Wholesale businesses like yours are particularly important to British small businesses – many couldn’t function without your services.
Their business is your business, so everyone needs to be healthy and profitable for them to keep spending with you. Here are 10 ways for you to grow your wholesale business, even during one of the quietest months of the year.
1. Make logistics as seamless as possible
Ordering, billing and delivery should be a super smooth process, because it has a knock-on effect on how your customers run their own businesses. If you can provide something essential at short notice, and your customers know they can rely on you, you’ll become their favourite supplier and their first recommendation.
2. Use discounts to move more stock
Business owners are shrewd about cost, so you need to be able to impress them with deals they can’t get anywhere else. Reducing prices can actually make you more money, particularly when you incentivise bulk orders with appealing discounts. The customer might have intended to buy a specific amount, but your offer made buying more even better value.
3. Automate and become more efficient
Technology can massively reduce how much you spend on labour and logistics. Stock handling, replenishment, and delivery is far more efficient when you have an online system that keeps track of it all for you.
4. Use data to make decisions
Once you’ve automated, you can monitor data and compare it month-on-month and year-on-year – last Christmas can give you an insight into what you need to do next Christmas. Data prevents businesses from repeating mistakes, and helps them make the most of the stock and equipment available.
5. Stay ahead of the rest of the industry
You need to provide up-and-coming or seasonal products just as your customers realise they need them. A more efficient order system certainly helps, but understanding what your customers are going to expect from you in the coming months is even more valuable.
6. Use your industry knowledge to make suggestions
As a wholesaler, you have insight into industries and what they provide that many others don’t. When appropriate, share your knowledge and use it to direct customers towards specific products at the right time. They’ll thank you for it and trust your future recommendations too.
7. Offer referral discounts
Customers will often recommend you anyway if they’re suitably impressed, but when they’ve got a financial incentive, they’re even keener to pass it on. If a customer can prove an existing customer recommended them, thank them both with a discount. This works particularly well locally and in close-knit industries where people talk.
8. Free gifts and free shipping
When someone’s shopping around for a new wholesaler, many things can influence their choice. A free gift or the promise of free shipping can be really powerful, and secures a first introduction to someone who could prove to be a very loyal customer in future.
9. Put time limits on your offers
Urgency sells because it encourages your customers to make a decision quickly so they don’t miss out. Products they’d usually give you a ‘maybe’ on might suddenly become a lot more appealing. This works particularly well in B2B – fear of a competitor accessing something they can’t is a very powerful emotion.
10. Refer your customers to the merchant cash advance
Referrals can pay off in lots of ways. If you recommend the Capify merchant cash advance to one of your customers (one who’s been in business for at least 12 months) and they commit, you could earn up to £2000 in revenue. You don’t have to spend anything and we provide all the marketing materials.
Find out more about Capify’s affiliate programme to see how it could benefit your wholesale business.