My Favorite Business & Sales Tips

Some of my best business and sales tips ….

TIP #1: Don’t be apprehensive about talking to store buyers:  they are just friends you haven’t met yet! Watch the video here!

TIP #2: Even with the wide acceptance of credit cards, some buyers still prefer Net 30 terms. Watch the video here!

TIP #3: Your wholesale price should be at least half of your retail price. If it is more than half, you may have a difficult time selling to gift shops. Watch the video here!

TIP #4: Fast and complete follow-through with orders, question and contacts from buyers is critical to increasing sales and credibility.
Watch the video here!

TIP #5: Watch your competition, but don’t be paralyzed by what they do or offer.

TIP #6: Having good sales materials that you can leave with buyers makes you look more professional and generates more orders after you leave.

TIP #7: Buyers are busy people.  Be considerate of their time!

TIP #8: Make it as easy as possible for buyers to order from you.  Offer website URL, toll-free phone number and email as ways to order.

TIP #9: Colorful packaging sells products.  Your product should stand out on the shelf from ten feet away.

TIP #10: High-quality color photos of your products are a must for your sales materials and website.

TIP #11: When showing a potential buyer your products, give it to them to touch and feel.

TIP #12: Putting products in a retail outlet on consignment devalues your products!  Save this option for Consignment Stores only.

TIP #13: COD shipments can be refused and the sender is stuck with paying for shipping both ways.

TIP #14: Making friends with a buyer goes a long way to increase sales.

TIP #15: Always address the sales process as if the sale had already been made.

TIP #16:  The customer (or buyer) is not always right, but it is best NOT to make them wrong — it doesn’t help you or your customer or your business!!

TIP #17:  When problems occur with an order or shipment, take immediate responsibility for the issue — even if the problem was not something you created.  Do your best to solve the problem as soon as possible!

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4 comments for “My Favorite Business & Sales Tips

  1. Mary Brown
    December 29, 2011 at 7:28 am

    I would like to know when retail stores/boutiques buy products. Do they buy all year round? Are there specific times/months of the year when they buy?
    Thank you!

  2. December 29, 2011 at 9:39 am

    Hi Mary,

    I have a post that address this question. Go to http://sellingtogiftshops.com/2011/03/03/defining-selling-seasons/.

    Best,

    Sandy
    “Gift Rep Sandy”

  3. Carla
    April 19, 2018 at 10:50 am

    From Favorite Sales Tips

    TIP #3: Your wholesale price should be at least half of your retail price. If it is more than half, you may have a difficult time selling to gift shops. What is your reasoning behind this tip/ why is more than a 50% discount difficult for gift shops?

  4. April 22, 2018 at 8:39 am

    Sorry, Carla, for the confusion! Let me see if I can explain this better!

    First, your wholesale price should never be a discount off your retail price. When determining your pricing structure, you start with your costs etc. to arrive at your wholesale price. The formula looks a bit like this:

    Cost of Good (includes raw materials & labor costs) X 2 = Wholesale Cost X 2-2.5 = Retail

    Determining your wholesale price by discounting your retail price does two things:
    1. Makes you look like an amateur to a potential buyer (because they will assume you do not know what you are doing)
    2. May cause you to lose money should you decide to wholesale

    So second, the retailer will be thrilled if the wholesale price, in reality, is less than 50% of what they can retail the item for in their store. But keep in mind, this is NOT a discount — this should be your standard wholesale price.

    And to plainly answer your question, if a retailer cannot at least double the wholesale price of a product, they cannot survive as a retail outlet. That ‘margin’ is what pays their rent, lights, employee expenses, taxes, insurance etc. etc. Most retailers I have worked with over the years will not buy a product unless they can, at the very least, double the price!

    Make sense?

    You may want to check out my free downloadable report to help explain pricing: https://meylah.com/SellingtoRetailers/pricing-your-products-for-the-wholesale-market

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