B2B wholesale companies have one thing in common – they want to expand their businesses. As today’s B2B market has become highly competitive, establishing a wholesale business does not suffice. Customers have growing expectations and the trends are constantly changing.
This is why it’s essential to ensure customer loyalty and increase B2B sales. If you feel as though your wholesale business is lagging in effectiveness, sales numbers, and customer experiences, you should continue reading below. Our advice can help you reach the desired level of success for your B2B wholesale business and avoid losing clients and profits.
If you want to achieve long-term success in your B2B wholesale business, then you must make your customer retention strategy a priority. First of all, you should improve your customer service processes. By providing superior service throughout the entire customer journey, you’ll be able to increase the chances of repeat purchases and cultivate brand loyalty.
Most wholesalers think this issue is unimportant. However, when it comes to improving customer service, many businesses fail to respond quickly and resolve burning issues, which leads to unsatisfied customers. If you don’t want people to criticize you on social media, focus on delivering effective customer support and track important metrics like response time, and implement processes to improve support efficiency.
It would be a shame if in this day and age you don’t take advantage of tech solutions that can help you manage your wholesale business more efficiently. A powerful tool that you may want to consider is a wholesale management platform. When you use a reliable platform of this kind, you’ll take your inventory management to a whole new level and reduce costs at the same time. Inventory creates a sizable portion of expenses in any wholesale business which might lead to greater costs and time management inefficiencies for businesses that tend to track inventories manually.
Time is valuable and costs money so every human error and discrepancy might further increase your inventory costs because sometimes the data you’re using is simply incorrect.
Using a tool like Joor can help you optimize your inventory management by automating stock procedures. This type of wholesale management platform provides you with real-time data and analytics to support better decision-making and reduce wasted time and assets. It allows you to effectively manage your order placement to payment processing and makes it easier to identify crucial areas, preventing shortages and overstocking.
One of the best ways to ensure the success of your B2B wholesale business is to leverage powerful marketing tools like digital and content marketing. With the right content, you’ll be able to reach and attract your ideal target market and convert them.
Even though many businesses enjoy marketing and put a lot of effort into it, it can still be time-consuming and costly and sometimes the results might not be worth it. For this reason, you might want to explore the idea of outsourcing your marketing to a full-service digital marketing agency that can create customizable solutions for your needs by balancing the needs of intelligent strategy, innovative creative ideas, and data-driven insights.
You can still provide guidelines while spending more time focusing on other crucial aspects of your business, and have peace of mind knowing that a team of specialists will always work to push your B2B wholesale business forward
If you wish to capture retailers’ attention and attract them to your B2B wholesale business, you should promote daily or weekly deals that offer savings in addition to the wholesale discount.
You can also present special savings for those that purchase in bulk so that you can encourage large-volume orders and move merchandise quickly and easily. Offering special deals can cultivate loyalty and encourage current shoppers to return to your business and attract new ones.
If a product is out of stock, a retailer can lose revenue. When you offer quick shipping to your customers without any additional costs they’ll be more likely to order from you again. Using a B2B platform that integrates nicely with your ERP or eCommerce capabilities to provide fast shipping is key.
You should also ensure that product demands are forecasted accurately so you can plan production and avoid any delays in delivery which negatively affects the trust and relationships you have built with customers, causing them not to order from you again.
You can become an appreciated partner to your customers by offering insights on their competitors and suggesting popular products that are selling well with other retailers. This will not only help you boost sales for your wholesale business by making customers order a larger variety of products from you, but it will also build loyalty and relationships as they perceive you as a reliable advisor to influence their store assortment.
Have retailers try out new merchandise by offering a bundle discount with a product they’re currently buying and offer support like the in-store point of purchase materials to help them cross-sell or ups-sell this new product to their shoppers.
As customer expectations and market trends evolve, it’s your job to keep up as a B2B wholesale business. Use the tips above to sustain customer loyalty, expand the outreach of your B2B wholesale business and see profits rise.