Developing the right growth strategy for wholesale business!

June 9, 2020

Success in business never comes accidently. It is rather a combination of practical ideas, vigilant planning and meticulous execution. Whatever your wholesale business niche is, the basic business practices remain the same. These business basics include collecting capital for business, introducing new products to customers and expanding your business.

A complete road map is required to implement these strategies and achieve the set goals.

A strategy defines what your business intends to deliver to your customers. It is not easy to devise a strategic plan through which we can attain all the set goals. I have compiled some points which will help you set a good strategy for your wholesale business.

As per current economic crises, no country is safe from its effects. Sales, as well as rates, of wholesale products are declining and so is the profit margin. Decreased profit means reduced or cheap production, consequently leading to downsizing and reduced wages. During such situations, suppliers prefer switching their business niche which is not as bad as entirely quitting.

Those who wish to stay in the same business and deal in the same niche, playing safe is the keyword. Complete analysis, market survey, product comparison and sales strategies are some of the points which need your attention to figure out the reasons behind such failure. Ask yourself:

• Where are you lacking?

• Does the customer-service need improvement?

• Are you giving the customers real value of their money?

• If focusing on just being a wholesale supplier providing low-priced products was the right decision?

Once you figure out where you primarily lack, you certainly will figure out to overcome those deficiencies and grab more customers for good. The first step in this regard could be to offer them more value for their money and later discussing and planning a joint ad campaign. After all, winning customers is everything that matters in retail and wholesale business.

What a customer can do the worst is to stop buying from you and once they do so, the worst is over. Instead of worrying on it, you should instead pursue them to give you the reasons why they wouldn t deal with you anymore. Pretend to be a retailer, jot down his concerns, imagine the worst case scenario, record the observation which you would find technically wrong” in your competitor s strategies and ask your customers to reply openly.

You can also arrange an informal meeting with your clients and invite their ideas about what sort of products and services they would like from you. It will help you figure out what they expect from your business and how closely can you deliver it to them. You will also find your strength and capacity and transform your business accordingly.

By this time, you would be in a position to figure out if you can win back your clients and keep them. Now it would be up to you to refine these suggestions and come up with your Big Idea”. It may include an improvisation as small as optimizing your website s homepage, changing the packing of wholesale products or ensuring timely delivery.

You may take these points on by one or fix them altogether. Whatever you do, just make sure to complete each task all the way and never lag behind in future.

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram