Mastering The Art Of Wholesale Brand Success In The Global Economy

How to build a successful wholesale brand in the globalized economy: 

One can create a successful wholesale brand by keeping the focus on the consumers and targeting the right customers/stakeholders by providing them with good margins, incentives, and easy market penetration through promotions and endorsements. The wholesale customers should be properly chosen as per the target consumer’s market and their ability to increase the sales of the product.

Refer to the below image to understand how the 4Ps and 4Cs affect the market and profit margins.

Now to enter the global market, one must make sure the product is generic and easily acceptable, understandable, and easy to use. One should take the help of social media influencers to rate the products and provide their review along with endorsements is the cherry on the cake.

Take an example of re-usable straw which is a product of the ‘Green Straw’ company. Here one can target school students, NGOs, and nature activists by creating a sustainable brand with a long and quality life message/tagline associated with it as it is everyone's responsibility to save our environment, for which all the resources need to be used properly and wisely.

The importance of global supply chain management for wholesale brands:

It is very difficult and also time-consuming for a company to penetrate global markets due to differences in culture, language, and lifestyle and understand consumers. So, it is better to create a global supply chain by partnering with local wholesalers and letting them deal with the final consumers in which they are specialized and the company should focus on their product, revenue, and market.

The company can change the wholesale partner as per their market needs and qualifications but if they directly deal with the consumers then the chances of failure are higher in many terms.

So, here companies can create a wholesale partner globally and create healthy competition among them to reach the targets and also learn from many of them on how they complete the targets which sets an example for others. All these wholesale partners are managed by the company where they get to know more about the current trends, consumer requirements, and feedback.

How to develop innovative products that meet the needs of your target market:

One can develop four things to make innovative products -

1) Reduce time to complete the task

2) Increase durability

3) Improve productivity

4) Low-cost/low price 

While maintaining the quality of the product if one focuses on the mentioned above points then one can successfully build an innovative product without a doubt. These are the basic innovative parameters but along with this, it is very important to focus and understand the requirements of our target consumers. Innovations can be built after listening to the consumer's feedback and working on it.

Innovation is the path to growth and success, so to sustain in any market one must be creative and innovative towards the way of working and product design.

How to use e-commerce as a wholesale business to reach new businesses and grow your business.

Earlier e-commerce was only used to directly connect with consumers but now we have many different platforms in place where B2B business can also be performed like Amazon business, Udaan, Walmart, and many more. Many of these platforms are global ones and can easily help companies to reach to global market where they manage the global supply chain by themself. So it is very easy for companies to enter the global market by partnering or taking a subscription to these platforms.

How to build a strong brand identity and attract brands/ buyers

The basic thumb rule of building a brand is ‘engagement’, the initial effort should be on targeted customer engagement then when they are engaged with us it is the stakeholders' duty to provide consumers with satisfactory and valued experiences through their products/services with high quality and the right quantity.

This creates satisfactory feedback from customers which makes them feel good to use that product again, when the user starts using the product/service multiple times there comes the term ‘loyalty’. Loyalty is an asset for the company as they earn the customer for every money they spend on their requirements.

Once the brand is built and loyal customers are on board they create word of mouth among buyers and with no time company starts seeing a spike in sales and association of new consumers with their brand.

The brand is always about stories, when consumers get associated with that story then they also become a storyteller which creates a brand buzz in the market. If the same this happens globally then the brand becomes a global brand. The brand comes with trust and quality.

How to create effective marketing campaigns that drive sales for wholesale business 

There is a vast difference between retail and wholesale business marketing as in wholesale business we focus on partnering with stakeholders, providing margins for distributors, and incentives for the sales team. Quarterly awards for the best-performing teams or regions so that it becomes learning for others from the winning teams and inspiration for others. 

Following are the effective marketing campaigns one use to drive sales:

1. Referral incentives.

2. Participate in trade shows.

3. Add your company to industrial directories.

4. Develop a social media presence

5. Set up a website. 

6. Add merchandise to customer outlets.

7. Visit companies in person.

8. Use email communication.

9. Print ads in an industry publication

10. Offer periodic schemes

11. Participate in wholesale drop shipping

How to close deals and grow your wholesale business

If the wholesale partners and other stakeholders are as per the eligibility and dedicatedly working with the brand/ company then one can see a more number of close deals from the market and see the business growing.

There are some duties that companies should take care of to keep businesses profitable are the flow of information and communication between all the stakeholders and regular auditing of their business practices and feedback from customers and consumers by fully focusing and concentrating on product quality and quantities supplied in the market.