Increasing sales is always a challenge for any wholesale business. Customers have higher expectations due to increasing competition in the market from fast-growing organic and local brands. It's not easy to stand out from the crowd while simultaneously bolstering your sales strategy, so here are four techniques you can use to start increasing your sales.
1. Know Your Customers
You can't properly serve your customers until you recognize and understand their needs. An age-old lesson in business is learning how expensive acquiring a new customer is compared to keeping an existing one, so how can you effectively grow your revenue.
It's all about data. It's integral for your wholesale business to have a system in place to track and measure all of your purchasing and procurement data. Not only that, but you can use this sales data to better understand your customers' shopping behaviors. Using tech for inventory management and procurement is the first step, but even more helpful is to gain actionable insights without having to even open Excel or consult the serverely outdated "clipboard full of data".
2. Implement an Effective Distribution Strategy
Product disribution is the foundation of your wholesale business. Important distribution questions to ask yourself are:
- Am I well-equipped to start scaling with a distribution partner?
- What type of distribution partner will serve my and my customers’ needs? What added benefit will this distributor add to my business?
- How can I set up online and mobile distribution? For restaurant-focused online channels, BlueCart has a growing userbase of 35,000+ and offers an end to end business management solution for buyers and their vendors.
3. Pour Resources into Customer Service
Keeping existing customers happy is paramount. According to this report by Groove, the probability of selling to an existing happy customer is up to 14x higher than the probability of selling to a new customer.
Once you acquire a customer, you should make keeping them your top priroity. It can cost 5-25 times more to acquire a new customer as opposed to retaining an existing one. There are many ways to do this, some of which you’re probably already doing, e.g., discounting or relationship management, One you may not have thought of is improving your customer support by enabling your customers to be self-sufficient. Building a B2B customer portal is a great way to maximize the value of your customer service. It makes ordering, delivery, and billing a seamless experience for your wholesale customers. Not to mention it will save time and cut costs. Efficient operations are a good sign of a healthy business!
4. Offer Customers Special Deals
Everyone loves deals, and business customers are no different. Here are a few tips on how you can offer deals with the purpose of generating more sales.
Offering deals incentivizes your customers to walk through your buying process step by step. You can alternate through various deal strategies to find out what your customers value the most. In fact, 83% of respondents in a survey conducted by Invesp said they were "somewhat likely" or "very likely" to click on an ad offering a discount or promotion.
Deals give you key insight into what your customers respond to. What this does is pave the way for more targeted and customized sales flow campaigns in the future, and in short, you'll be able to give your customers exactly what they want.
Finding a way to couple brand loyalty with revenue growth is an essential benchmark for any business. Building out a clean and simple strategy to promote your deals is a solid strategy for improving your wholesale sales.
Interested in learning how BlueCart can help suppliers grow their business? Feel free to check out our website! If you're ready to join BlueCart's big family today, please head right this way. We can't wait to talk to you!