Best Practice to Increase Revenue for Wholesale Company

Best Practice to Increase Revenue for Wholesale Company

When stores buy your products, you make money as a wholesaler. This may appear simple at first. After all, a few clients placing large bulk quantities of your merchandise will increase your sales, right?

Well, it’s not always that simple. You can’t just sit back and hope that stores will buy from your wholesale company. Instead, you must work hard not only to acquire new clients to your wholesale business, but also to establish loyalty with existing customers and urge them to make repeat purchases from you.

1. Improve Your Wholesale Marketing Strategy 

Prior to Covid-19, many wholesalers would spend a significant amount of time attending relevant trade fairs and industry meetups in order to raise exposure of their firm and interact with targeted prospects in person. You’ll have to modify because trade exhibits and gatherings aren’t currently an option.

Read also: 5 Top Business Tips for Starting a Business That Will Succeed

Consider the following additional approaches to improve your wholesale marketing strategy:

• Email marketing.

• Direct mail marketing initiatives

• Obtaining a listing in industry directories.

• Sending qualified leads product samples

• Introducing an existing customer referral program.

A well-executed wholesale marketing strategy will significantly boost your ability to acquire more focused clients. Of course, you should prioritize repeat orders from current customers; this will foster consumer loyalty and provide you with steady sales. However, recruiting new consumers is equally crucial if you want to expand your wholesale business.

2. Offer Special Wholesale Deals

Offering special incentives to retailers is another approach to enhance wholesale sales. When business-to-business (B2B) purchasers realize that they’re receiving a good deal on a large and expensive order, they’re more likely to buy. Offering special pricing and promotions is a great approach to move your merchandise swiftly and easily.

For example, you could provide quantity-based discounts to B2B buyers: The greater the quantity of products ordered, the greater the discount. This is a simple approach to encourage your consumers to buy in bulk.

You can also conduct promotions and give discounts in the same way as businesses-to-consumers (B2C) do. Here are a couple such examples:

• Shipping is free.

• Seasonal and holiday sales

• First-time clients receive special discounts.

• Limited-time promotions to encourage quick purchasing.

You may thrill your present clients and attract new ones to your business by conducting special deals and promotions on a regular basis.

Also read: 6 Reasons Why You May Need a Digital Channel Strategy

3. Provide Superior Customer Service

According to studies, acquiring a new customer can cost five times as much as retaining an existing one. As a result, it’s critical to keep your current consumers satisfied. One of the simplest ways to accomplish this is to provide excellent customer service.

To provide the best service to customers, you must, of course, be professional, courteous, and attentive. Aside from treating your customers nicely, there are more things you can do to give excellent customer service. Consider how you can improve the customer experience on your wholesale website. For your wholesale program, you can provide order tracking, streamline the ordering process, and create an onboarding process. This will satisfy your present wholesale customers and urge them to continue purchasing from you.

However, excellent customer service can also help you attract new consumers. Consider adding a live chat facility to your wholesale website, for example. Potential customers can use live chat to ask any pre-sale inquiries they have and receive an almost fast response. As you can expect, this can be beneficial in pushing retailers through the purchasing process.

Simply putting effort into these three ideas will result in increased income for your wholesale business. Remember that these are just a few ideas; you may also increase wholesale sales by allowing retailers to drop-ship, recommending comparable products on your website, and much more.

It is not difficult to increase your wholesale sales, but it does take time and work. So, if you’re proactive, you’ll be able to build your business quickly.