The wholesale business is known to be extremely lucrative. But what if you don’t have products that sell? Or what if your sales are so slow that your company is on the verge of closing? Take heart, because there are strategies you can employ to improve sales and dramatically impact your business for the better.
If you’re hoping to transform your sales performance this year, you need to have a sound knowledge of the market and its trends. You should also research the products that sell more and determine how you can attract more sales. Ideally, you should gather such information before starting your business. However, with the right steps, you can revive a business that’s at risk of failure.
In this article, we’ll discuss some of the reliable ways you can increase your wholesale sales and bring your business out of a rut.
7 Ways To Improve Sales And Get Your Wholesale Business Out Of A Rut
A boost in revenue allows your business to stay afloat. In addition, it grants you various opportunities to grow your business, ensuring it stays healthy and lucrative.
With that in mind, here are the major ways you can improve sales so that your business doesn’t fail.
1. Advertise loss leader products
A loss leader is a product that you sell at the lowest price so that it doesn’t generate any profits.
You might be wondering how advertising a loss leader product will increase your sales. Well, the benefit of promoting such a product is that it will attract a large number of customers. They’ll come to your warehouse thinking you’re also selling other products at reduced prices when you are, in fact, selling them at their regular prices. The large influx of customers will ensure many of those regularly priced items get sold, ensuring a profit.
In short, you sacrifice one item as bait to lure buyers to your store so that they purchase many of your other goods. This is among the simplest yet most effective ways to improve sales. It can even save your business!
2. Increase your prices
What’s that? Increase your prices? If you think that sounds counterintuitive, you aren’t alone.
Most businesspeople think that increasing the prices of their wares will only turn away buyers. But the truth is that when you raise your prices, you send a message to your customers that your goods are of high quality. Don’t forget: everyone believes that high-quality goods deserve to be sold at more expensive prices than inferior products. Besides, your retailers won’t turn away because they’ll just transfer the expense to their customers.
You can go a step further by increasing the price of one item in your store, then making an advertisement about it. For example, you can create an ad that claims your store sells the most expensive pizza in town. By doing so, your store will end up attracting many customers eager to taste this special pizza. The revenue this produces will give your business the opportunity it needs to bounce back from failure. Even if people don’t purchase the costly pizza, they’ll likely buy your other goods at the usual prices.
3. Offer promotional products
One exciting way to do this is to tie a promotional product to a selected product. Let’s assume that there’s a new beauty product you want to introduce on the market. You can sell this product at full price. On the other hand, you can reduce its price or even offer it for free, then include it in a special package that contains a product sold at a regular price.
Because discounted or free products are extremely attractive to buyers, this kind of promotion can bring many customers to your store. It’s also a good way to spread awareness about new products and ensure they enjoy a good reception.
Attaching promotional products to other products is one of the simplest ways of enticing wholesale buyers to purchase your goods. Try this method out to see how it can improve sales and net you a profit!
4. Simplify the shopping experience
Few things turn away potential retail buyers more than complicated ordering, payment, and delivery plans.
Just like other businesspeople, retailers don’t want to spend a lot of time away from their business. By making clear and straightforward ordering, payment, and distribution systems, you prevent retailers from experiencing annoying, time-consuming processes. This will encourage them to keep availing of your services, which can improve sales to bring your enterprise back from the brink.
Simplifying your processes will also put your warehouse at the top of many a customer’s list of stores that offer a quick and convenient shopping experience.
5. Make calls
If you’re too proud or shy to talk to people, the wholesale business isn’t for you.
Your most successful competitors are where they are today because they’re proactive. They don’t wait for things to happen; they make things happen. If you want your business to go places, you have to do the same.
Keep a track record of all your sales, then call up your retailers to inquire about whether or not the items they need are out of stock. In addition, ask them if they’re interested in any of your other products. Talk to them about the items you’re selling that they may find useful, as well.
Constant communication and the maintenance of accurate sales records will help you determine whom among your customers you should be doing business with soon. This, in turn, will allow you to know when it’s time to contact retailers.
6. Take advantage of social media
Today, almost everyone is using one or more of the many social media platforms in existence. Take advantage of this trend; use social media platforms to promote your business. This will drastically boost the number of retailers and customers that you can reach at a time.
You can advertise your wares on social media platforms like Snapchat, Pinterest, Twitter, Facebook, and Instagram. For example, you can use said platforms to share pictures and videos about your goods or convey information about any promotions your store will be running.
You can also start a blog and invite guest bloggers to your website. Alternatively, you can find blogs willing to let you, as a guest, inform the market about your business.
If you’re not yet using social media to promote your products, we highly recommend that you start as soon as possible. It’s an effective way to improve sales and keep your wholesale business up and running.
7. Provide exceptional customer service
As important as it is to stock your warehouse with salable products, providing retailers with excellent customer service should also be at the top of your list of priorities. This alone will give you an edge over many wholesale competitors.
Friendly, reliable, and knowledgeable customer service can boost customer loyalty, ensuring they keep doing business with you. Your loyal clients won’t stop there, however; many will talk positively about you to other retailers, who’ll then be motivated to avail of your services, as well.
Customer service is one of the marketing and sales elements that will either attract or drive away customers. For this reason, you should do your best to provide your customers with top-notch customer service.
Conclusion: Improve Sales To Ensure Business Growth And Success
To ensure your business succeeds, you need to employ various strategies designed to improve sales.
In summary, you can:
- Advertise loss leader products
- Increase your prices
- Offer promotional products
- Simplify the shopping experience
- Make calls
- Take advantage of social media
- Provide exceptional customer service
Are you eager to learn more about how you can improve sales to get your business back on track? How about the tools you can use to achieve this goal? If so, don’t hesitate to leave us a comment below!