By gaining an additional share of the market for your wholesale business you will be able to increase revenues and eliminate competition. The wholesale business is saturated with merchandise from established suppliers and jobbers who have come across a good closeout deal. The following tips can enable you to expand the size of the share of the market which you currently serve.
Identify which segment of the wholesale business is poised to grow. For instance, if you see that a new chain of children’s clothing stores is opening, you would want to focus on the children’s clothing market, since the new retail entrant is a sign of the growing demand for kid’s wear. The same is true when you see a new product hitting stores shelves, since it proves that there is a demand for that new product. Identify the trend and position yourself so that you can supply wholesale and closeout products that match this growing segment.
All your communications, both online and offline, should be used as a tool to market your closeout products. Everything from bill payments, catalogue mailings, and emails, should include a mention of your inventory.
Become a source of information for the wholesale trade. You can achieve this by writing articles and publishing an online newsletter featuring information that would be of interest to distributors and retailers. The more practical and insightful information that you share, the more your information will be read and referenced. This strategy works well since a buyer would prefer to deal with a vendor that is seen as an authority in the field.
Ask for referrals from resellers that purchase from you. While they might not want to give you the contact details of a competitor, because they wouldn’t want you to supply them, they will share with you the names and phone numbers of any relatives or friends who are also looking for wholesale merchandise to resell.