We were down quite substantially from where we were before relative to consumer packaged goods type companies, we're down. So we have an opportunity to think differently and very tactically around advertising and merchandising. I think lastly we're looking at cross selling. There are certain examples, certain places where we sell products into a distributor or into a customer, but those customers, they should be buying a different product from us, but they don't. For example,

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SEC filings for MMM · Claim quote is verbatim from the 2024Q2 earnings call.