The 6 Things Every Wholesaler Does & How To Do Them Better Than Your Competitors.
Consider the following six factors:
Price, Quality Products, Customer Service, Inventory, Location, Customer Incentives
These are all valuable considerations of your customers when making purchases. Take a minute to mentally evaluate your strengths in these areas (and remember, if you don’t rank high on at least two you might be in trouble).
Now, if you’re a smaller wholesaler, you might have trouble competing on price, inventory, and customer incentives, but luckily you have great products, a knowledgeable staff, and a convenient location. The bad news, though, is that almost every wholesaler in the industry says that they have those as well. We want to help you stand out among the competition and improve your rank.
First, let’s consider some options for improvement in each category?
1. Price – You could lower prices, but that’ll cut into your margins. So, not gonna happen, right?
2. Quality Products – improving the quality of your products is often easier said than done. Building your reputation or developing new relationships with manufacturers takes time.
3. Customer Service – Even if you have happy customers, it's always good to consider how you could simplify the purchase process for your clients? (Hint: Phyxter can help with this)
4. Inventory – You likely carry a ton of stock, so optimizing your inventory can make life easier. A user-friendly inventory management system will help with this.
5. Location – the best way to differentiate here is to place yourself at the top of everyone’s contact list (we might be able to help with!) 😉
6. Customer Incentives – you’ve got coffee, you’re charming, you’ve got coffee…what else can you do? Well, we’ve done our research and guess what, customers are willing to pay a slightly higher price for products that offer loyalty points (like Phyxter Rewards).
So, three places where you can easily improve to help get more customers coming through the door: Customer Service, Location andCustomer Incentives
Let’s discuss how Phyxter can help you with each of these categories:
Do you like waiting in line? Me neither. Are you going to open multiple counters and have a person sit behind each of them? No, that’ll eat into your profit. So, what can you do?
Online Orders - Phyxter provides a free online ordering tool where customers can send you instant messages to find out specific part availability. If you have what they need, they can pay within our app using their credit card. Plus, when they arrive for pick up, you can already have their order packed and ready-to-go! How's that for customer service?
As we mentioned last week, some wholesalers have a visibility problem, so how can you ensure that your customers can find you when they search online? You can use Phyxter Wholesale.
Geo-location – With Phyxter Wholesale, if a contractor is searching for wholesalers and you’re the nearest one, you’ll be on top of their search list. We recommend creating a Google My Business to make sure you show up on Google Maps, but there’s no guarantee that you’ll be on the top of their list!
Consider this: At Starbucks, when you pay using their mobile app, you receive a certain amount of points for every purchase. At 125 points, you get a free drink. It’s 5 am, and you're en route to open your store. There is a Starbucks on your way to work, sure the coffee is $5, but if you buy that, the next one is free! You could drive 5 minutes in the opposite direction to find a Timmies. You might save $3 on coffee, but you’ve spent 10 minutes of valuable time, incurred additional fuel cost, and you’re definitely not getting the next cup of coffee for free. Now, how does this apply to your wholesale business? You can incentivize customers to buy from you by offering reward points!
Incentive Programs – With Phyxter, when a customer uses the pay-now feature, they can pay through their phone, skip the line, and they receive 1% of their purchase back in reward points. Essentially, your customers save time, they save money, and they get points! You’ll instantly become their favourite supplier.
Phyxter Rewards are entirely optional, but if you do choose to offer this customer incentive, we have a 5% transaction fee that covers your credit card processing fees, the 1% back in points, and a small 1.1% fee for us to market the program to all of the tradespeople in your area. You only ever pay when we help you make a sale, so it’s risk-free!
To recap, here is what Phyxter can do for you:
Phyxter is free to use and can help you stand out among the crowd as a supplier that’s on the cutting edge of technology and customer service! By adding in the Phyxter Rewards and in-app purchasing options, you’ll become an industry leader in customer experience, and you’ll have the most loyal customers in the market.
I hope you found this article useful. Have requests for future blog posts? A question? Just want to say hi? Comment below!