As a B2B wholesaler, it is integral that your goods and services remain attractive to retail buyers. There is a myriad of factors that determine this quotient.
Here are 10 of the most fundamental steps to intensify your wholesale purchases.
1. Obtain the best rates on currency services
Always start at the beginning with your bottom dollar. This means gaining the best rates on currency services. In performing transactions, always ensure you survey current exchange rates in your region.
For example, interchanging currency to/from Australia, and accessing CBA exchange rates online. Over time, the currency you save here means increased cash flow (to be better used elsewhere).
2. Offer genuine incentives
Offer genuine incentives in order to reward retailers who regularly purchase from you to attract new business. The emphasis is on ‘genuine’, meaning that your customer does save money when they buy more from you. Align this with the principles of an economy of scale and you have the perfect equation for sustainable incentives.
For example, a retailer receives a percentage off their total bill when they buy multiple products at a specified rate.
3. Provide exceptional customer service
Customer service isn’t just for public-facing commercial enterprises, it is also crucial for B2B wholesale. Your sales representatives should establish a personal rapport with retailers. A familiar face, a high level of trust, and a customized level of service make it more likely that you will become a preferred provider.
For example, a workplace culture of empathy and customer service loyalty. Rewarding your hires through Human Resource (HR) initiatives to bolster staff retention.
4. Optimize logistics
Consider automating your order management and product distribution tasks. Anticipate your customer’s needs and save time and energy by drafting and duplicating past orders wherever possible/appropriate. Work closely with logistics to make sure your delivery times remain competitive.
For example, using sales order management software that syncs immediately to your back office. Sales reps communicate in real time with your customer service team who review and finalize orders with little-to-no delay.
5. Be responsive
The sway of effective and responsive communication cannot be underestimated in increasing your wholesale sales. Make sure you let your customers know when their order is arriving. Keep them up-to-date with other timely information and alerts.
For example, nurture both your leads and your existing customer base by following up. Use newsletters, e-zines, blogs and other forms of copy that tell your customers about important news and special offers. Engage interest with a humanistic approach and effective storytelling.
6. Allow for feedback
Providing an availability for feedback permits your customers to know that you value what they think. More importantly, it gives you the opportunity to address their pain points and actually remedy them. This offers you a chance to position things right as soon as possible.
For example, feedback forms/systems presented in formats that are quick and easy to use. This might take the form of surveys or fun competitions. Offering an incentive, ie. a prize, is always a good idea to encourage participation.
7. Modernize and get tech-savvy
Don’t let the ball drop on making your customer service experience as user-friendly and attractive as possible. If you don’t have an e-commerce side to your business, yesterday might have been the time to consider it. Your customers want to be able to order on their own time. If you don’t provision this, it’s possible that a competitor will, or has already.
For example, aesthetically attention-grabbing graphics/visuals in everything from your warehouse and website to your advertising and marketing campaigns.
8. Be ethical and eco-friendly
Ensure your business model is ethical and eco-friendly. Let’s face it, you should already be doing this for the good of humanity and the planet. Retailers are wary of being exposed to smear campaigns as a result of poor ethical and environmental practice revealed in their supply chain.
Avoid the negative repercussions and potential boycotting.
For example, a stringent code of ethics applied to your manufacturing processes. A concerted effort to trace and assess the origins of all materials and base products.
9. Tighten processes
Review and tighten your processes at scheduled intervals. Prevailing factors are likely to change over time as the gears of global economic progress are an unstoppable and, at times, unpredictable force.
For example, making sure you are always getting the best deal and cutting unnecessary expenditure congruently.
10. Keep adapting and innovating
‘Adapt or die’ is an adage that all modern businesses can relate to. Finding a way to switch things up is essential to increasing your wholesale sales in an ever-evolving economy.
For example, innovation through new cutting-edge products, disruptive marketing strategy and out-of-the-box approaches to attracting new customers.
Topics: B2B Sales