By Audrey Isaac, 100Candles.com
When your business is running efficiently, your marketing and pricing are just right, and your team is top-notch – so, what’s next? What options do you have for increasing revenue and pushing your bottom line to the next level? It’s time to build profitable wholesale relationships.
The Secret to Successful Wholesale Relationships
The best wholesale relationships meet a need that your clients frequently have, but that would otherwise require another stop or another contract. The convenience of buying a product directly through you is an added value to your couple, and an extra stream of income for your business. It is mutually beneficial and a natural extension of what you have already built.
Begin with Research
Carefully evaluate your clients’ needs to determine what wholesale product will best fit your business. What do practically all of your weddings have in common? Is it votive candles at every place setting, or something like escort cards or programs? When you are able to address that need in-house, you offer your couples added convenience, fewer transactions, and a little less stress during their planning process. You offer a form of instant gratification that is highly satisfying to today’s to-be-weds.
Locate Your Wholesale Match
Once you’ve identified the product lines that you wish to add to your business model, reach out to various wholesalers and find out what they can offer you. Ask colleagues for referrals to reputable companies, and do your due diligence exploring their backgrounds for any service issues or concerns. You will need to complete some paperwork and establish terms for your relationship. Take your time and review the agreements completely. A wholesale relationship is only healthy if it makes you money – if you lose money trying to maintain minimum orders, a large inventory or overhead, or by satisfying other requirements of the contract, your business will suffer.
Why Choose a Wholesaler Over a Brick-and-Mortar Supplier?
When you shop at a brick-and-mortar store, you pay retail, which increases your cost to the client and decreases your margin for profit. A wholesale relationship can reduce your costs substantially allowing you to increase your profits while your customer enjoys unprecedented convenience and smooth service.
And don’t underestimate the importance of really building a relationship with your wholesale representative. He or she can give you great tips on successfully incorporating products into your sales presentations and promotional efforts, and can even save the day when you have last-minute orders or unusual requests. Get to know your salesperson and watch how you both enjoy your mutual success.
If you are trying to find ways to increase your bottom line, there is no better way to earn additional profits than by adding value to your customer experience. Explore your wholesale options now and rest assured that new levels of success are just around the corner!
Audrey Isaac is the spokesperson of 100 Candles, a wholesale market for candles and lights. Since 2002, thousands of wedding and event professionals have entrusted 100 Candles with their wholesale candle accounts. For more information, please visit https://www.100candles.com/.
