Pratikkumar P. Gaikwad | 10 min read | Aug 26, 2020
As a wholesale company, you make money when retailers purchase your products – but sometimes that’s easier said than done. The wholesale sales and distribution sector of the B2B faces a rapid shift in customer expectations.
With the advancement in technology, B2B wholesale customers are demanding the quality of service that individual B2C consumers enjoy. If your wholesale company lags behind in productivity, sales supporting and customer service, you’d risk losing customers and revenue.
To increase your B2B wholesale sales, you need to cultivate loyalty, while attracting new customers through promotions and referrals, to increase customer lifetime value.
2. Offer special deals or discounts on your existing wholesale prices
To draw customers to your B2B wholesale business and push products quickly and easily, you can promote regular or weekly offers that deliver savings in addition to the wholesale discount. B2B customers will look for these offers and enjoy the extra discounts they earn while working with your company — meaning further orders for you.
Wholesale companies, like any other company, can also offer exclusive product offers, above the original wholesale discount. Incentives can also be offered in the form of discounted pricing for bulk orders. Special offers will help cultivate loyalty to your existing customer base. The more consumers make transactions, the more likely they will return to your business.
3. Offer incentives for referrals to customers & retailers
You should create an incentive system to encourage those workers of retail stores who promote your goods. Retailers are part of the delivery chain of products that takes place from wholesalers before eventually hitting the consumer. As the last chain of distribution of goods to customers, building good relations with retailers will certainly make it easier for you to run your business. Who knows, retailers will promote your company to other retailers and increase your profits.
The same goes for buyers. Your buyers have networks of their own. You may also provide a referral system to allow clients to inform their employers about your business. Take advantage of them by providing a referral discount so you can conveniently access certain wholesale ties.
4. Make wholesale ordering, delivery, and billing as seamless as possible
To increase the ease of buying — which is crucial for conversion and consumer satisfaction, simplify as much as possible the order processing and product distribution processes. Automation’s primary advantage is that it streamlines complicated procedures of delivery and eliminates the need for manual labor, allowing you to offer easier, more productive customer service from purchasing to billing and shipment. A streamlined process means fewer errors, delays, or backorders, as well as saving your clients time and money. That makes them more likely than your rivals to buy and re-order from your wholesale company.
5. Provide Oustanding Customer service
Whether online or offline, ensure that clients get support when and where they need it. Treat each retailer with empathy and understanding — even if you may have to refuse a request occasionally. This kind of treatment will go a long way in creating loyal, higher-volume wholesale clients. Train your sales and customer service staff to communicate in a polite and respectful way with your clients while encouraging them to make choices that put the consumers first.
Be willing to take the extra mile to a dealer that sells your goods, and never be afraid to fail an occasional “fight” to win the wholesale “combat” market. When your items are of a technical nature, you can have in-store instruction for your key accounts so that your workers can successfully sell your products.
B2B retailers and wholesalers now plan Omnichannel sales and consumer service. Your sales reps, eCommerce website, smartphone devices, and other consumer contact points need to provide a seamless experience.
6. Make product recommendations
Become a trusted advisor to your consumers by providing insights on their rivals and giving recommendations on common items that are doing well with other retailers. In particular, you may choose to recommend extra items on the basis of the order made by the seller, a method that can either be automated or managed by a live customer service agent. It will not only help you boost revenue for your wholesale company by allowing consumers to buy a broader variety of goods from you, but it will also create relationships and confidence because they see you as a trusted advisor.
Make it easier for the customer to find related items if desired by offering a bundle discount with a product they’re currently purchasing, thereby increasing the likelihood of cross-selling or upselling.
7. Lure new Wholesale Customer with special offers
When retailers research products online and access your website, you can capture leads by offering them a one-time exclusive discount for new customers. It can be an effective way to attract new businesses, whether the customer is a retailer or a consumer. Everybody enjoys surprises, even B2B clients. Try giving various gifts on the basis of the amount of the original order. You will make it even more likely that the purchaser will choose your company as its supplier while encouraging a larger initial purchase.
By making this a limited time deal you can raise the sense of urgency to motivate customers to place an order immediately. When they make a purchase from you, they are most likely to come back and shop again.
8. Streamline operations
Owners who successfully manage their own companies or stores deserve the same from their vendors. When a product is out of stock a retailer may lose revenue. By offering your customers quick shipping without additional costs, they are more likely to order from you.
You also want to ensure that product demands are predicted accurately so that you can plan production and avoid delivery delays — which can hurt the trust and relationships that you have built with your customers, making them less likely to reorder from you.
This means that you have a responsibility to maximize operational efficiencies in your own business. Integrating inventory, accounting, distribution, logistics, and so on into an insightful cloud B2B inventory management system or ERP inventory management system is a win-win for both the customer and the company.
9. Create engaging and eye-catching campaigns
In order to boost revenue in the wholesale market, you can do online promotions in addition to offline promotions. The growth of internet usage in the world is increasing and the vast number of social media platforms, such as Facebook, Twitter, and Instagram, will definitely be able to broaden the market, which would also mean improved revenues.
Esthetics is just as important as the content. Using color, contrast, and other technical design feature to draw the interest of potential B2B clients with an entertaining digital marketing strategy, follow up with a strong copy and a straightforward call to action.
Don’t think about the strength of your email campaigns. Amazon accomplished so in 2014 with an exclusive collection of “merry” announcements showcasing whimsical illustrations containing samples of numerous Amazon items.