Want to kickstart your wholesale journey with a bang? Discover 9 essential changes for a stronger start and learn from my experience.
Hindsight is a powerful thing, isn’t it? It’s easy to see what could have been done better with the clarity of retrospect. If I could hit the rewind button and start my business from scratch, there are several things I’d approach differently.
Here are the top 5 changes I would make if I had the chance to do it all over again:
Post-Order Follow-Up with Retailers
This would be my number one change. It’s a simple yet game-changing practice that I didn’t fully embrace in the beginning. Nurturing relationships with retailers after their initial purchase is low-hanging fruit that I missed out on. Nowadays, I understand that maintaining a post-purchase connection not only strengthens relationships but can also provide valuable feedback. I’d recommend sending a follow-up email a few months after their last order, updating them on new products or sending a personalized postcard. This small gesture can significantly enhance retailer engagement and loyalty.
2. Broadening Outreach Beyond Faire
In the early days, my outreach strategy was almost entirely tied to Faire. I made the rookie mistake of treating new account outreach as their problem. The reality is, it's not. Constant outreach is a must. Retailers are constantly buying throughout the year, not just on Faire or during trade show season. If I were to start again, I’d expand my outreach strategy well beyond Faire. Regular communication through emails, social media, and even traditional mail would be key. By engaging with potential new retailers all year long, I’d ensure my brand remains top-of-mind and never misses out on an opportunity.
3. Building a Email List
Another missed opportunity was not nurturing my email list sooner. Establishing and nurturing subscriber base both on Faire and off should have been a top priority. A curated list of retailers provides a direct line to interested buyers, allowing me to share new releases, promotions, and valuable content. It’s an excellent way to stay top of mind and maintain engagement with retailers, ensuring they’re always in the loop about what’s new and exciting.
4. Use an Inventory Management System
My “look on the shelf and guess” approach to inventory wasn’t cutting it. As my sales channels expanded to Shopify, Etsy, and various sales reps, I often found myself running out of stock without realizing it, leading to frustrated customers and awkward apologies. Instead of relying on guesswork, I would have started with a simple inventory tracking system, even a basic Google Sheet, to keep tabs on stock levels and bestsellers. This would have helped me manage inventory better and prevent stockouts.
5. Documenting Systems
I wish I had documented all the processes from the get-go. I often thought, “I’ll remember how to do this,” only to find that I forgot the details later. Having comprehensive guides for everything from packaging and order fulfillment to handling common customer questions would have saved me time and stress. Plus, documented processes are invaluable when expanding your team, ensuring that everyone is on the same page.
6. Investing in Branding Early
Another thing I wish I had done earlier was invest in solid branding from the start. Establishing a strong brand identity early on helps create a memorable impression and sets you apart from competitors. I would have focused on developing a cohesive brand image, including a logo, color scheme, and messaging, to build brand recognition and trust.
7. Utilizing Data Analytics
Another key change would be the integration of data analytics from the beginning. By leveraging data to track customer behavior, sales trends, and marketing effectiveness, I could have made more informed decisions and optimized my strategies. Investing in analytics tools early on would have provided valuable insights and helped me fine-tune my approach.
8. Building Strategic Partnerships
Building strategic partnerships with complementary businesses could have accelerated growth and expanded my reach. Collaborating with brands that share a similar target audience but aren’t direct competitors can create mutually beneficial opportunities. I would have sought out these partnerships to enhance visibility and create added value for my customers.
9. Exploring Alternative Marketing Channels
Lastly, in addition to traditional marketing channels, exploring alternative avenues for promotion would have been beneficial. From influencer collaborations to podcast sponsorships and creative content marketing, diversifying marketing efforts can lead to new customer acquisition and brand awareness. I would have experimented with various channels earlier to find what works best for my wholesale business.
Reflecting on these changes, it's clear that every misstep and missed opportunity has been a valuable learning experience. By incorporating these strategies—like prioritizing post-order follow-ups, expanding outreach, and investing in branding—you can build a stronger foundation for your business from the start. It’s all about applying the lessons learned and continuously evolving to create a more effective and successful operation. So, take these insights to heart and start making those game-changing moves today. Here’s to turning hindsight into your secret weapon for future success!
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