More Sales Means More Satisfied Customers, is it True?
In wholesale business, changes happen on daily basis therefore it is hard to make predictions. Good sales in the first quarter of a year or during the start of a business do not mean that the rest of year will also be profitable. Therefore, you cannot set a generic plan and use it in the future to ensure steady sales. Since we all know that “Customer is always right,” we have to go an extra mile in satisfying them and only then you can get monitorial benefits and ensure steady returns. If you have a database of your customers, you can find answers of a few related and important questions by keeping in view their spending behaviour. Their spending behaviour helps you make the required sales strategy accordingly. It is commonly believed that the satisfied customers spend more money than less satisfied customers and most of the sales revenue is generated from the returning customers. The truth however is that none of the mentioned assumptions is correct. The customers who spend more amount buying your products and services do not have a tag attached to their names. Even if a considerable number of customers love to spend on your products, they would still not be associated with them as you have intended.
If you are not sure about how your satisfied customers feel and what their attitude is, how can you put more efforts to keep them buying the items you deal in? It is a fact that satisfied customers do not always contribute to generating more sales. For increasing revenue, you also need new and exciting range of wholesale products that can attract and please new customers. It is observed that most of the wholesale suppliers do not prefer experimenting with the range of products they deal in so they fail to diversify their product portfolio. They eventually lose new customers and instead rely heavily on older ones. For any wholesale supplier, being in the market is not all about increase the satisfaction level of your existing customers. The plan, instead, has to be to prosper in wholesale industry by increasing satisfaction level of your custom as well as the sales figure. This means introducing new wholesale products and service enhancements to attract and satisfy new customers as well. Once you have lined up the list of improvements and changes, it is time to involve your sales and marketing staff and figure the strategy will work better once implemented.
The next point to find out the factors that have contributed to decreasing number of sales is to figure out what has gone wrong with the wholesale products that has decreased the sales as well customers’ satisfaction level. Though, customer satisfaction scores are not necessarily linked with the sustainable growth but the importance of customer satisfaction cannot be questioned. It is because if customers’ sentiments are no longer attached with the company then its business success over time is uncertain. A question that arises here is, if customer satisfaction does not mean much, why have companies exaggerated the importance of their customers’ satisfaction and development of bonds with them? The connection that companies have with their customers is extremely important, but measuring customer satisfaction is not an effective way to gauge the strength of that connection. It also does not mean that increasing customer satisfaction means more sales. Satisfying your customers without creating an emotional connection with them has no real value. Experts have quantified the results of emotional attachment and engagement of a customer with a specific wholesale business, wholesale products or brand. And the result is that customer engagement scores have a very strong relationship with increased sales. In the absence of emotional attachment, financial results are generated through customer satisfaction are not guaranteed. So it is a big and established fact that as compared to less satisfied customers, satisfied customers, who are emotionally attached with you, spend more.