In wholesaling to retailers, the money is in landing the re-orders! Sure, developing your relationship with the store buyer and getting that first order is important, but the real money is made with subsequent re-orders.
Wholesale in a Box agrees with me in their article: Got a Great Stockist? Now Get the Reorder.
Here are the 3 big reasons to take care of your current wholesale accounts (from the article)
1. You can turn a $150 account into a $3,000 account. If a store orders once
from you, that order might bring in $150, just as an example. …
$150 x 4 orders-per-year x 5 years = $3,000.
That’s called the “lifetime value” of that account. Your first order with them might only be worth $150, but the potential lifetime value of that store can be many multiples of that. …
2. You are supporting an ambassador of your brand. … That means that anything you do to support your store owners in succeeding, and support them in feeling happy and satisfied with their order from you, is something you are doing to support an ambassador of your brand. …
3. You’re creating the kind of world we want to live in. …Why take extraordinary care of your stores? Well, beyond the potential financial value, beyond the value for your brand — there is the value that exists in cultivating relationships. …And every little bit of energy you put out, in cultivating your relationships with your stores, is a contribution to creating the kind of world we want to live in.
Here is a list of ways to treat your store buyers and aid in landing the re-orders:
- Extend a special introductory offer on first-time orders or include a gift or sample of a new product with their order.
- Reach out to your customers 5-10 days after you ship your order to make sure the order arrived in good condition and to inquire about how the products are selling.
- Ask the store buyer or personnel what you can do to make it easier for them to display and sell your products.
- Inquire how you can make the order process easier in the future.
- Make sure to add the buyer to your email list to let them know about specials and/or new products.
- If you can, offer to trade out any products that are not selling for those that are selling successfully.
- Reach out to the retailer every few months to see how the line is selling and if they are ready to re-order.
When you take the extra time to treat your wholesale accounts with extra care, you can ensure they will become $3,000 customers!