How to Set up a Wholesale Business & Target Retailers
Are you a businessman who wants to make it big in the wholesale market?
In the current times when supermarkets and malls are gaining popularity, being a wholesaler is a huge challenge. Creating or choosing something worth buying keeping in mind your customer’s choices and preferences is every entrepreneur’s first challenge. That’s one on one interaction i.e. business to customer. However, when you have to target retailers that will put your product offerings to a cast pool of customers, that requires a good amount of market research, knowledge of wholesale buyers and the bargaining power.
So with the right approach, right strategy and a good plan, you can ace it for sure.
In this article, we will talk about 10 points that will drive your wholesale business and make you known among the retailers.
- Good Background Story
You need to stand out of the crowd on why choosing a particular product is beneficial over choosing other brands. You can opt for a humanitarian approach like if the customers go for a particular brand of product, a certain amount of money will be donated to the African families and famine affected areas.
- Smaller is Better
Rather than going for the big shots like Walmart or Target, go for the local small retailers. Business is all about establishing personal relationships especially with the owner. Once you find out their ways of buying products and display patterns etc. they can become your regular customer.
- Go Local
Targeting large retail outlets could result in long and tedious corporate processes. So pitch local and create a base in the local retail market. The wider the base, the better for your business.
- Then Gradually Move Ahead
Once you have created a good enough base in the local retail market, your business will be known all over. Then you can go ahead and pitch the big shot retail stores like Walmart and Target etc. The chances of you getting the business there will increase by folds.
- Enter Events & Shows
Trade fairs and trade shows can really help your business in the starting phase. However, it’s a costly affair, but opting to go to various trade shows could help your business with visibility in the market and can come out as a worthy investment.
- Engage in Networking
Once at the trade show booth, you can include random giveaways or discounts on various products that will make people stop by at your booth and help you engage in one on one conversation with them.
- TheSocial Media Power
Once the show has ended, post the pictures or activities on social media. Doing so will create a buzz and you can also create unique hashtags that will give your business a visibility to other retailers through social media.
- To the Point Approach
Once you have connected to a particular retailer, try to make it short and simple and to the point. Rather than beating around the bush, the retailers would be thankful if you come directly to the point.
- Include Statistics & Numbers
Rather than going for one-size-fits all marketing approach include customized sell sheet which will cover the buying requirements of all retail stores. Cover the value of stocking the shelves with your products and all of this quantity wise.
- Don’t get discouraged
Know that success doesn’t occur overnight. For every 50 stores you target, you might get response from just 1-2 stores but that shouldn’t discourage you. Keep hustling and target new stores and follow up existing stores to ensure maximum output.