Selling your products at wholesale prices to other retailers can be a great way to increase your average sale price, get more volume, and of course, more repeat customers. Because, when other retailers love your products and they sell, they'll be back for more. And remember, it is WAY easier and cheaper to get repeat customers than it is to try and get new customers.
So, you want to sell to more wholesale customers but, how can you get those accounts? Here are a few ideas to help get your store and products in front of more eyes:
A hot question we always get asked how to price your wholesale products. Remember, set minimum order threshold to get wholesale pricing ($150 - $200 is a good place to start).
Sell in case quantities so that you can batch work saving on labor costs. This is where the savings comes in when it comes to wholesale. With that said, a typical discount for wholesale products is 30% - 50% off retail.
Keep in mind many retailers will come back as repeat customers and offering this discount allows for them to ensure they are making a profit as well.
If you do not have an in-depth, planned marketing strategy for wholesale accounts, now is the time to jot one down. Even just some ideas to start.
Think about creating an email campaign specifically tailored to wholesale accounts. What kind of valuable information or deals can you give them.
Ask for their feedback and create referral programs just for wholesalers. Any or all of the following can be worked into your marketing strategy.
Marketplaces such as Faire, Abound, Tundra, Supplied are all tailored to retailers looking to purchase from wholesalers like you. And believe me, they have a good audience.
Take your time when setting your stores up and make your brand SHINE. Tell your story, use your branding, utilize photos and even videos to show off your products.
Remember to stick with your branding through the entire setup of your store.
YOUR CURRENT CUSTOMER BASE
Do any of your current customers have businesses? Take an export from whatever platform you currently use and see if any one has anything listed in "company name".
If they do, execute some good research and see if their company could benefit from any of the products within your niche. Then, reach out to them with 3-5 product suggestions.
Make mockups especially for them if you have to. It's the going above and beyond to really make your pitch feel tailored that will make you stand out.
And don't be afraid to reach out more than once if you feel it will be a really great fit.
Ok - so, not really cold calling but doing your own research on stores that could benefit from carrying your products.
Follow them in social media, comment, like, and share their content. Tag them in your stories.
After a few times of doing that, reach out to them and ask if they'd have an interest in purchasing your products at wholesale.
If you offer drop-shipping, you could offer to dropship on their behalf as well. (We will talk about drop-shipping in more depth soon)
SENDING FREE SAMPLES
You know damn well that every one loves free shit. Work this into your marketing budget (and psst...if you don't have a marketing budget, it may be time to start thinking about a small budget and have money automatically transferred to your marketing account as you get sales)
Pick a few of your favorite stores or boutiques a month and put together a box just for them of free items.
Make it look nice, make the unpackaging and experience and MAKE SURE TO PUT YOUR CONTACT INFO IN THERE.
A QR code to your wholesale site or email list signup would be perfect!
Setting up a referral program with special perks for wholesale accounts can make them feel like they are getting a deal and, at the end of the day, we all want a good deal, right?
Things like, refer another store and get $50 off your next order over $200.
Sure, it's a hit on the back-end up front but, think about how many stores would be EVEN MORE willing to share you because 1. they love your products and 2. they have incentive to share your store
If you have good design skills, you can give wholesale accounts the opportunity to design and make EXCLUSIVE products just for them (of course with a fee).
This will help you build a great partnership and they will have exclusive products their customers can not get anywhere else.
Just make sure you stay true to keeping it exclusive.
The last thing you want to do is ruin relationships and reputations because you wanted to offer a product that you promised would be exclusive.
Going above and beyond in your customer service skills is important in all aspects of business but, especially with your wholesale accounts.
Just like you, other business owners are short on time so, if they have a question about a product, they want an answer quick.
Treat every single wholesale account like they spend 100K with you a year.
For some accounts, we give our cell phone numbers or, have the email forwarded to an URGENT account that is setup on my phone (sidenote: for boundaries sake, I do not keep standard email accounts installed on my personal phone)
Just like with any thing else, this will take some effort up front but, going above and beyond to make sure you're organized, put together, and offer personalized experiences will make you stand out from the crowd and believe me, word gets around when there's a new awesome wholesaler in town!