However, forming a wholesale marketing strategy is easier said than done. Whether you’re just getting started tapping into the wholesale sector, if you’re looking to grow and scale an already-established wholesale side to your business, or even if you’re repositioning your business to B2B from a B2C model, this short guide is here to help you.
With the following tips, you’ll be able to create an effective wholesale marketing strategy that works for your business. In turn, you can expect to see improved brand awareness, higher-quality leads and improved conversions. So let’s review nine proven tactics and best practices for giving your wholesale business a valuable boost and increasing sales revenue.
9 Wholesale Strategy Tips for B2B Businesses
If you want to sell products to retailers and vendors in the hopes of growing your brand, wholesale strategies can work in your favour. If you’re selling larger quantities of products at lower prices than the values you’d sell directly to consumers, you’ll need to approach a wholesale marketing tactic differently than, say, a standard B2C eCommerce strategy. As your buyers will be selling your products to its customers through its brick-and-mortar retail store or an online sales channel, you must get out of the mindset of thinking like an end user.
1. Understand Your Target Audience
The first step is deciding on whom you are marketing and selling to. As a wholesaler, you must determine whether your products are suitable for retailers, vendors, hospitality businesses, or speciality stores and whether they make sense for your business and your image.
Whether you are selling sophisticated machinery for manufacturing firms, SaaS for warehouses, or artisan goods for independent bakeries, you need to understand your market.
Then you must research which customers need a reliable and secure bulk supplier for resale. Build detailed personas based on in-depth market research so you can fine-tune your messaging and outreach accordingly.
2. Establish Clear Sales Goals and Budget
Before launching your marketing campaigns, set specific revenue and lead generation goals. Creating monthly or quarterly sales projections can help you understand the approximate number of units your business needs to sell. Quantify how many new wholesale customer accounts you could feasibly acquire based on your current workload and timescales. What profit margins would you need to realistically maintain to be in a cash flow-positive situation?
You’ll need to allocate an appropriate budget for your day-to-day operations as well as other marketing activities, whether that’s trade shows, sales representatives, external contractors or printed collateral, advertisements, or even showrooms. Wholesale marketing requires realistic, consistent investment to drive growth. It is also important to establish trust and communicate that your supply chain is secure. A high level of transparency is valued by customers and can help to cement your solid marketing strategy.
3. Attend Industry Trade Shows and Exhibitions
Trade shows, expos and summits provide a prime opportunity to connect with many prospective customers, referral partners and suppliers in one place. Industry shows allow you to raise awareness and generate high-quality wholesale leads, provided of course that you attend or exhibit at one that aligns closely with your target market and product supply chain.
If you can create an eye-catching display with your products exquisitely on show, with helpful staff on hand to answer questions and build relationships, your brand will be one of the talking points of the event.
Come prepared with plenty of sales materials, free samples, pricing information, fulfilment details, business cards, and customer testimonials to hand. Make sure you collect plenty of business cards and contact info from passers-by and follow up swiftly with prospects of interest after the event.
4. Network, Pitch and Outreach
As a startup wholesaler, you will need to reach out to plenty of potential buyers and resellers of your products, as many will not know of your brand. Survey your network for connections and peruse LinkedIn for specific people who may have mutual contacts. Interacting with your prospects’ public social media channels may be an option if their websites do not list specific contact information.
It is important to get your pitch right to ensure you negotiate the best deal for your business. Research the most effective ways to present your business requirements in the best light before planning a delivering a pitch to engage with the right customer base and broker the most lucrative deal for your business.
Word-of-mouth is still one of the most powerful methods for finding new wholesale customers. Ask your current retailers if they can refer any contacts that might also be interested in doing business together. Satisfied customers that are seeing sales success because of your products will often be happy to make introductions. You could even offer referral incentives for their trouble.
5. Nurture Your Existing Wholesale Accounts
While you should rightfully dedicate time to acquiring new customers, you cannot forget to nurture your current ones and maximise their lifetime value. There’s an old adage that suggests 80% of your profits come from 20% of your customers, known informally as the Pareto Principle.
Checking in regularly with your existing wholesale accounts - and offering discounts or promotions from time to time - will help to keep the relationship solid, and that will be enhanced if you can address and resolve issues quickly and ensure they have enough stock.
6. Optimise Shipping and Delivery Processes
Order fulfilment, billing and shipping processes can largely be automated now, but the process is only successful if it works. Evaluate your warehousing and logistics operations to minimise delays or errors, and be transparent about lead times.
Consider ways in which your checkout processes and discount applications can be made easier, and what software solutions you can integrate that make order management fast and efficient. Optimising your shipping and delivering processes can help your business to drive your sustainability efforts allowing you to track and monitor your supplies and prevent waste.
Don’t make your customers wait longer than they have to. If you can solidify consistent lead times and delivery schedules, more retailers will be inclined to buy from you with confidence.
7. Get Listed in Relevant Wholesale Directories
Paid directories and wholesale marketplaces - like eSources - can be an excellent way to connect with more wholesale buyers looking for new suppliers, and get your brand in front of prospects you didn’t know existed.
Create a detailed company profile highlighting your offerings, location(s), capabilities, and reputation in the industry. Be actively involved in forum discussions and update your listings regularly for maximum exposure and brand awareness.
8. Prioritise Digital Marketing and Your Website
Even if you aren’t selling products directly to consumers, your website needs to be a professional representation of your business. Creating a fast-loading, secure, SEO-friendly and mobile-optimised site will go a long way in solidifying your reputation and helping to grow your sales reach in a niche market. An optimised site and targeted campaign works particularly well if users can browse your product pages and be met with engaging, relevant information, high-quality images and contact details.
Your website is often the first touchpoint for potential buyers - who will often research companies before committing to a purchase - so ensure it communicates your strengths as a wholesale partner.
Beyond your website, advertise on industry forums, leverage targeted social media advertisements, create video content, and optimise for local SEO visibility in your area. Wholesalers who can embrace multiple marketing channels can reap the benefits.
9. Create a Wholesaler Loyalty Scheme
A loyalty scheme incentivises retailers to keep purchasing from your wholesale business. Satisfied wholesale customers can become your most powerful brand advocates and help you gain more accounts.
Offer rewards like discounts, free products or shipping on their next order, or access to special sales for reaching certain order volumes or thresholds. You could even offer ongoing incentives like commissions on every order you receive from a wholesale account that your customer referred to you.
Gamification keeps existing customers engaged while encouraging higher purchase frequency and order sizes over time. Just be sure your programme aligns with profit margins.
Wholesale marketing involves a strategic approach to building long-term relationships and meeting the needs of different retailers and trade customers.
Using the wholesale strategies above will help you gain market share and nurture customer relationships while achieving your business goals.
What other proven wholesale marketing tips would you recommend? Let us know!
