The power of focusing on long-term results in times of uncertainty and change

In light of trade disputes, inflation, talks of recession, and possibly even additional international conflicts, we are definitely living in unprecedented times. In this period of uncertainty, it’s best for brands to focus on long-term business results. This shift in focus to the long term helps you build the kinds of systems that can help you recover from difficulties, and adapt as needed.

From refining the buying experience to monitoring data, here are a few things you can do to generate positive business results in the long run… 

Prioritize the buying experience

Great products and an excellent buying experience are indispensable to the success of any brand. A buyer will remember the quality of the buying process and their interactions with your brand long after a transaction has been completed. So take steps to improve the buying experience to build better relationships with merchants — it will increase the odds of repeat business and long-term partnerships.

When you have a wholesale platform with an engaging brand portal, virtual showroom capability, shoppable linesheets, 24/7 access for remote selling, and other services that make it more interesting and more convenient to place buys, it makes a world of difference. In fact, there are many ways to enhance the buying experience and generate brand loyalty.

Consistently monitor your data

Clean, consistent data gives you visibility into the progress of your business. How did last year’s total orders compare to the previous year’s? Did you notice any changes in your largest retailer’s buying patterns? Brands can closely and consistently monitor their data to gain clear insight into the behavioral patterns of buyers, which enables them to make personalized recommendations to buyers, and to take advantage of upselling opportunities.

This helps to generate loyalty, as buyers can now look to you as a trusted advisor who takes a keen interest in their businesses.

Tend to your supply chain

Needless to say, retailers depend on their suppliers to stay operational. One way to boost retailer confidence in your brand is by maintaining a consistent supply of products, even in times of uncertainty and rapid change. Brands can diversify their supply chains so that they are more prepared to withstand disruptions, which in turn ensures that their inventories are always able to meet buyers’ needs.

Speaking of inventory, while it’s good to maintain a consistent supply of products to meet customer demand, it’s vital to carefully manage your inventories to avoid producing too much. NuORDER’s inventory management system gives both brands and buyers real-time visibility into stock levels.

Build an emergency cash reserve

Everyone, from individual households to governments, can benefit from emergency cash reserves in times of difficulty. This is no different for brands. Though it is not necessarily a ‘long-term solution,’ an emergency cash reserve can help you navigate short-term issues without disrupting longer-term projects. For instance, your cash reserve can help offset sudden price hikes without affecting your long-term budget too much. At the very least, an emergency cash reserve can buy you some time to carefully edit or adapt your long-term plans if that becomes necessary.

The only constant across the globe at this time is change. To navigate the uncertain times ahead, brands can focus on long-term results to maintain longevity. Focus on the core pillars that will keep your business operational even in times of turbulence, one of which is an excellent buying experience that keeps merchants coming back for more.