As a wholesale business, you make money when retailers buy products in bulk.
As simple as that sounds at first, it is not as straightforward. Wholesale customers do not just appear out of thin air.
You cannot just sit back and expect customers to come to you – you have to make your company an appealing place to buy from and make repeat purchases.
The wholesale industry can be cutthroat. Businesses need sound business policies and wholesale sales strategies to get ahead of their competitors.
Some of the best wholesale strategies have a few things in common; five of these are listed below:
Define Your Target Market
When many business owners get asked about their target market, confused faces and furrowed brows start to set in. There is a common misconception about casting a wider net to catch the most fish, and while that strategy might work for fishing – Marketing is not the same.
Think of it this way.
If you want to catch a particular type of butterfly, would you just run around with a net, swatting at everything on the off-chance that you and that butterfly would cross paths?
The best strategy would be to go where those butterflies are mostly found. You will catch one in no time with far less effort. Marketing works similarly; you always need to know who you want to attract with your campaigns first.
Networking
Before contacting buyers, survey your network to see if you know anyone who could make valuable introductions to new leads.
Search the buyer’s name on social media or networking sites to see if you have any mutual connections and take it from there.
Send prospective buyers a direct message or email to let them know you want to connect and share more information on your brand and products.
Wholesale Fulfillment
Wholesale relationships are critical to a successful business.
Bulk selling your products successfully relies on an excellent omnichannel wholesale fulfillment strategy and partnership. That will ensure that products arrive at their destination on time and in good condition.
This applies to e-commerce orders, wholesale orders, drop shipping, and more. It does not simply apply to deliveries – it involves precisely coordinating multiple operational elements to oversee the entire lifecycle of all wholesale orders.
Create A Website
Do not be fooled into thinking that just because you are a wholesaler, you do not need a website. Regardless of your industry, a website is the first port of call for new and existing customers.
They serve as a platform for educating buyers on your products or services – without needing a phone call, text, or email.
Create a clean, well-functioning site with information, photos, and contact info to start. Nail down the basics before trying to make improvements.
Persistence
There is a fine line between being persistent and annoying – and learning how to walk that line will be in your company’s best interest.
Persistence is paramount but not when it is overwhelmingly annoying – that will have the opposite effect. Find ways to follow up on quotation requests weekly and learn to read between the lines.
Employ an attractive discount model for pricing. Go in at a higher price and have wiggle room for a reduction for customers who respond better to discounts and special pricing.
To End
Wholesale should be a significant source of income for many retail businesses, but unless their bulk divisions are working optimally, it often does not work out that way.
Use these five tips above to give your wholesale business a boost and increase sales.
