[Ebook]: Important Wholesale Trends Influencing 2022

With just a few weeks away from 2022, it's time to start planning a New Year's resolution. To make your brand's new year planning a little easier, we’re sharing  3 major trends from our newest ebook Important Wholesale Trends Influencing 2022”. 

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How Outdoor Brands Are Using Virtual Showrooms to Win the Upcoming Season

The outdoor space is making strides in technological innovation. Dive into this post to see how brands like Arc'teryx, Black Diamond, and Canada Goose use virtual showrooms to drive sales.

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For Retailers

The latest retail news, tips, and sales strategies in a digital era.

How to Support Retailers in a Post-Pandemic World

The world is opening up, but there’s no going back to the old ways of doing business. Buyers have new expectations for this post-pandemic world and the wholesale industry has changed. Complement virtual and physical appointments with game-changing digital tools.

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Physical Gets Digital: The New and Improved Hybrid Wholesale Model

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Top 3 Ways to Maximize your Direct B2B Relationships

Winning new customers grows businesses but don’t forget the growth value with current customers. Learn how building strong b2b relationships can strengthen your business.

Customer relationships are at the heart of every industry, but especially in a B2B industry where each customer often purchases a lot of products at once. 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%.

How do you build a B2B Relationship?

Use these core principles below to maximize your direct B2B  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 sale. Don’t let these relationships be a one-hit wonder! The best business relationships develop over time and are an asset to both parties. Go beyond their expectations to help form a strong relationship after you make the sale. 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 line sheet 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 high-level data that you can share with your clients to give them insight into your brand. Pick 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. Seeing real results helps your retailers trust that when they put your products on their shelves, buyers are excited to purchase them.

3. Merchandise Your Collections

Over the past few years, 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 to sell deeper into your collections.

4. Focus on Helping Your Customers

Rather than trying to constantly remind your B2B customers how cheap your products are, or how good of a deal they’re getting, try instead to provide value.  Ask yourself these questions: What problems do they have? What pain points are they dealing with? How can we help resolve these issues? What benefits do our products provide?

When you work to provide answers to these questions, rather than just give them a good price on a product, you’re providing them with reasons they should stick with your brand. You’re also increasing trust between your company and theirs. If they know you have their best interests at heart, you’ll have a stronger B2B relationship. This will make it easier for them to decide to stay with you and they’ll even be more likely to purchase your new products. 

5. Be Personal

Trust in B2B relationships can be built at every level when your employees understand the importance of a personal touch. When communicating with your customers, be transparent and honest. Being straightforward with your customers, even when something goes wrong, will actually help you gain their trust. Being personal also extends to everyone in your company who is customer-facing. Train your employees on more personal ways to respond to emails, chat on the phone, and even write and deliver invoices. This helps your customers feel like you care about them as people, not just as a sales number.

Another one of the best ways to be personal is to provide them with great customer service that makes solving problems quick and easy. People running a business are busy and need to be able to rely on your employees to solve problems and answer questions effectively. When your customers feel like they’re communicating with people who are genuine.

 

Maintaining healthy B2B relationships with your customers should be a priority for all B2B companies. Be sure to utilize all of the tools your NuORDER B2B platform has to offer. After all, happy customers means more business, and more business means more revenue. Not a member yet? Discover what NuORDER has to offer your brand to help increase your chances of success.

Reimagine Wholesale for Your Business

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NuORDER Team

NuORDER is dedicated to providing thoughtful, informative B2B eCommerce industry insights. Brands use NuORDER's platform to deliver a seamless, more collaborative wholesale process, where buyers can browse products, plan assortments and make smarter buys in real-time.

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Top 3 Ways to Maximize your Direct B2B Relationships

Posted by NuORDER Team on May 15, 2018 2:59:32 PM
NuORDER Team

Customer relationships are at the heart of every industry, but especially in a B2B industry where each customer often purchases a lot of products at once. 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%.

How do you build a B2B Relationship?

Use these core principles below to maximize your direct B2B  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 sale. Don’t let these relationships be a one-hit wonder! The best business relationships develop over time and are an asset to both parties. Go beyond their expectations to help form a strong relationship after you make the sale. 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 line sheet 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 high-level data that you can share with your clients to give them insight into your brand. Pick 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. Seeing real results helps your retailers trust that when they put your products on their shelves, buyers are excited to purchase them.

3. Merchandise Your Collections

Over the past few years, 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 to sell deeper into your collections.

4. Focus on Helping Your Customers

Rather than trying to constantly remind your B2B customers how cheap your products are, or how good of a deal they’re getting, try instead to provide value.  Ask yourself these questions: What problems do they have? What pain points are they dealing with? How can we help resolve these issues? What benefits do our products provide?

When you work to provide answers to these questions, rather than just give them a good price on a product, you’re providing them with reasons they should stick with your brand. You’re also increasing trust between your company and theirs. If they know you have their best interests at heart, you’ll have a stronger B2B relationship. This will make it easier for them to decide to stay with you and they’ll even be more likely to purchase your new products. 

5. Be Personal

Trust in B2B relationships can be built at every level when your employees understand the importance of a personal touch. When communicating with your customers, be transparent and honest. Being straightforward with your customers, even when something goes wrong, will actually help you gain their trust. Being personal also extends to everyone in your company who is customer-facing. Train your employees on more personal ways to respond to emails, chat on the phone, and even write and deliver invoices. This helps your customers feel like you care about them as people, not just as a sales number.

Another one of the best ways to be personal is to provide them with great customer service that makes solving problems quick and easy. People running a business are busy and need to be able to rely on your employees to solve problems and answer questions effectively. When your customers feel like they’re communicating with people who are genuine.

 

Maintaining healthy B2B relationships with your customers should be a priority for all B2B companies. Be sure to utilize all of the tools your NuORDER B2B platform has to offer. After all, happy customers means more business, and more business means more revenue. Not a member yet? Discover what NuORDER has to offer your brand to help increase your chances of success.

Topics: Sales Reps, Wholesale Tips, Digital Selling