Do you want to transform your sales performance this year? You can dramatically impact your sales in some ways, but sales coaching is one of the best methods. Even though the wholesale business in known to be a lucrative business. If you do not have products that sell or if your sales are too slow that your company stands on the verge of closer, all you need to do at this stage is come up with stringent measures that will attract more sales and thus get more income.
Hence when you begin a wholesale business, you need to have a sound knowledge of the market and its trends. When you want to revive your business, you can do research and know which products sell more and find out how you can attract more sales in your store to increase income. The following are some of the reliable ways that you might consider to increase your wholesale sales and bring your business out of a rut.
Loss Leader Advertisement
A loss leader is a product that you are selling at the lowest price that you are not making any profit on it. You might be wondering, how will advertising a loss product increase my sales? Well, the benefit of having a loss product is that it will attract a large number of customers to your warehouse. They will come thinking that all the other products are also at low prices, but you will have an opportunity of selling them other goods at a profit. By this method, you sacrifice one item as bait to attract customers who once they have come to your shop; they will purchase the other goods that they need at a normal price.
Increase Your Prices
What? Sounds strange, isn’t it? As a businessperson, you might be thinking that by increasing the prices of your wares you will turn away your buyers. But the truth is when you raise the prices of your goods you are sending a message to your customers that your goods are of high quality hence they deserve to be sold expensively as compared to other products in the market. Besides, your retailers will not turn away because they will transfer the expense to the customer.
You can go a step further in increasing the price of one item in your store and making an advertisement of the same. For example, create an ad that your store sales the most expensive pizza in town. Imagine how many people will visit your store just to see or taste this most expensive pizza, and that is the opportunity your business needed to come back from the rut by selling the other goods at the usual prices.
You can increase the sales in your warehouse simply by tying a promotional product on a selected product. Let us assume there is a new beauty product that you want to introduce in the market; you can give it away for free.
This kind of promotion works well in attracting many buyers to your store and making that product known in the market, and when you introduce it to the market, it will get a good reception.
Promotional products are one of the simplest ways of attracting wholesale buyers as well as consumers to purchase goods with promotional samples on them. Try this method and see for yourself how your sales will improve and you will make a profit.
Simplify the Shopping Experience
There is nothing that turns away most potential retail buyers as a complicated ordering, payment and delivery plans. Just like any other businessperson retailers would want to spend the least amount of time away from their business.
By making a clear and straightforward ordering as well as the distribution of goods means that the retailer will have a less time-consuming process. By so doing, you will put your warehouse at the top of the list of the stores to make their purchases from conveniently and within a short period.
Wholesale business if not for proud people. There are many competitors out there from whom retailers can purchase whatever they need. Sometimes you might just make a big sale by going out of your way and doing something that you have never done before.
Keep a track record of all your sales to your retailers and then make calls to them and inquire whether they are out of stock and what they could be needing. It is advisable that you keep of all your regular retailers and what you supplied them and then call them after a while to inquire whether they need anything.
In today’s society, almost everyone is using either one or more of the many social media platforms that are available on the website. Get your business into social media and increase the number of retailers and customers that you can reach at a time.
You can advertise your wares on any of the social media platforms like Snapchat or Pinterest. You can also add a small video of your goods and if there are offers/promotions in your store.
Alternatively, you can start a blog and invite some guest bloggers on your website and also you can find some blog pages where you can be a guest and let the market know about your business.
Are you not using social media as yet? It is high time you started using it, and the returns will leave your mouth agape.
Friendly Customer Service
Since there are many wholesale competitors, it is time you shifted focus from just stocking your warehouse with all the varieties of products in the market to excellent customer service.
Friendly, reliable and knowledgeable customer service can make that retailer so loyal to your store. Your client will not stop there, possibly he/she will talk positively about your business to another retailer who will be whining of a poor service he got at another store.
Customer service is one of the elements that will either attract or drive away customers from your store, so it is an area that you should not ignore.