Like having a map during a road trip, guides can help us navigate to our goals. It gives us direction to get to where we are heading. To help you attain success in wholesale business, we published this complete guide. It is undeniable that having more wholesale buyers is good business. You save money, time and effort when you have stable wholesale buyers who are doing steady business with their customers.
In our blog, we publish blog posts to help your wholesale business to prosper. Going the extra mile, we also compiled our best resources in an epic guide.
How to Know Your Wholesale Customers Better in 9 Ways
Chapter 1: Define your Target Customers
The first step is to know who your target customers are. Not everyone will be your customer. You only need to reach out to customers who have a need for your products and who will most likely buy from you.
In this post, you will learn 8 steps that will help you create a Target Customer Persona. If you have not defined your target customers yet, this is a must read! It will run you through the step-by-step that you can take to create a target customer profile. In easily understandable chunks, you will be able to understand your target customers better.
Chapter 2: Identify the Qualities of Potential Wholesale Customers
Knowing who your target customers is not enough. You should also know what makes for a great potential wholesale customer. Learn about Apple’s strategy in setting a Minimum Suggested Retail Price, and why it’s good to also apply this strategy to your business.
In our post, we give you an overview of the 7 qualities that you should look for in a potential wholesale customer.
Chapter 3: Know your Customer’s Pain Points
In business, it’s all about your customers. If you don’t care about your customers and their problems, they won’t care about you either. And yes, all a customer cares about is what’s in it for them and how they can benefit from buying your products and services. There are a lot of products out there that customers care less about, and then some that customers can’t wait to get a hold of. You certainly want to be in the latter category.
To know if there’s a market for your products and services, you should analyze the problems that your products are attempting to solve for your customers. Getting to know your target customer’s pain points will lead you to create better, improved product solutions and services.
It’s not enough to have a great product or service; you also need to speak to the core of your customers and meet their needs or desires. There are underlying psychological and emotional triggers that convince customers to buy certain products. Knowing how to pull that trigger is a big advantage for your business; all the more what trigger to pull at.
To help you pinpoint the pain points, we made a post on 5 ways to discover your target customers’ major problems that your products can solve. It’s also a great way to discover how you can address these problems and how you can provide the best possible solutions. Read on further to discover new ways of interacting with your customers and necessary improvements on your products, services and systems.
Chapter 4: Applying the Customer Mindset
Almost all known and trusted brands run blogs, and there’s a good reason for doing so. Content marketing is one of the best marketing strategies to get more new customers and keep them.
In our post “Applying the Customer Mindset”, we explain the importance of blogging and how to tailor blog posts with your target customers in mind. Taking a customer-centric approach is good advice when it comes to blogging.
Your blog should speak to the language of your customers and their primary motivations for buying. Don’t limit your blog about your products and services.
Through blogging, you can help your customers solve their problems, learn new skills and knowledge, and improve their lives overall.
If you want to know how you can apply the customer mindset in the content of your blog, read our post here.
Chapter 5: Approach Wholesale Buyers
After knowing your target customers, it’s time to start approaching wholesale buyers which we discussed in our detailed post here.
In this post, we discuss the step-by-step process for approaching wholesale buyers from the research process, contact, pitching about your business, and dealing with buyers to the actual business presentation.
Chapter 5: Do Marketing Outreach
Even if you have great products and services, it is useless if you don’t know how to effectively market and promote your business.
In our post 5 Ways to Improve Marketing Outreach to Potential Wholesale Customers, we discuss how you can generate more sales leads, upsell products, and provide excellent customer service.
Chapter 6: Pricing Retail Products for Wholesale
In business, a popular marketing tool and strategy is the 4Ps- Price, Product, Place, and Promotion. In this article, we focus on the pricing to help you price your products and services for wholesale and retail properly. Take note that the price for wholesale and retail is different.
In our article on Pricing Retail Products for Wholesale, Josh Kohlbach compared the approaches of “Value-Based Pricing” versus “Cost Based Pricing” and why the former is a better pricing strategy. Know the correct pricing strategy for your products and services in our post.
Chapter 7: Shipping
For wholesale business, shipping is one of the most important considerations. For the shipping costs, determine whether giving free shipping for wholesale orders will cover the costs and product expenses, calculating the flat rates for worldwide shipping, determining the shipping costs by state or country and by weight, and choosing the best possible courier service.
Our post on How To Handle Shipping Costs With Wholesale Customers discusses all these factors in detail including the factors that affect shipping rates. Factors that affect shipping rates include sales volume, pickup or drop off time and rates, handling costs, the location of the carrier, delivery time, average weight of the shipment, and tracking and insurance.
Chapter 8: Solicit Feedback from Customers
How do you know what customers think about your products and services? There’s no crystal ball or gypsy needed to answer that question. Get it directly from the horse’s mouth, that is, from your customers.
To solicit feedback, you can run an automatic survey after people purchase from your online store. Combine tools like Survey Monkey or Google Forms and Drip (or your email marketing platform of choice) to handle automatically sending out survey request emails.
Chapter 9: Provide a Positive Customer Experience
Amidst a lot of competition in the online sphere, you need to stand out by providing a positive customer experience. This also includes more than a great customer service which is also one of the best marketing and promotions strategy for your brand.
Read our post on how customer experience is making or breaking your wholesale business.