How to Promote Wholesale Business in 2021?
2020 has changed many things, and the business structure is one of them. In case you feel invisible in the market and looking for ways to promote your business, you are on the right track. In this blog, we are going to discuss some marketing strategies and promotional activities to boost your wholesale business in 2021.
Are you ready to explore? Let’s dive in.
Check Fuel Tank
Before we begin our journey, you need to evaluate your business. It’s just as important as running a diagnostic tool. Before any promotional activity, you need to know your target audience. You are not a retailer who can offer products and services to everyone. As a wholesaler, your audience is usually the retailer in your area of work.
Many wholesale businesses follow one another. If any promotional strategy is working for another business, it does not mean that it will work for you. Your business needs are different. Follow your business model, not the other way around.
Tips to Promote Wholesale Business in 2021
The primary job of some wholesalers is to find customers. This usually happens when a wholesaler works as an agent for the supplier. Sometimes wholesalers aggressively look for the customers. This includes personal selling, direct marketing, sales promotion, publicity, and advertising.
- Create Awareness
The primary goal of a promotion activity is to create awareness and introduce your wholesale business or products in the market. Remember, the easiest way to reach retailers is your presence in the market. Use billboards, business journals, and brochures to ensure your presence.
35% of the retailers stated they use business directories and magazines to find their suppliers. This shows that many of your potential customers use the business index to hunt for the best Suppliers. You being active in the market will create awareness for them.
- Special Offers and Incentives
With a wholesale discount on the purchase of specific units, you can offer incentives to retailers. This not only encourages them to buy in large amounts but also works as WOM (word of mouth) marketing.
B2B is all about the relationship between wholesalers and retailers. To strengthen this relation, you can offer incentives to your old customers. You can start a referral program to promote your business by using your existing customers.
As per a statement issued by Thorn Apple Valley, their sales increased by 22% after they incentivized meat business managers. Using retail outlets workers is another way to promote your business.
- Smooth Order Process
Merging order, payment, and delivery processes in a single system not only makes it easier for retailers to process orders but also helps to handle the entire process. As a wholesale business, it is easy to monitor the delivery process in a single application.
Ensure the best delivery experience for your customers. Your punctuality and order delivery techniques mostly serve as your marketing strategy. 67% of retailers said they recommended their suppliers to their friends based on their delivery experience.
- Build a Healthy Relation
To win the trust of your retailers, you need to establish a profitable business relationship. This is a two-way process. When they make business deals, they expect some benefits out of it. Make recommendations. Suggest them in trend products. You can conduct webinars, write blogs, or send emails to make them understand the market shifts. This builds a trustworthy and loyal relationship between you and your customers.
You can even suggest the number of units they required. This way you can increase your sales and reach other customers through your old ones.
- Limited-Time Offers
Use the buyer’s psyche in favor of your business. When you give them a limited time for special discounts and offers, it makes them eager to buy as soon as possible. Use their desire for discounts and free items. Many wholesalers use this promotional technique to prevent dead stock.
Encourage your customers to buy in large quantities. Make an offer they can’t ignore. Offer unbeatable prices. Remember, you are doing this to increase your sales. Whatever price you offer them should not be less than the cost of your product.
- Wholesale Platforms
Your presence on the online wholesale platform increases your business opportunities. Many digital wholesale markets allow you to use their platform without a registration fee. This way you not only showcase your product but also market your business.
These wholesale markets connect you directly to other businesses. You do not need to generate the audience you can use their existing audiences.
Good Luck with Your Promotion
Promoting your wholesale business is not that hard especially in 2021 where the world is going online entirely. With a proper plan and strategy, you can reap many benefits from the above points.
In case you are using innovative and effective promotional techniques to boost your wholesale business, we would love to hear from you. Share in the comments box.