Wholesalers make a profit by selling products in bulk to retailers. Though it sounds very simple and straightforward, increased wholesale sales can be difficult to achieve as customers expect the same level of service as if they were shopping in physical stores or online.
For this reason, wholesale companies are forced to keep up with the latest customer demands and think about how they can increase the company’s visibility and reach to impact sales.
To encourage customers to make repeat purchases from you, you must put in the work and build loyalty. Below, we look at 4 ways how to increase wholesale sales and expand your business.
Use the Right Tools and Platforms
The first thing you want to do when creating a strategy for increasing your wholesale profits is to make sure you’re using the right tools and platforms. Fortunately, there are excellent tools available that you can choose from to suit your specific needs. As your company grows, your needs will probably increase and you will require more adaptability from your platforms. By using a wholesale management platform, you’ll be provided with all of the data and important information you need in just a few seconds and it will allow you to effectively engage with your employees and clients.
A robust wholesale management platform will help your business manage wholesale operations as it provides a centralized platform for managing inventory, orders, clients, and suppliers effortlessly. It will save you valuable time by keeping track of your supplier information, it will help you track your spending and budget, and provide you with real-time insight into your wholesale business performance with analytics and reports.
A wholesale management platform is an invaluable tool for your wholesale business that will help you provide a better overall experience and increased sales.
PPC Advertising for Better Brand Exposure
One of the ways that wholesale companies can amplify their sales online is by using PPC advertising. PPC advertising, known as “pay-per-click” advertising, helps you quickly build your brand and gain exposure.
Unlike traditional advertising, where advertisers are charged for showing an ad, PPC advertisers are only charged when users click on their ad. PPC ads are used to drive traffic to websites through placement on social media or following an organic search for related content.
The great thing about PPC marketing is that you’re the one who controls the total cost of your campaigns. You decide exactly how long your campaign will run and whether it will scale up or down based on performance. You just pay each time a user clicks on your ad. PPC marketing gives your business the ultimate budget and time flexibility.
Remember that this type of marketing is most effective for targeting customers who are already aware of your brand. For this reason, you should think of working with a reputable PPC agency that will offer potential clients a deal that they don’t want to pass up on. When choosing a PPC agency, look for one with positive reviews and proven records of success.
Offer Special Deals
A great tip when it comes to increasing whole sales is to offer retailers special deals. When you show B2B buyers that they are getting a good deal on a big and costly order, they will automatically be more inclined to make the purchase. Offering good deals and special pricing is an effective way to move your merchandise easily and quickly.
For example, why not offer B2B buyers quantity-based discounts? The more they order, the bigger discounts they can receive. This is a great way to encourage customers to make large bulk purchases. Another way is to run promotions and offer discounts in the same way as business-to-consumer (B2C) companies do.
You can offer free shipping, holiday/seasonal sales, special discounts for new customers, and limited-time offers to encourage fast purchases. With special deals and promotions, you can stimulate current customers to buy but also attract new customers to your business.
Provide Excellent Customer Service
Studies have shown that it can cost five times more to attract a new customer than to retain an existing one. For this reason, as an owner of a wholesale business, your top priority should be to do everything you can to keep existing customers happy. One of the ways of doing this is by providing excellent customer service.
Aside from showing a high level of professionalism and treating your customers with respect, you can also improve their customer experience by focusing on your wholesale website. Make sure to offer order tracking, streamline the ordering process, and set up an onboarding process for your wholesale program.
This will keep your customers happy and encourage them to keep buying from you. Another recommendation is to add a live chat feature to your website so that potential customers can ask any pre-sale questions and get an immediate response. This is very helpful in moving retailers through the buying process.
Wholesale can be a lucrative business venture if done right. To sum it up, if you want to take your wholesale company to the next level and increase its visibility and revenue, you must have a solid growth strategy in place, use the right tools and platforms, use effective advertising techniques, offer special discounts and, of course, provide superior customer service.