Wholesaling can be a bit tricky. It may look easy on the outside but becomes quite hard inside. Moreover, if you are in the apparel wholesaling business, you must be quick on your feet. Therefore, every successful business needs an effective strategy.
Wholesaling is not an overnight thought and immediate earning. It requires dedication and commitment. In addition, profit-making in wholesaling means studying your competitors and the overall market. Therefore, to excel in your B2B business model, you must be well equipped with sales tools.
8 Ways to Increase Sales:
Wholesaling does not need a traditional approach anymore because traditional practices will make you lose sales. Tired of the break-even process? Do you want to cross that point and make profits? Here are 8 strategies you must have when you want to increase your sales:
1: Research Thoroughly
Often businesses fail in their initial year because of a lack of research. No matter your business, you must never let go of researching and surveying. In addition, you may gain new insight by analyzing the market and demands. Make proper timelines and note your tasks to keep up with your progress.
Study your competitors. How is Gildan or Fruit of the Loom’s Wholesale business so successful? It is because they continuously change their products depending on the needs of their customers. Your business can become flexible by studying your competitors’ pricing and sales strategies.
Another way you can increase sales is by incentivizing your customers. Start by offering incentives to small businesses if they promote your business. Overall, incentives are a good way of building a buyer’s network.
You can also consider a referral method. Offer referral codes to new customers who come to you on someone’s referral. This way, you will increase your clientele network.
3: Pricing Strategy
Next is to develop a pricing strategy. Product pricing will eventually attract new customers. Therefore, a flexible pricing strategy is the right way to go. In addition, offer discounts on certain orders or provide volume discounts.
Another way to determine product pricing is by studying your competitors’ pricing strategies. Also, find out what your customers are willing to pay for a certain product and understand client demand.
4: Customer Service
Next, you need to have outstanding customer service. You have to be at the beck and call of your customer to leave them satisfied. Therefore, you must have an excellent team of customer service executives to carry this out. It would help if you built a transparent channel between you and your customers.
It is all about building trust and care. Additionally, you can make the return policy flexible to give customers a pleasant shopping experience. Therefore, train your executives properly so that they can strengthen the relations.
5: Pitching Style
For this, you must have a good team of sales executives. Proper effective training must be given so that their selling style becomes affirmative rather than persuasive. The tone of your pitching style determines whether you will have a customer or not.
Moreover, you will face several no’s before a nod. Therefore, the pitching style must be flexible and inform the customer about your new offers and discounts. You can reach out through cold calling or email to create an authentic customer base.
6: Attract Buyers
Attracting customers and buyers requires an effective advertising strategy. Since it’s all about the internet, the best way to go about it is to approach your buyers through online ads. Moreover, promote your discount offers or on-sale items via a banner ad.
To attract customers, you can offer minimum-order free shipping. It will attract small businesses, retailers, and startups to partner with you.
7: Launch Website
This modern era is all about online shopping. Why not shift your wholesale business to an online platform as well? Start by making your website where customers can buy from you directly. Overall, it is the year where you need a digital footprint to stay ahead in the game.
Just like how you can easily browse through the Fruit of the Loom Wholesale website and place an order, you also need one for the customers. Therefore, keep your website up-to-date and inform your clients about any changes through your website.
8: Get Feedback
The overall gist of increasing your sales is to ensure that there is an essential feedback channel. Often wholesalers do not use feedback mechanisms simply because they don’t want to! It would be best if you avoided this behavior at all costs. Ensure that your customers evaluate your services so that you learn from your mistakes.
To sum up, increasing your sales needs sharp thinking. Start by offering incentives and discounts to your customers. Moreover, you can get new customers by changing your pitching style and providing quality customer service. In the end, get feedback, so you don’t repeat the same mistakes!