Are you looking for a way to make more money with your online store? If so, you may want to consider the world of wholesale marketing. Essentially, wholesale marketing is when you sell your products to other businesses, usually for resale purposes.
You can make new business connections, dramatically improve your sales, and create a brand new revenue stream for your business, all through wholesale marketing. It’s also possible to use this opportunity to find your way into new markets and get more consumers interested in your brand.
If you have a relatively small B2C storefront, you can see rapid growth by connecting to a well-known wholesale client. Imagine if one of the big box stores like Walmart started selling your goods. Now, think about how many of those customers would eventually make it back to your website for future orders.
As you can see, this type of marketing is an excellent way to grow your business from both a B2B and B2C marketing perspective. Today, we will give you some of your best advice to get more wholesale customers and grow your business.
Determine Your Pricing Plan
The one catch to selling products in bulk is you need to lower your prices so businesses will see a reason to stock up. If you’re offering one item at a flat rate of $20, the price for 100 or 1000 of those products needs to be dramatically lower to incentivize larger purchases.
You have to look at your finances, determine the cost of making each product, and figure out how much you can lower the price and still profit. So, if your $20 product costs $8 to create, you may want to reduce the wholesale price down to about $11. Ultimately, the choice is yours.
We suggest creating a tier system where wholesale customers can get a larger discount depending on the size of their order. You can use this strategy to encourage clients to buy in bulk to save money and increase their profit margin.
If you’re not sure what these customers are willing to pay, you can check competitor pricing or split test different promotions to your wholesale audience. It may take time to find your footing when working on your pricing structure, but it’s a crucial step in the wholesale marketing process.
Segment Your Wholesale Audience
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