There are two main approaches to selling

more wholesale products. One approach

is based on finding more customers

to buy your products, and the other

approach is based on selling more

products to your existing customers.




While both approaches can produce

positive results, I would like to

focus on the latter sales approach.




The reason why I would recommend

that you attempt to sell more

of your wholesale products

to your existing customers

is because they already have a

business relationship with you,

and therefore will be more

receptive to purchasing merchandise from you.




It definitely takes a lot more effort

to constantly search for new customers

than to sell more merchandise to

customers that are already buying from you.




When a new customer first discovers

your business they might not be

ready to make a purchase yet.

But a customer who is already shopping by

you, whether they are online or in your

physical location, is ready to buy.

And if a customer is already actively

buying by you they are indicating that

they are willing to transact business with you.




That is actually what the lifetime value of

a customer is referring to. It's the anticipated

value of all the purchases that the

customer will be making from you.




In other words, there is an associated

corresponding value to the purchasing

power of a satisfied customer.




And once you have a satisfied customer

you will have an easier time in

selling more of your merchandise

to him or her.




This does not mean that you should not

be looking for new customers, since it's

only natural that your existing customer

base will fluctuate based on various

factors. People might

decide to shop by your competitors,

their fashion tastes might change,

they can switch businesses, or

simply not have a need for your

products any longer.




So yes, you should always

be searching for new customers

because you need to replace

the sales that are lost due to

customer attrition. 




On the upside, your existing

customers already have a 

good relationship with you

and you know that they

are interested in the

merchandise that you

are retailing or wholesaling.




One of the reasons why your

current customers will be

willing to purchase more of your

products is because they are 

familiar with your wholesale merchandise,

they know that they can benefit

from them, and they enjoy

doing business with you.




I would like to show you

the mathematical potential

of this strategy.




Let's say on average you have

10 regular customers that shop

at your dress boutique

in a given week.




You might also have an occasional

new customer shop by you,

which is great, but for this

example let's focus on the

revenue potential of the customers

that shop regularly by you.




On average, those customers

spend 200.00 each by you.

That's a total of 2,000.00 of

sales per week, or 104,000.00

a year.




Now look what happens

if you can sell only 40.00 more worth of

merchandise on average to each of those customers.




Your weekly sales will now average

2,400, or 124,800.00 for the year.




That's an extra 20,800.00 of sales

just by getting each customer to

spend 40.00 more!




Now imagine what would

happen if you encouraged your

customers to spend an 80.00 a week.

Your annual sales would now be

145,600.00!




I can imagine what you might

be thinking.




Okay it sounds great, but how do

you actually encourage your

customers to purchase more merchandise

from you?




There are various honest and straightforward

approaches that you can use.




Tip#1

Offer an additional price discount on any

additional items that they purchase.

So if your customer is

purchasing a dress for 100.00

you can offer her an additional dress

for 95.00. While your profit margin

will be less on the second dress

you will still have increased your

profit on the overall transaction.




Tip#2

Increase the variety of merchandise

that you carry. If you

have a high end dress boutique

you might consider also

carrying costume jewelry,

designer shoes, fashion accessories,

and brand name clothing.




This way customers can purchase

additional items when visiting your

boutique.




Tip#3

Offer product bonuses based

on a larger quantity purchase.




For example, you can give 

your customers a complimentary

pair of fashionable earrings when

they purchase 3 or more dresses.




You should actually look

for closeout merchandise

which you will specifically

use as bonuses for your

customers.




If you have been to my New York

wholesale warehouse you

know that I always like to

give my customers bonus 

closeout items with their

purchases.




It helps them since they

now have items

that they can enjoy a

very high margin on (since they didn't 

have to pay for those items)

and it helps me develop

a long term business relationship

with my customers as well.




These tips can be implemented 

for both brick and mortar and online

stores. They can also be implemented

on the wholesale level as well.