Top Five Common Sale Errors Made By Wholesale Suppliers
Sales are like fuel for the engine of a wholesale business
. Since bulk deals are involved in wholesale trading, losing even a single sale due to errors in selling process can cause loss of thousands of pounds. Because of the tough competition in the UK wholesale industry, losing money may be a small issue as sales errors also lead to bad reputation in the market that can shatter the confidence and trust of your existing clientele.Every one of us makes mistakes but some mistakes in life are too big to be ignored. In a wholesale business, such mistake in selling process cannot be ignored. Many wholesale suppliers make mistakes but the worst part is that they dont learn from them and keep on repeating these mistakes. Here, I am highlighting top five common selling errors made by wholesale suppliers.
Extra Reliance on Internet
With the growing popularity of internet, most of the wholesale suppliers are setting up their online presence and relying too much on online sales. This overreliance is too risky because Google is not anybodys friend. Search Engines do not take long to smack you down by changing their ranking criteria. Many wholesale suppliers, who once lose their rankings on a search engine, have to work twice as hard to regain and retain their websites ranks before they can even think of making a single sale.
Inability to Anticipate Sales
Many wholesale suppliers neglect the importance of anticipating sales potential of their Wholesale Products while its in the development stage. Conducting market research to identify the response of a new product before placing its bulk order with the manufacturer is a key element of the selling process. Poor anticipating of product quantity and the price prospect buyers are willing to pay for it leads to overproduction.
Hunting Big Clients Only
Many suppliers believe that since they are in wholesale trade, they should only hunt customers with big names and companies that have huge money to invest. This is wrong because selling to large companies is often a hectic and time-consuming process. Their order finalization and payment process of big companies is often slow, which badly affects the cash conversion cycle of a supplier. Dealing with several small clients along with a few big ones helps maintain a healthy cash flow.
Too Quick At Asking for Referrals
After closing first sale, most of the wholesale suppliers think their client can refer more buyers to them. When suppliers feel this way, they dont hesitate in asking them about the potential buyers who would be interested in their wholesale products. This is a wrong approach for selling products because the first time buyer would be unaware of your product quality. A person, who has not even used your product, is likely to refer wrong clients to you, which will definitely results in the wastage of time, money and efforts.
Not Listening to Prospects Buyers
Most of the sale representatives forget that selling is a passive activity, which requires listening to and concentrating on demands of the buyer. While dealing with clients, newbie wholesalers get so excited and nervous that they either begin with an unprofessional cold call or give their sale pitch before required. It takes weeks or sometimes months to develop a sound business relationship. Unprofessional behavior often irritates customers. At this point, suppliers should simply listen to the customers with attention.
Avoiding these errors would certainly help wholesale suppliers score more sales, which are highly rewarding, in terms of both revenue and recognition.
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