How To Maximise Your Sales Through Retail Stores
Whether you’re already wholesaling your products or planning to in the future, having a clear understanding of how to maximise these sales is important to ensure you’re able to achieve the benefits of the wholesale channel – that is, volume and scale.
The two obvious ways to generate more revenue through retailers are; Find new customers and get your existing customers spending more.
For long-term success, having loyal customers who purchase repeatedly is the easiest and most cost-efficient way to maximise your wholesale revenue as those customers are already familiar with your product and processes. It is always less costly to get your existing customers to buy more than it is to find new customers.
In saying that, for continual success and growth, a business can’t rely solely on it’s existing customers. Even if all your wholesale accounts were to double their spending on their next order, it’s unlikely you will be able to achieve this level of growth repeatedly (how much can your wholesale accounts spend?) and eventually you will see revenue growth stagger. For this reason, brands that wholesale should also be continually focused on acquiring new wholesale accounts.
Here are 2 actionable tips with examples for maximising your wholesale revenue:
1.Help your retailers sell more to their customers (Long term growth)
Successful retail stores are those that are able to manage their level of risk effectively. If your products have a great sell-through rate and profit margin this season, this lowers the retailer’s risk and will provide incentive for the retailer to invest more on subsequent orders. Some effective ways of supporting your retailer’s sales include:
- Contact your end customers to let them know where their closest retail store is located for brick and mortar. This can via email, mail, telephone etc.
- Include a Stockist page on your website driving traffic to your wholesale accounts.
- Feature specific retailers in your marketing via blogs and social media.
- Invest in point of sale marketing such as catalogues, flyers, banners etc that retailers can use to convert their customers.
- Offer exclusivity based on locality and limit online to key accounts.
- Create a mailing list for your wholesale accounts and use to provide fresh imagery and content throughout the season. Keep them updated with influencers and celebrities using your products, as well as best sellers and SOH in case they would like to top up.
2.Incentivise larger spends from existing customers (Immediate growth)
- Increase your product range (this could be achieved via new styles or more variants of existing styles)
- Provide a prize for a joint giveaway if $X spend is met
- Small discount if $X spend is met
- Guaranteed social media support if $X spend is met
- Free shipping if $X spend is met
- Providing free product for retailer to send to their brand reps and/or photography if $X spend is met
- Offer to buy back unsold stock at the end of the season if $X spend is met
- Offer credit accounts or payment plans if $X spend is met
Dominque Perri is the co-founder of Baby Dino. Born in Sydney 2012 by husband and wife duo Magnus and Dominique Perri, Baby Dino makes it easy and exciting for fashion-forward parents to style their kids 0-10 years in edgy threads that easily transition from playtime to naptime.
Check out the podcast I did with Dominique. We dive deep into – Shipping, tracking and customer service.
As the founder and CEO of Mums With Hustle, I have the best day job in the world: teaching entrepreneurs how to grow their beautiful businesses online. When I started the business, that was everything I wanted, but since then, it has grown into something much bigger. Now, I get my joy from helping women find their zones of genius within a community that truly celebrates their success. I truly believe that when women choose to band together, we can do anything - and if you feel the same, there’s a place in the MWH community for you.
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