Q1 Financial Successes
Wholesalers make money by selling goods in bulk either to B2B businesses or directly to consumers.
The first quarter of the fiscal year tends to be the easiest, with post-holiday purchasing in full effect. Wholesalers tend to start off the new year strong with good Q1 sales figures.
Q2 Financial Struggles
However, some wholesalers run into a slump heading into the second fiscal quarter. When sales figures decrease, there are multiple strategies you can implement to reverse the trend of falling sales numbers.
If you need to increase sales heading into spring, then read on for tips to increase wholesale sales for Q2.
Sales representatives and managers have the same sales goals: Acquire more leads, increase productivity, and boost sales. Sales managers must create detailed plans and establish specific objectives to meet these goals.
It's important to set attainable and realistic sales team goals to make success a reality.
Establishing sales goals requires input from the entire sales team. Goals for each salesperson contribute to the overall success of the sales team. Next, the sales team should lay out a roadmap of sales objectives to attain its goals.
Establish Sales Objectives
Sales objectives give your team a clear plan of action for helping the company achieve its financial goals. Sales managers can hold their teams accountable for meeting small weekly or monthly goals to help them reach their bigger quarterly and yearly goals.
Each sales objective should be a specific, measurable action that helps salespeople achieve individual and team goals.
Sales objectives tend to be big picture ambitions, such as boosting customer numbers, meeting revenue targets, or decreasing churn rates. They are usually short-term steps that lead to long-term achievements.
What Are Sales Quarters?
Sales Quarter Definition
A sales quarter is three months when companies calculate total sales.
It includes products and services sold to customers in addition to wholesale purchases from suppliers.
Businesses usually adhere to the following format for sales quarters:
- Q1- January, February, March
- Q2- April, May, June
- Q3- July, August, September
- Q4- October, November, December
Sales Training and Management
You've provided your wholesale sales team with inventory management software, a CRM platform, and other tools they need to succeed. You want your B2B sales team to think and work independently but remain in sync with the company's goals.
Develop a Sales Training Process
You need to develop a sales training process that incorporates necessary skills and offers clear performance expectations for your sales team.
Inefficiency slows down a sales team and directly impacts company revenue. An efficient and well-trained sales team using the latest small business inventory management software will save your company millions of dollars each year.
An efficient order management system also increases customer satisfaction, meaning additional repeat buyers and customer referrals.
Why Implement Sales Training?
Sales training is vital for developing the skills of your sales team members. Consistent and standardized training ensures that each team member learns to use the same proven methods and tactics.
Interactive sales training sessions provide valuable insight into the tools your team requires to be more efficient. It's an opportunity to discuss a CRM platform that's not working for your sales team. Team members could offer ideas on technology improvements that will benefit operations.
Sales training makes your team more efficient by keeping everyone updated on the latest information. You can discuss new consumer trends, metrics from your competition, and product updates.
Create an Environment for Success
Getting the most from your sales team means creating the appropriate environment for your team to succeed. Invest in the latest inventory management software. Establish clearly defined sales territories. Keep in mind realistic expectations for each member of the sales team.
A good sales manager knows how to guide their team through difficult situations and lead them in achieving their sales goals.
5 Tips to Increase Wholesale Sales in Q2
1- Learn from the past.
Review how your company's Q2 finances have played out in past years. Create objectives that will make this year's Q2 better.
Study your plan for the current year and see how it has fared in Q1. Make any necessary adjustments or pivots that will help your company boost sales in Q2.
2- Offer special wholesale deals.
One of the best tips to increase wholesale sales in Q2 is to offer special deals to retailers. B2B purchasers are more likely to buy when they see that they're getting a good deal on a large and expensive order.
Offering discounts and special pricing is an effective way to move your products easily and quickly. You can offer quantity-based discounts to B2B purchasers. It means the more merchandise they order, the more savings they receive.
It's a great way to encourage your customers to make large bulk purchases.
3- Evaluate new technology implemented in Q1.
You might have shopped for and implemented new technology that started operation in Q1. It could include improvements to your supply chain, a new SKU inventory management system, or better demand predictions.
Assess whether these changes are improvements and worth continuing into Q2 and the rest of the year.
Q2 is a great time to evaluate the success of the sales forecast. You can also make adjustments to get it back on track heading into the second half of the year.
4- Monitor whether your delivery times are competitive.
Q2 is when you should think about holiday staffing and delivery efficiency later in the year. Warehouses receive a large volume of orders each holiday season.
Prepare so you won't have to worry about shipping and delivery delays in Q4. Delivery times are one of the most vital metrics for holiday purchases made by customers. Many customers expect free shipping and their package to arrive in a few days.
Consider digitally-focused distribution centers to help meet increasing customer demands for timely fulfillment.
Recently, construction companies have built warehouses with courier optimization and robot staffing. These warehouses better serve the e-commerce market as a result of their technology.
5- Compare sales across channels and platforms.
Q2 is the perfect time to examine sales across different channels and platforms.
Check for any KPIs that need re-evaluation and optimize your sales platforms. It can provide information for your warehouse optimization strategies.
Your sales strategy should offer clear insight into what's succeeding and failing. It should also provide you with ideas for actions.
Increase Wholesale Sales in Q2
This year, increase your wholesale sales in Q2 by learning from past mistakes, planning, and making decisions to pivot when something isn't working effectively.
It's easy for many businesses to conduct business as usual in Q2. Thinking proactively and monitoring your sales strategy should help you avoid any potential sales problems in Q2.