Many a business that is in wholesale and maybe retail too, is plodding along doing a nice trade. Things are working pretty smoothly and money is coming in every month. Some may be worrying about the economy or other issues that are not in their control, while ‘leaving money on the table’ in many areas they do control.
On a closer look though, it is clear that on the wholesale side, there is a fraction of the business being generated that the business could be selling. If you have some contracts with a few retailers and organisations now that’s evidence that you have a product that will sell.
If you’ve made those connections even without any good system in place – you can be sure that with good systems to approach, follow-through and service customers, you can add new sales channels and grow those numbers dramatically to increase your profit. One thing you can guarantee, is that without a process for developing your sales, you will only be playing at your business.
Build Your Process To Grow Your Sales Channels
Create a system to use to approach your target market and follow them up regularly and routinely, and a process for learning about what they want from a supplier so you can ensure you are meeting their expectation and delivering to a high standard. This is the key to developing more regular buyers and getting into markets that are hidden, and don’t necessarily come to you. You need to go to them.
We have in latest figures out this week the news that 61% of sales made are influenced by social media marketing. And for businesses using the internet for marketing have seen 58% increase in sales.
Yet we have retailers who have good products that don’t know how to present them in a way that makes them look attractive to customers and motivates them to buy. So these people who could and perhaps would … don’t share news about your business with their friends. And that is costing you sales.
Facebook For Business Is Not ‘Play’
The influence of peers – friends – of existing customers is where most growth can happen. So getting in front of those people is the way to expand your customer base and make more sales – for more profit. But that FB page you have that you update a couple of times a week with a special is not nearly enough.
So don’t be “happy” with what you’re doing on FB if you really don’t know what you are doing or why you are doing the things you do and don’t understand how this all works in the online environment and the connection with your business operation. This is too important to waste the chance to do it right and paddle along hoping for the best.
There are customers who would love to buy from you and yet they don’t know they can.
- They don’t know that you will deliver to them, they may not know from your name that you sell small orders for customers, or alternatively wholesale supply of large orders
- They do not know that you will sell them one treat for the dog or cater for a party of 50.
Everything that customers don’t know they could get from you is a sign of new profit that you are not making.
So what’s the solution?
First – ask yourself this fundamental and important question.
Do you want to grow the business?
Not everyone does.
But if you are not in growth – then you could be winding down. There is no standing still in business.
“Are you green and growing or ripe and rotting?” – Ray Krok – McDonalds
What you do now will be reflected in the profitability of your business today, and tomorrow – and even the ability to sell the business when you want to do something else – and the price you can get for it.
That’s got to be worthwhile to make as productive as you can.
Action This Week.
- Make a list of your regular high-value customers.
- Make another list of who you wish was on that first list!
- Write down what you want for the business in terms of growth,
- Write down How that growth can build the value of your business when you come to sell it, or turn it into a saleable business!
- How you can increase sales and value of your customers through increased and more frequent purchases and referrals
- How you can open new doors to sales opportunities with prime customers
- How you can use the internet to spread the message and boost the return you get on your regular advertising
- What you need do to make sure your business can be found online using mobile devices and tablets
These are basic ways that your business stays healthy and they are improvements that will not only help your business but should help you to achieve your goals in life outside the business, now and into the future.
Know what your objective is for the business. Identify markets you can approach to proactively seek out new business and sales. Ensure your systems support your effective delivery on your orders and your promises. Do what you need to do to showcase your products attractively and to make them visible in the marketplace.
And finally, now is the time to make that information that customers need to make a buying decision, available to them … and available for them to find your business online using their mobile phones and tablets.
The time for waiting is over.