Giving Value to Your Wholesale Customers

Last week, we have identified what LCV is and its importance to a business like wholesale sunglasses. Let's look deeper into it, shall we?

Image source: Simafore

With a business dealing with wholesale items, one does not have the luxury of getting many customers in a snap. With a retail business, if customer A does not like the service or the product you provide, he or she walks away, which is sad, but there are thousands of people who may possibly visit your store and buy from you. If your business is online, that possibility is multiplied a million times, because if someone in your town doesn't care about what you sell, someone in Chile, Greece, or India may be looking for the exact thing you are offering. This is not exactly true in the world of wholesale businesses. While the world of online transactions are also available to you, the number of businesses worldwide pale in comparison to individual customers. That is why as a wholesale sunglasses business, the stakes of retaining your customers are all the more important, not to mention higher.

In order to achieve Lifetime Customer Value, you would need to identify practices to retain a customer’s business once the entity has earned it. You cannot be deaf and blind to things that worked in your dealings with business A and exert all efforts to getting "personalized" with business B. You do not have that luxury. The effort, the time, and other factors are not within your reach. Of course, you need to treat every business entity with a personal touch, but best practices are not something you should ignore.

What exactly does LCV entail? For business-to-business dealings, this always includes one thing: establishing touch points. That means you need to make your business partner know that there are a good number of communication lines open for the both of you to communicate. These may include ongoing support, newsletters, surveys, and promotions. The common mistake wholesale businesses make is that most think that they are dealing with fellow businesses, that it is alright to slack off in support just because they're dealing with another "faceless" entity - a business. This is a huge no-no.There is nothing worse than feeling undervalued because you are a business and therefore, can fend for yourself. Make sure that your business clients get all the support they need, much like the manner individual customers get support.