As a wholesaler, you make profits when retailers buy your merchandise. This may seem quite easy: all you need to do is find several customers who will order larger bulks of your products and your sales will increase.
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In reality, things are not that simple. If you want to increase your sales, you can’t just sit back and hope for the best. You actually have to work hard to attract new clients, build loyalty with the existing ones, and streamline your processes to boost the productivity of your wholesale business.
If you are out of ideas on how to achieve all this, we are offering 5 tips that will help you get started.
1. Offer Special Deals
One effective way to boost sales is to offer special wholesale deals or discounts to your clients from time to time. By doing this, you will delight your existing clients while at the same time attract new ones to your wholesale business. When retailers realize they are getting a good deal on an expensive bulk order, they will be more likely to make a purchase.
For instance, if you want to encourage buyers to make a larger bulk purchase, consider offering a quantity-based discount: the more products they order, the bigger discount they’ll get. Other examples of special deals and promotions include free shipping, holiday sales, limited-time offers to encourage faster purchases, and special discounts for first-time buyers.
2. Build a Line Sheet
Well-designed marketing and sales materials like line sheets can make a big difference. Buyers request them when they’re interested in a new brand, and if you have your product materials ready, you’ll be able to take advantage of any opportunity to make a sale.
A line sheet is a sales tool used by organizations to present their offering to wholesale retailers. It includes product descriptions, images, size and color options, as well as prices so that wholesale customers can make purchases from your line. Typically, line sheets are organized in product categories or by season, depending on how you’re merchandising your products. They should have a clear layout and be easy to navigate.
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The task of building line sheets is usually given to graphic designers who will design a wholesale line sheet template, add product images, and adequate product info. Using a template can help facilitate the process in the future and streamline the entire operation.
3. Make Ordering and Shipping Simple
If ordering is complicated, your customer will avoid working with you. The same goes for shipping: if it’s slow, your buyers won’t get the merchandise on their shelves on time, and therefore, they won’t be able to sell it.
That’s why you need to make these processes as simple as possible. Start by offering multiple channels that retailers can use to place an order: website, email, and phone.
Next, consider employing automation. This will allow you to streamline your ordering and shipping processes, resulting in shorter waiting times for customers and putting your business on the top of their lists of companies they want to buy from.
In fact, automation can help you develop efficient systems and maximize the operational efficiency of almost all aspects of your wholesale business, including inventory, logistics, finance, etc. Having a good ERP or cloud inventory management system is a win-win for both the buyers and your wholesale business.
4. Provide Outstanding Customer Service
Did you know that acquiring new customers can cost 5 times more than retaining existing ones? That’s why it is very important to keep the customers you’ve already satisfied. And one of the easiest ways to achieve this is by providing excellent customer service.
Outstanding customer service means being professional, attentive, and providing prompt answers, but there are also other things you can do. For instance, you can work on improving the customer experience on your website by streamlining the ordering process and offering an order tracking option. Adding a live chat feature is something you should also consider. This will not only enable you to quickly solve any issues that your existing customers might have, but it will also allow potential buyers to ask any questions before making a purchase and get a response almost immediately.
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5. Work on Your Marketing Strategy
As with any other type of business, the best way to attract qualified leads and turn them into buying customers is by improving your marketing strategy. Before the coronavirus outbreak, wholesale businesses attended industry meetups and trade shows in order to meet with targeted leads. But since now this is no longer possible, you’ll need to adjust and take most of your marketing efforts online.
Some of the most effective marketing tactics include direct email campaigns, email outreach, and getting listed in industry directories.
Be sure your campaigns are eye-catching and compelling. Use contrast, color, and other design elements to attract the attention of new customers, combined with sharp copy and a clear CTA.
Of course, not every aspect of your marketing strategy has to be digitized. Sending product samples to qualified leads, for example, is still an effective way to give customers a sense of understanding and experience with an unknown company before they commit to buying.
Increasing wholesale sales is perfectly doable if you have a solid strategy in place. Use the above-listed 5 tips to keep your customers satisfied and make them come back for more. Keep in mind that these should only serve as a starting point. You can also increase your sales by recommending related products on your site, allowing your customers to drop-ship, offering incentives for referrals, and much more.