Increasing wholesale sales sounds like a piece of cake, right? You just need to find new customers or sell more to your existing customers.
Well, if you have been in the wholesale industry for quite some time, you probably know it is not that simple in reality. The B2B wholesale and distribution dynamics are changing swiftly, making it harder for wholesale businesses to keep up.
But, as they say, “nothing is impossible”. Just like that, it is possible to increase your wholesale sales; you just need to figure out effective ways of doing that. If you are a wholesale business owner, you are in luck. In this article, we have compiled a list of 5 strategies to help you increase your B2B wholesale sales.
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Offer special, better-than-wholesale prices
Like other business owners, retailers also want to maximize their profits margins, which is why they look for wholesalers who offer the lowest prices. Therefore, a good way to convince your customers to buy more is to build double savings in your offerings through daily, weekly or monthly promotions, bundle discounts, etc. These promotions will put you at a competitive advantage and help you sell more merchandise easily.
Apart from this, a good way to increase sales is to offer pricing tiers. You can offer customers a discounted price per unit for a higher number of units bought. For instance, if you buy 10 units, you pay $10/unit but if you buy 50 units, you pay $8.5/unit. The idea behind this strategy is to encourage retailers to make bulk purchases, which will increase your sales.
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Focus more on your top 20% of customers
If you have been in business for some time, you probably know about the 80/20 rule, which states that your top 20% of customers roughly produce 80% of your revenue. All smart business owners take advantage of this to maximize their revenue, and you should be doing the same.
Besides offering discounts and promotions to all your customers, it’s a good idea to segregate your top customers from others and strengthen your relationship with them through special offerings. These included – but are not limited to – gifts and free samples of new products, relaxed minimum order requirements, free and/or express shipping, special discounts, and more.
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Make order recommendations
A single purchase by a customer is great, but did you know that you can make them buy more items by simply recommending related products on your ecommerce website? This method is usually used by retailers, but it can be quite effective for wholesalers as well.
You can also encourage retailers to try out new related products by offering them bundle packages and discounts. This strategy is used by several ecommerce platforms. They offer related products on the product page as well the checkout, which makes it easier for customers to find related products and hence increases the chances of a bundle purchase too.
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Design attractive, eye-catching marketing campaigns
It is a well-known fact that businesses with properly aligned sales and marketing functions have an edge over those with poor marketing. This is because effective marketing campaigns can help you generate talkability and attract new customers and also retain existing ones, all of which contribute to increase in sales.
Invest time and effort in your marketing campaigns – but make sure that you are covering all the customer touchpoints. Yes, the content matters, but so do the aesthetics. Engage your B2B customers with attractive digital marketing campaigns. Make sure to highlight your brand’s name, and incorporate a sharp copy and a clear call to action element in all of your campaigns.
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Offer incentives for referrals
In business, it is all about knowing the right people. Remember that you buyers have their own networks – something that you can benefit from greatly. Leverage your buyers’ network by offering them incentives for referrals, in the form of special discounts. This way, you can tap into many wholesale connections.
In fact, this referral strategy is quite popular across the board because it is effective (people love free stuff!). The most successful implementation is PayPal’s refer-a-friend program, which rewards its users with up to $50 for referring their friends (terms and conditions applied, of course).
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Provide excellent customer service
This goes without saying. Customer service plays a significant role in today’s business landscape. The quality of your products and your service goes hand in hand; if one lags, the other one will follow suit.
Always treat your customers with respect and maintain professional behavior. Be willing to go an extra mile for returning customers and do not be afraid to lose a battle if it ultimately leads to you winning the business war. Also, remember that small gestures matter. Even something as simple as a birthday wish email can have a big impact on the customer relationship. This is the type of behavior that will turn your first-time customers into loyal ones.
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Speed up the order, billing, and delivery processes
No customer likes a long and complex ordering process. This usually results in a high rate of abandoned shopping carts, which is not a good sign for any business. So, try and make it easier for your customers to place orders by making the order processes as simple and user-friendly as possible.
You might want to consider automating your order management and product distribution processes for this purpose. This will automatically simplify complex fulfillment processes and reduce the need for manual labor, thereby increasing efficiency and reducing the time period between order placement and order delivery. OrderCircle offers a holistic B2B wholesale management platform that can help you achieve the efficiency we are talking about.
About Order Circle
OrderCircle is a software company that offers innovative solutions for B2B wholesale businesses. Our services range from inventory and order management to customer branding and analytics for both B2B and B2C customers.
With OrderCircle, you get an all-in-one you can sit back and relax as your wholesale sales grow exponentially every year.
Have a look at some of the solutions by OrderCircle:
- Inventory Management
- Order Management
- Customer Management
- Invoice Management
- B2B Ecommerce Portal
- Customer Branding and Analytics
At OrderCircle, we treat your business like our own. We strive to offer your customers a smooth and seamless experience with an end goal of turning them into your top ones.
The best part? OrderCircle is offering a limited-time discount for 3 months on ALL its plans, backed by a money-back guarantee. This means you can easily claim your money if you are not satisfied with our plan and services, making it a win-win situation for you.
So, what are you waiting for? Get in touch with our representative for a free demo today! Feel free to reach out to us in case of any queries.