Running a successful wholesale business is not a smooth walk! It requires an accurate business and financial plan, right marketing strategy, and keenness to provide a good customer service.
However, even if your business is doing great, still you should try to implement more productive ways to grow your business’ operations continuously. If you get self-satisfied with what you have, it would be easy for your competitor to dive in and beat you.
Here are five ways you can run your wholesale business successfully:
Hiring the Right person
Hiring decisions are impactful and one of the most important things to consider. You perhaps think that this one is pretty obvious, but hiring the right person is very important for your company’s bottom line. Make sure you set proper benchmarks and evaluating each employee against them.
While hiring new employees, avoid asking basic questions that are very easy for the candidate to answer. Ask behavioral questions or practical situations like, “Imagine if you are assigned to this task, what you would do?” This way, you will be assured of how they will handle such situations.
It’s High-Time to Use Online Platforms
According to statista, E-commerce has made the sales of approx $2.3 trillion in 2017 and expected to reach $4.5 trillion in 2021. And, in the US itself, E-commerce is responsible for 10% of retail sales, which is expected to grow from around 15% every year! Furthermore, 4 out of 10 purchases are marked using an online platform for buying and searching. Thus, this is significantly important!
Moreover, it is convenient for the customers to order online, and those expectations for all-time availability are continuously growing.
Businesses that allow customers to buy from the web or a mobile phone are experiencing good returns. And, those who haven’t implemented these strategies are left behind.
Speed Up Your Shipment Time
While many businesses are doing great in terms of shipment and delivery schedule, it is crucial for you to digitize your order submission to enhance efficiency.
Moreover, if you are using multiple channels like a B2B online portal or field reps, make sure to combine those orders for quicker fulfillment. In fact, many wholesale cell phones companies have amazing customer service staff to lend your chosen products at your door steps.
Leverage Smart Marketing Efforts
This one is the next yet very important step if you want your customer base to increase. Do good research on what kinds of marketing efforts will entice them.
Take a look at these tactics:
- Run direct mail campaigns! Send email to prospective customers and clients about current promotions. It should be catchy and possess incentives that customer wants to take benefit of.
- In the digital world, most business persons forget about the benefits of print marketing. Do invest in industry-related and local publications. These types of marketing opportunities are a great way to increase your reach.
- Have you optimized your website? If not, you are left behind. Make sure that your website is visible on search engines to provide a good customer experience. Also, you should provide business’ information like product details, delivery time, and more so that customers will be well-informed.
- Publish sponsored posts on social media. This is also a great way to convert a newer audience into potential customers.
Handling Good Inventory Management
It is imperative to have your inventory under control to run a profitable wholesale business. While some companies like to maintain minimum stock levels, others prefer keeping safety stock to meet the expectations of sudden demands.
Tracking regular inventory counts, on-time inventory strategy, coordinating inventory with fluctuating demands are some fundamental keys to decide which one is appropriate for your business.
Wholesale business can be a profitable venture if incorporated with effective marketing tactics. You might find it daunting at first, but you will be thankful once you start generating good sales and returns!