In the world of wholesaling, sharks are known as sneaky, underhanded salespeople who will do anything to get a sale. The icky connotation of the word “shark” has turned off some wholesalers from using it in their business. However, this has not stopped savvy marketers from using the image of the shark to create a successful company. Shark Tank is a great example of using this image for marketing purposes. Let’s take a look at why that is and what you can learn from it when creating your wholesale business.
How can you be a wholesale shark?
If you want to be a wholesale shark, you have to have the right mindset and follow a few simple rules. When wholesaling, you are not just selling a product; you are providing service that goes along with the product. This means you must have a certain level of confidence in yourself and your product. Being a wholesaling shark means having the ability to create a sale in any situation. You can easily walk into a business meeting with a potential customer and close the deal. Confidence is the key to success in this line of work. You also have to follow a few rules. The first rule is to make sure that you are dealing with reputable and legitimate suppliers. This can be a challenge because there are a lot of shady wholesalers out there. They will promise you the world, but once you start working with them, you will realize they are all talk and no substance. The second rule is to do your research. If you are wholesaling a product, you have to know everything about it. You have to know what the demand is like, where the product is being sold, and who your competitors are. Research is the key to success in this industry.
4 Rules to be a wholesaling shark
First, you have to have a service-based product. This means you have to be able to offer your customers more than just the product. They need to also be receiving a service or information with the product. For example, you could be wholesaling software for bookkeeping. The product is the software and the service is the training that is included with the software. When people buy from you, they are getting the software and the training that comes with it. This will give them everything they need to properly use the software. Second, you have to offer a guarantee of satisfaction. This means that if a customer does not like the product, you have to be able to offer a full refund. You also have to be able to offer a full replacement if a customer misuses or damages the product in any way. Guarantees are very important in this line of work because some customers can be a little leery about buying a product online. Third, you have to have a low minimum or no minimum order. This is very important because you want to be able to sell single items to your customers. You do not want to have to sell in bulk. This allows you to sell your products to more customers. It also allows you to sell smaller items like software and e-books that may not bring in large amounts of sales. Fourth, you have to have a low or no restocking fee. This is very important because you are going to have a lot of customers who will be returning the product. Some people are just not going to be able to use the product, or it is not going to work for them. Others are not going to like the product and want to return it. You need to have a low restocking fee so these people are not out as much money.
Teach what you know and sell what you teach
Another thing you can do is teach what you know and sell what you teach. This is something that is more applicable to internet marketing. You can use different marketing strategies to promote your products. You can also use these strategies to build your email list and promote your products. Some wholesalers are able to make a lot of money by doing this. You have to make sure you are following the rules of a good internet marketer. You have to make sure that you are not violating any laws or terms of service. It is also important to teach what you know. You do not want to lie to your customers or be misleading. You have to be honest with the information that you are presenting.
