Here are some things you can do right now to get you re-aligned and thinking more about maximizing the value from your existing client base.
B2B relationships are often developed over a longer period and with longer sales lead times than with B2C businesses. As a wholesaler or supplier, you’ll need to develop effective strategies which drive strong repeat business. Here are some things you can do right now to get you re-aligned and thinking more about maximizing the value from your existing client base.
Always be pushing long-term relationships, big or small.
Often, one or two wholesale customers can represent the lion share of your profits and the loss of one of them can have a significant impact on your turnover. It’s therefore important that you nurture long-term relationships with your smaller customers as well as the larger customers to reduce your exposure to attrition.
Become attractive to businesses.
B2B customers like dealing with suppliers that have strong robust processes from order placement right through to fulfilment, delivery, credit terms and product returns. Using cloud-based technology for inventory management, online ordering and accounting demonstrates to customers that paperwork will be reduced and time spend ordering will be streamlined. Using modern cloud-based financing add-ons like Waddle will also allow you to draw down funds against invoices as soon as they’re raised, giving you the option to offer extended credit terms to buyers.
One of the most powerful methods for securing longer-term relationships is by gathering references from existing customers that will help you close the initial deal. It’s important to gather feedback around how you do business, your culture, your processes etc. Having the best product isn’t enough.
You can then take on more customers, drive larger purchases and remove any cash flow gaps from the credit terms offered. Instead of demanding cash on delivery you can now take on new customers and retain larger ones without compromising your own cash flow.
Drive multiple repeat purchases.
Repeat purchases are the lifeblood of a wholesaler. Not only does it cut down administration from selling to new customers it also reduces a huge marketing expense that comes from new customer acquisition.
As previously mentioned, one method to drive repeat purchases is by offering favourable credit terms.
Another simple method executed well by larger retail chains is the offering of discounts on volume purchases. These incentives should be promoted by getting on the phone, sending out emails and including them in your newsletters. Anything that will remind your customers to buy more volume, more often, will yield results.
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