Customer relationships are at the core of every industry. Without customers, there is no revenue, and without revenue, there is no business. While winning new customers is exciting and adds value to your business, brands often forget about the huge growth value they have with their current customers. This is crucial, as businesses have a 60 to 70% chance of selling to an existing customer, while the probability of selling to a new prospect is only 5 to 20%.
Use the three core principles below to maximize your direct B2B customer relationships:
1. Focus on Sell-Through, not just Sell-In
Once a new customer signs on the dotted line, it’s easy to count it as a win and move on to the next sell. Don’t let these relationships be a one hit wonder! Take the time to understand your customers so you can offer thoughtful recommendations for your product lines. Look at the types of products they sell and build a custom linesheet with items perfect for their store. The end goal of any new relationship is to be a long-term partner. Nurture these relationships from the beginning by showing your customers you care about their success as much as they do.
2. Arm Your Retailers with Data
We live in a data driven world, and the wholesale space is no different. Retailers want to purchase what they know will sell in their store, without having to guess. Use your B2B platform to extract some high-level data that you can share with your clients to give them insight into your brand. Pick your your best selling items, items low in stock, items flying off the shelves, etc. Not only will this create a sense of urgency and prompt your retailers to place an order, but it will instill a sense of trust.
3. Merchandise Your Collections
Over the past year, B2B relationships have become more collaborative than ever before. Retailers are now expecting personalized linesheets tailored to their tastes and curated presentations from the brands they partner with. Merchandising your products is key in a collaborative relationship. Show how your collection works together and how your products can be merchandised to help retailers visualize your products in their stores. Not only does this enable retailers to physically see how your collection works, it allows you sell deeper into your collections.
Maintaining a healthy relationship with your customers should be a priority for all B2B companies. Be sure to utilize all of tools your B2B platform has to offer. After all, happy customers means more business, and more business means more revenue.