In basic business classes, the popular maxim that profit is the reward for business keeps popping up. While that is entirely true, most business owners will attest that making profits in business is not a walk in the park.
If you are a wholesaler, you will agree that it takes a lot of commitment to keep wholesale businesses afloat and boost growth.
Contrary to popular belief, retailers just don't come knocking at your door to patronize wholesale businesses. Wholesalers and small business owners alike have to invest their time and resources into winning new customers and retaining them for long-term partnerships or collaborations. You have to win their trust and deliver exceptional resources that will make them want to do business with you again.
While you are at it, it also goes without saying that your aim (as a wholesale business) is to increase sales (in this case, wholesale sales) and ramp up profits margin.
Having mentioned that, let share tips you can leverage to boost the growth of your wholesale business. Shall we?
1.Review and Fine-tune Your Marketing Strategy
Attempting to run a wholesale business without a strategy is similar to driving a car blindfolded. Sooner or later, you will run into a brick wall.
Operating a wholesale business is no different than you would any other business. Your ability to generate organic leads and convert them into successful sales often determines how much sales you will make and the size of your profits.
So, in straightforward words, you need a marketing strategy to drive and reinforce your wholesale business's growth. Since the pandemic has thrown a huge wrench in the working of most businesses, including wholesales, there is no better time to review your strategy than now.
Think about it. Before the pandemic, it was much easier to get potential customers to trade shows, attend meet-ups and connect with leads in person. But since the pandemic kicked in, not many trade shows or other similar events have been held worldwide.
The million-dollar question is, how do you boost your wholesale business in such situations?
We thought you would ask, and we have made a list of marketing strategies you can deploy in your wholesale business to boost your growth.
· Email outreach
· Consider sending your product samples to leads that have high conversation possibilities.
· Invest more in online marketing campaigns like email marketing and promotions. You can also pay more attention and time to your social media platforms for increased exposure.
· Promoting a wholesale referral program or incentives targeted at your existing customers is also an excellent option to consider.
The idea of having a marketing strategy for your business as a wholesale distributor is to attract and retain more customers. It would be best to expand your business reach and enter new markets.
We are moving on.
2. Have You Considered "juicy" Wholesale Deals and Incentives?
One other way you can use to boost your business's growth and attract more customers is by offering special sales deals to your customers.
Retailers will run head over heels to clinch on offers that offer great deals on large and large orders. Tinker along discounts on large deals to encourage bulk purchases. And you know what large purchases mean to your business — accelerated business growth.
Other deals you can include in your offer consists of a limited-time offer, holiday sales, discounts for first-timers and periodic free shipping. Everyone loves to get something for free. You can take that to your advantage.
3. Provide Stellar Customer Services
Still on attracting customers, did you know that it costs five times what it takes to retain customers than to get a new one?
That means your customer satisfaction should be your priority — you know, keep them happy. And one way to do that is to provide responsive and accessible customer service. You can consider integrating chatbots into your website to keep communication between yourself and potential customers open around the clock — 24/7.
Other smart ways if increasing your wholesale business growth include simplifying your ordering and shipping process (try to keep it short) and pitch (related) products to customers that "leaked" out of your sales funnel or abandoned cart.
What can You Do to Stand out as a Wholesale Distributor?
It may interest you to know that wholesale churn out revenue that is north of $8262 billion annually in the United States. And it has over seven million people on its payroll — making the industry highly competitive.
To excel as a wholesale distributor (regardless of your business niche), you must hinge your business on three important factors: pricing, quality and service.
We are Rounding Off
To successfully dominate your niche as a wholesale distributor, you need to regularly evaluate your distribution strategy. Because it's central to your business's success and growth, you have to get this aspect of your business right.
If you are looking for professional help cater to every aspect of your sourcing needs — from wholesale bulk buys to white-labeled products and drop ship programs, you should check out crov.com
We can provide you with direct access to reliable manufacturers across a myriad of manufacturers across different industries. With vast inventory in the United States and reputable sourcing and technical team in China, rest assured your orders are in the best hands.