Unquestionably, increasing sales in the wholesale industry is a tough challenge for any business. Wholesale businesses don’t scale overnight. It takes time to build and develop relationships. Establishing a wholesale company online is not without its difficulties either. Promoting your online brand is very different from in-person marketing techniques or a product storeroom. However, with the advancement of technology, there are ways to overcome these challenges. There are a number of ways you can bring new life to your wholesale sales strategy. Let’s explore the different tactics that have proven to increase sales and wholesale customer retention.
Always Know What Your Wholesale Customers Want
Specifically, be aware of the types of products your customers want. If you’ve missed the mark completely with what’s in demand, then your wholesale business certainly won’t be successful. You have to understand your customer and what exactly is trending. Analytics and data are available to help with this understanding. There are quite a few blogs and internet sources that exist to catalog trends in the b2b marketplace. Bookmark your favorite ones and check them regularly. The information will likely be useful in aspects of your wholesale business.
Similarly, using business tools online that provide the right type of data will help you to deliver the best products available to your demographic of choice. Keeping up-to-date with the correct data makes all the difference in delivering the best products. There are many different methods to source new products. You should always be searching for the most up-to-date information about product trends in your industry.
Offer Special Discounts for Retailers
Retailers, and customers in general, look forward to special discounts. They are always searching for the best wholesale prices. Buyer’s expectations have changed, because of e-commerce dominating the modern shopping experience. The ability to personalize every page of a website for an individual is the new standard. Personalization includes even just specialized pricing for individual customers. This personalization puts a special touch on transactions that helps to develop stronger relationships. Stronger customer relationships increase brand loyalty and facilitate repeat business. As a result, the wholesale industry is embracing these particular changes from e-commerce.
As a result, digital tools make it easier than ever to personalize the wholesale buying experience. Each buyer should have a shopping experience unique to their business and needs. This includes customized pricing and discounts that may apply to an individual customer. A personalized experience is more attractive and will develop more interest in your business. This type of shopping experience also shows that you care. People are more likely to invest in brands that care, as opposed to others that are cold and calculating.
Provide the Best Wholesale Customer Service
Take the time to learn more about your customers. Improving the way you interact with your customers will give you faster results and boost your brand’s reputation. Using social networking and communication tools to engage better with your wholesale customers promotes communication. The most beneficial thing you can do with social media is to use it to improve your customer service. Listen to what your customers are saying and respond with solutions. This feedback is even more important for product development in the future.
Direct communication tools also encourage clarity between your customers and you. There should always be a way for customers and potential customers to connect with you. Accessibility creates the groundwork for trust in business relationships. The easier it is for buyers to contact you, the more likely they are to reach out. As your business starts to grow to scale, these connections will help with brand awareness.
The communication tools you have should be able to integrate with the order management system you have in place. The opportunity to contact customers comes after a purchase is made. With the correct tools, you can start to build stronger relationships immediately. Strong business relationships will help to promote brand loyalty too.
Make the Purchasing Process Seamless
Customers in general disapprove of a complicated purchasing experience. Order, delivery, and billing should be as seamless as technologically possible. The technology exists for you to develop a wholesale strategy making it easier on customers as they purchase products. Research which types of payment options you can integrate into your checkout page online. Online shopping is developing fast, so there are countless integrations available for you to use. E-commerce shopping is fast becoming the new standard of wholesale sales. Improving your online experience with a customer focus is the best way to adapt to this wholesale trend.
Multi-channel operations should definitely be something you implement too. Customers expect a level of processing that echoes the way they personally shop. Most wholesalers now are millennials looking to modernize the b2b industry. Not only are buyers shopping on their desktop computers, but they also shop on their smartphones, tablets, or by telephone calls. This is something you should consider when improving your buying experience. An easier checkout for your customers ensures an increase in your wholesale sales.
Maximize Operational Efficiency
Challenges in day to day business operations can have an effect on how much wholesale sales you make in the long run. Mitigating errors and hiccups in the supply chain also helps you to run your business more efficiently. Inventory management and order management are two areas where you can put smarter online tools into action. Most challenges for wholesalers occur in the warehouse.
In addition, organizing your warehouse will make your sales process much smoother. Tightening up daily operations is doable by combining finance, logistics, shipping, and inventory management. Cloud-based platforms online can provide the tools to develop these essential functions together. Wholesale businesses are in a state of shifting toward this streamlined approach to operations.
Recommend Products to Customers
As your customers make repeat purchases there are ways you can reach out and let them know they are appreciated. Focusing on developing these business relationships is a great way to indirectly increase your sales numbers. Likewise, you can up-sell products as a way to offer more of what your customers want directly. Looking at their past purchases and notes of their interest will help to inform you about the best products to recommend.
By keeping detailed records through data tracking you will always have information about each of your wholesale customers. Having this information readily available is essential to improving communications between you and your customers. Organize your customer records and have them on hand for review before interactions continue during the sales process.
There are cloud-based systems available that can replace the traditional wholesale methods of paper records. If you don’t have customer records online, then you need to start now. Transitioning your records online is another way to increase operational efficiency too. At first it may be difficult to transfer your wholesale customer records digitally, but the benefits for your business outweigh these initial growing pains.
Offer Samples of Other Products You Sell
Another great way to recommend products to your customers is by sending samples with their purchases. Manufacturers and wholesalers do this frequently to promote new and different products. Sending these products out is an effective way to increase interest in other products these customers may not have been aware of. If you’re in the process of product development, then this is a good way to receive valuable feedback about direction and quality.
Create Effective Wholesale Campaigns
If you’re not actively doing online marketing, then you should start immediately. The wholesale marketplace is in the process of shifting completely to e-commerce. The entire wholesale industry is feeling this shift and rapidly working to adapt. Online sales account for a larger portion of wholesale sales now and they aren’t decreasing anytime soon.
By creating effective wholesale campaigns online through social media outlets, Google ads, and email marketing you are boosting your sales immediately. More visibility online means more people actively making purchases from you. You can start small with campaigns and increase your reach as your business grows. The more your campaigns begin to see customer engagement the larger number of sales you will see.
New Customers Need Incentives
When you have new customers you need to be able to make them keep doing business with you. Supporting new customers and making them feel welcome can also help to increase your wholesale sales. There are a number of different ways you can encourage new buyers to stay with you.
One way to do this is by offering discounts or coupons for first-time customers. You can also offer free gifts for those customers making their first purchase. Everyone loves free gifts, especially when they are interested in the products you have to sell. Offering these incentives is something a little extra you can do to help with customer retention and sales.
Encourage Referrals From Existing Customers
As wholesale businesses one of the largest sources of sales is simply through recommendations. Keep in mind your customers have their own network of business connections. You don’t want to miss out on connections that may likely be highly beneficial for your business. Chances are if they are making a purchase from you, then they know someone else who may be interested in your products too.
An easy way to show your appreciation for referrals is to provide special offers for those customers. You can mix it up and provide your own twist on these offers. It could be something simple like free samples, free shipping on the next delivery, or special pricing options. Whatever you think will benefit your customers the most is what you should offer. Remember your goal here is to encourage referrals and increase your brand reach in the wholesale community.
Limited Time Offers Promote Buying Decisions
Special limited time offers can help your potential customers to make a buying decision quickly. The sense of urgency these offers provide will help indecisive customers to make up their minds. A good number of wholesale customers need help when it comes to making important decisions about products.
Placing a specific time limit on discounts helps to temporarily move stock that isn’t moving. It can also help to increase sales on items you have too much of in your stockroom. This is a great strategy to help both your inventory and your wholesale customers. Limited time offers can be whatever you want them to be. Make sure that these offers are actually for a small window of time and not visible to everyone all the time.
Develop a Tier Pricing Structure
Most important, as a wholesaler, it is essential to offer different prices for different order quantities. For example, you can offer different discounts on a product if they buy 25, 50, or 100 units. The idea is to push these customers to make larger purchases. Encouraging retailers to buy more units in bulk can move larger quantities of products.
For example, bulk quantity product sales are a more advanced and organized way to promote an increase in sales. As your wholesale business continues to grow, you can develop and improve upon an advanced wholesale pricing strategy. You’ll be able to recognize which quantity of products works and which ones aren’t selling as much. You can tailor this to whatever works for your products.
Most wholesale customers are highly familiar with product pricing structures. Specialized or personalized pricing structures are a great way to differentiate between your wholesale customers. Be sure that you know your goals and how to address customers from all types of industries. Promoting these buying decisions is simple yet highly effective.
Without a doubt, working to increase wholesale sales is always challenging. But by implementing these methods in your operations you will see results immediately. It’s helpful to develop a full sales strategy to make sure your team is focused on specific goals. Communication is always the best solution when it comes to finding out what works best for your business. Regardless, listen to customer feedback and actively engage in questions. Improvement is a team effort. Establish your sales goals as a team and you will see your wholesale business growing in no time.
Learn how SeeBiz can help your wholesale sales strategy at https://www.seebiz.com/