Each wholesale business has its own journey of success. This success comes with roadblocks, missteps, and understanding which strategies work the best. The fundamental building blocks of running and growing a business remain the same though. Over the years the technology will change and advance, but the end goal remains constant. The rise of e-commerce has provided an almost limitless tool for businesses to grow, especially in the complex world of wholesale.
Strengthen and Extend Your Network
In the b2b industry networking is one of the major fundamentals of wholesale growth. It is directly correlated to growth in b2b sales. The more connections you have resulted in referrals, more purchases, and repeat business. Networking is the most solid way to establish an effective growth strategy for your wholesale business.
There are many different ways to strengthen your existing network of business connections and to extend your reach to more potential customers. Blogging is an effective way to start building a community of loyal customers. You can share insights, educational content, comparisons with other businesses, and valuable opinions. Sharing this information will increase the value of your company. It will also help your business gain more traffic and sales. Above all, this will showcase your industry expertise, establishing you as a leader in the marketplace.
Networking tools are also available for companies like yours to use. Social media platforms are quickly becoming the most effective way b2b companies network. There are also social media platforms that integrate with the existing e-commerce software you have. Before you start actively using social networking for b2b sales, be sure to develop a social media marketing strategy that is tailored to your business goals. You will see the most growth with careful planning.
Incentivize Through Marketing
Strategic marketing in place will help your wholesale business grow much faster. Marketing has and always will be the method to gain more sales for businesses. It can be implemented in a number of different ways to increase your visibility online, improve your search engine rankings, and increase awareness of your wholesale brand. Marketing can be magical if you know how to target the right people.
Social media ads and ads through Google are very helpful because you can target a select group of people. You can also create ads for many different products or whatever your approach may be. A good way to attract customer attention is by surprising them with things like special promotions and coupons. This will also keep your business fresh in the minds of your customers.
In addition, keeping customers in the loop of product releases and updates is a great way to keep them interested up. Email campaigns are the best way to track interactions and find out what customers are excited about the most. This is a direct line of interaction with your customers that has the potential to influence their connections as well. Word of mouth is a powerful way to gain more wholesale business and to increase customer loyalty.
Customer Focus for Retention
Personalization is a huge way to attract customer interest. Customers have come to expect a more customizable approach when it comes to e-commerce sales. Larger wholesale companies have perfected the customer-centric attitude, customizing everything down to the confirmation email. Creating loyalty programs for the buyers you have a business relationship with will increase conversion rates and trust. It’s also exciting to know that your repeat business is acknowledged and appreciated.
Feedback is a powerful aspect of customer interaction. Listen to what they have to say and you will already be ahead of the competition. Your customer’s opinions are useful in so many ways. Especially, if you are acknowledging and pointing out the good ideas. People will feel like they have an inside say into how your company is run. This makes them feel special and it shows you’re willing to go the extra mile for this honesty.
Additional Features to Consider
Integrations and user-friendly features have an impact on your wholesale growth too. If you’re using an unfriendly e-commerce platform that is confusing, then nobody will want to buy from you. They won’t want to use your site when there are so many other easy-to-use platforms out there today. The less time they have to spend researching the product and checking out, the faster the sale. The experience should be convenient and seamless. The technology exists, so why not use it to increase your b2b sales?
Tracking products is something you can do too to incentivize your customers. Your products can be tracked based on purchase orders and sales orders recorded. This data will give you the information to make informed decisions. You can upsell b2b products knowing what they have ordered from you in the past. This creates an opportunity to connect with your customers and show them you care about their shopping experience.
B2B Technology Trends
Following b2b trends will put you ahead of the competition. You will save money by learning new e-commerce tools quickly. This money saved can be spent on more effective ads or whatever you need to see the most profit and increase traffic. B2b mobile commerce is the burgeoning field for wholesale growth. Make sure the business tools you use are mobile compatible. Product pages can also be used as a powerful landing page to capture the attention of potential buyers.
Having an inventory management tool in place is beneficial too. As products get added and updated, inventory becomes more complex to manage. A comprehensive inventory management tool is necessary to keep all of your product information correct and growing. Managing and tracking thousands of SKUs can be overwhelming with a system that is not equipped to handle the number of products distributors and wholesalers have in stock.
Flexibility and Optimization
The e-commerce platform you decide to use also must be flexible. As sales and traffic increase, your company will keep growing. There are many e-commerce software solutions out there. Make sure you check all the boxes and choose the best e-commerce solution for your business.
Overall, optimizing the user experience for mobile devices is important. The whole customer experience from landing on the first page, to the product pages, to the checkout page has to happen within a short period of time. Automating as many steps as you can prevents any future issues. If your goal is to get the most orders possible, then it makes sense to make the ordering process very simple. Having a software solution that can deliver these results faster and most efficiently is the best way to go.