Trade-In Tech
by on April 17, 2020
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Running a successful B2B distribution business will certainly keep you busy, but the rewards of running your own online business are worth the time you invest. There are at least 10 things you need to remember when you’re trying to run a successful B2B distribution business.

 

Get Your Inventory Under Control


One of the most challenging things about starting up a new online business or even continually managing one is the challenge of managing your inventory. You don’t want too many products in your inventory that isn’t going to sell. Likewise, you don’t want to run out of products that your customers will want. In order to prevent inventory problems from happening, you need to keep a spreadsheet of some sort to keep track of the number of items being sold and the number of items you still have in stock. You can keep your inventory updated with pen and paper, but it is better if you can use a spreadsheet computer program in order to manage your inventory. When one product is sold, go into your inventory spreadsheet program to update the quantity of that product to reflect the number that has been sold. Spreadsheet computer programs are typically very easy to work with, and they will save you time and maximize your profits in the long run.
 

Don’t Waste Time on Suppliers with High Return Rates


Try to find out from suppliers what their product return rates are typical. If you have a supplier you’re interested in dealing with that has a high return rate on their products, you don’t want to spend your time dealing with that supplier. You’ll quickly find out that every bit of time you have is valuable when you’re running your own business.
 

Invest in B2B E-Commerce Immediately


One of the major expenses in your business should be the investment in a web-based storefront that is of high quality. Make sure your e-commerce website is very clear to use and that you offer many payment options on your site. If you don’t know how to make your own e-commerce website, hire someone to make a site for you. You’ll also want to make sure that customers are able to access your website from their smartphones. Not all websites are smartphone-friendly, but you’ll want to make sure that potential customers can make purchases from their phones. Some people only have phones to make purchases with; keep in mind that potential customers may not own computers.
 

Keep Your Cash Flow Under Control


Do not spend loads of money on products that will never sell. If you know that a particular product in your inventory hasn’t been selling well, it will not be wise for you to keep investing in that product. Keep your cash reserves only for products that will sell well.
 

Set Up Territory Sales Positions


If your business expands beyond e-commerce sales into more on-location sales, you may want to hire individuals in certain parts of a region to sell your products. Good salespeople can be worth their salary many times over. Just make sure you do adequate background checks on any individuals you are looking to hire.
 

Take Pre-Orders as Much as You Can


One way to make sure you run a successful business is to make sure customers want the products that you are going to have in stock. You can do this by offering pre-orders of products on your website. Offering pre-orders can stoke interest in your products, and it also helps ensure that you’ll have enough products in stock to adequately meet customer demand. You’ll have a better idea of how many units of a particular item to order, and that will also help your business cash flow in the end.
 

Offer Sales and Advertise Them


Don’t be afraid to offer sales on certain products. If you are having trouble selling certain items, you may want to offer slight discounts on them in order to clear out your stock of such items quicker. Don’t forget to advertise your sales on your website. People can’t take advantage of sales if they don’t even know that they exist.
 

Place Ads on Social Media


Social media can be extremely beneficial when you are trying to run a successful B2B website. Most social media venues charge fees for running business advertisements on their websites, but the profit you generate from these ads in sales can be very beneficial to your business. Your ads have the potential to reach many customers from different parts of the world. If you can offer worldwide shipping on your products, all the better.
 

Offer Promotional Codes


You can send out emails to previous customers to advertise promotional code sales. By offering discounts on merchandise for returning customers, you will likely get a few additional sales. It is typical of businesses to run various promotional code sales at least monthly. You may also want to offer such promotional code offers to people who have registered at your website but who haven’t made a purchase on your website yet. This may entice such potential customers to become actual customers.
 

Follow Up with Your Customers


With any business, the most important people you need to focus on are your customers. Without happy customers, you have no functional business. You need to make sure your customers are pleased with the merchandise that they purchase from you. You can do this by simply sending your customers an email asking them if they’re happy with their purchase after they have received the item(s) they have purchased. Or, you can provide a link for a customer satisfaction survey in the email that you send to them. You can make this survey anonymous, or you can have them include their name so that you can do further follow up with them if there are any complaints. Take the time to read over the feedback that you receive from your customers, and try to improve your business as necessary to keep your customers returning to purchase more goods in the future.

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