TOP 5 tips for suppliers: how to ensure sales growth for their products
For any company, regardless of which niche it works in, the most important task is to increase sales. In order not to be outsiders, business owners often take drastic measures to quickly achieve the desired performance at any cost. A sharp increase or decrease in product prices will not lead to good results, and even vice versa, exacerbate the situation. Cheaper production is also not an option, it will invariably affect the quality of products.
Next we will consider 5 practical ways that will help vendors develop the right business management strategy to increase revenue growth.
No.1. Increase Product Value
If you are a manufacturer of a product, then the increase in the value of your products will positively affect sales. A good option is to change the appearance of the package, make its design stylish and “expensive”, use high-quality materials. Such a product will immediately attract attention, will change its perception. For the buyer it will become more “branded”, exclusive and, as a result, valuable.
An important point: it is necessary to focus not only on existing customers but on potential ones because it is at the expense of them that sales will grow. Of course, you’ll have to “get confused” because in production even the smallest changes cause difficulties. Nevertheless this method really works and if you plan to develop a company then it is worth using it.
No.2. Make the website selling
Despite the fact that e-commerce is now developing rapidly, some manufacturers and suppliers do not use their site for direct sales of products. As a result, a part of potential buyers is lost. It is important that the site is convenient and understandable for users, it is imperative that you have a complete description of the products with an indication of price.
But the question arises: will such a website directly from the supplier interfere with dealer sales? We answer: no.
- Firstly, you as a vendor can set prices on your site no lower than those of your retailers.
- Secondly, create a separate page with a list of websites in which your products are sold, and the buyer will be able to decide where it is more convenient for him to order the products, taking into account the distance for delivery.
No.3. Create loyal terms of cooperation
It happens that suppliers dictate harsh conditions for cooperation with retailers. For example, set a high threshold for receiving bonuses and discounts. Most often among them are vendors who supply an exclusive and expensive product that has no analogues, so they dictate their terms. But product uniqueness is often temporary. Competitors are not asleep and over time can lure your customers by offering more “soft” conditions for cooperation.
No.4. Use all channels to attract customers
Obvious fact: in order to increase sales companies need to use all possible sources of interaction with customers. But in practice, most vendors use only one or several sources. For example some use only the site, others use advertising in search engines, the third use offline exhibitions and presentations and the fourth use emailing. That is, they use only those methods that at one time gave a good result.
Use all available sources of communication with customers. If you have promos, discounts or product updates - tell potential buyers about it. Moreover, use all channels at once, expand the reach of your audience, this will invariably lead to an increase in sales.
No.5. Look for new customers
To ensure sales growth for your products focus on finding new customers. The “All Market” function from the professional service for monitoring Z-PRICE will help you in it.
In the system you can find new websites that sell the necessary group of products and offer them cooperation. You will need to profitably present your company, interest a potential customer by the presence of a discount system.
This option will greatly simplify the search for new dealers, as the program does this for you. This means that you can pay attention to the more important tasks of increasing the sales of your company.
As a result, we would like to highlight one more tip for vendors: never arrange sales of your products! This will lead only to instant and short-term benefits. At that time, it is much more important to focus on the long term.
Sale of products by providing ill-conceived discounts will alert your partners. From the outside it looks as if the company is “sinking” and it is dangerous to enter into long-term cooperation with it. As a result the opposite situation occurs: instead of attracting new customers and increasing sales growth, you lose the existing ones that brought the main income.
Of course, there are a number of recommendations for suppliers that will help increase revenue, but we tried to highlight the most effective of them. We hope you will put them into practice successfully!