- Why wholesale: business-to-business
- Where are you exhibiting, defining intention, and product
- Location is penultimate to product
- Offer a variety of price points and items: size, scope, & win/win
- Never leave the booth untended: buyers have a budget, space, & time parameters
Intention. Focus. Step forward with verve and consideration. But first, you might ask yourself, “Why do I wish to sell wholesale?” My answer is that business-to-business is fun and profitable. I targeted law firms, oil and gas firms, etc., when I owned a gallery for ten years. I did not expect people to walk off the streets in Houston and purchase art from Bering & James. The bulk of our gallery’s income was in the deeper product needs and broader services required of business-to-business clients.
Another aspect of business-to-business I admire is that it is less transactional. In other words, I could sell as an art and related services consultant while creating a long-term relationship. This approach allowed for a trail of sales. I have clients who have worked with my art business for right at twenty years. I make sure my stores “win.” I protect my stores. I work with a “stock and swap” model, so that stores can exchange stale inventory for credit.
If you have products that are easily manufactured in bulk, then selling to retail stores is an excellent avenue. I have also sold art to catalogs and big box stores over the years. I prefer to have fewer clients who purchased deeply and overtime.
Next, where do you wish to exhibit? Do you want to have your own showroom, a temporary space, or be a part of a rep group? All have advantages and disadvantages. I started with a rep group showroom in Dallas, as the cost was less than the other options, and therefore, the risk decreased. I then moved to temp spaces in Atlanta and High Point. Renting a space meant an upfront cost, and I owned the clients and the revenue stream. I did have a showroom for a couple of years. That did not work well for my business as I did not have a rep to work in the area, and the showroom saw slow traffic. Thus, I was paying a monthly rent with little return. Consider your product and where it might fit best. What marketing strategy and point of contact make the most sense? Also consider your personality, comfort level, and willingness to risk. My advice: start with a rep group and learn the business.
Location is key if you are going to consider a temporary space. Foot traffic leads to sales. The show at High Point might be busy, and you see few buyers in your area. That is no fun. Everyone else is on cloud nine, and you are being rained on with no umbrella. Before choosing a temporary space, visit the shows, talk with vendors, and make decisions with educated intention. Also, consider that the savviest locations with significant traffic are the most expensive.
Location is penultimate to product. In other words, what you are selling is the most essential factor in being successful in the wholesale game. Conduct market research. Visit shows and see what is selling and decide if your product has the moxie to attract clients. Be ready to pivot on a dime while staying true to your company’s product line. Clients will always share with you which of your items within the line works through their body language, what they say, what they do not say, and most of all, what they buy.
Once you get a few markets of experience, you will begin to realize that a variety of products and price points sell. Have something within your genre of products that is affordable to all. Be sure that you have a cohesive line that makes sense with a variety of product types. Sell small items in groups of six. You cannot be everything to every store but do continue to add products and pull products based on customer feedback. Most importantly, seek win/win relationships based on sales success.
Finally, show up to sell. Never, ever, ever leave your booth unattended. Wholesale is a game that requires undaunted, unabashed hustle. Be ever present. Buyers have limited time and limited budgets. They also have limited area in their showrooms and their catalogs. An empty exhibit space suggests you do not care. Clients do business with vendors that are on point because they can surmise that you will stand behind your product and ship them spectacular, special items. If you are the only person working the show, make friends with your neighbors. They will cover for you when you go to the bathroom. Stay vigilant, and you will find success in the wholesale markets. I did.
