Trade-In Tech
by on June 14, 2020
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If you want to start growing your wholesale electronics business, you'll want to get this company online right away. It's understandable to think that you need to be some type of technical genius to achieve this goal, which isn't true. You can begin watching your wholesale online business grow by following our great tips. Here are five awesome tips to help you grow your wholesale electronics business online.

 

Start By Tracking Everything

 

Before you delve too deep into these tips and strategies, you’ll want to have a system of tracking important aspects of your business. This means that you'll want to keep a close eye on:

 

- Email sign-ups

- Website visitors

- Social media metrics

- Sales history

 

By tracking everything, you'll have a much easier time understanding how your business compares to the competition. It's also a great way to measure the effectiveness of your company's future marketing campaigns. Let's take a closer look at how you can track the previously mentioned metrics.

 

You can track email sign-ups with the help of an email management service. Most companies utilize these types of services for help with creating emails, following applicable email marketing laws, and tracking important email-related metrics. Also, consider creating a place on your website for people to sign up for your company's email list. Make sure that the location of your email sign-up link is prominent so that no one accidentally misses it.

 

To keep track of website traffic, consider getting your information from Google. The main way most people track website statistics is by using Google Search Console. By using Google Search Console, you can learn about:

 

- Keywords your website is ranking for

- Number of impressions (how many times your website appears in searches)

- Number of clicks (how many people click Google’s links to your website)

- Click-through rate (the percentage of people who see your website and click)

 

There’s no denying the popularity and subsequent importance of social media for those in the wholesale electronics industry. Fortunately, you can learn where your company stands in the world of social media by harnessing the power of metric-tracking. This means keeping an eye on followers, likes, shares, and similar metrics.

 

You can also learn a lot about the public’s opinion of your wholesale business by utilizing social listening tools. Social listening tools scan the vast majority of social media to find and analyze how others feel about your business. Most of these types of tools offer features that allow you to instantly respond to mentions of your business.

 

To gain a closer look at your company's sales performance, several tools can solve your problem. According to Capterra, a popular software review website, a few of the most popular sales forecasting/tracking products include VanillaSoft, SalesLoft, and Winmo.

 

When it comes to tracking business information, there’s almost nothing that’s not worth keeping track of. So, how can you start doing this? If you’re looking for a cost-effective type of spreadsheet management software, consider checking out Airtable. This is great for keeping track of contacts, sales figures, and other important information.

 

If you’re looking for a more automated solution for tracking business information, you’ll want to learn more about CRM.

 

Use a CRM to Grow Your Wholesale Business Online

 

One of the most important tools any wholesale business can have is a CRM (Customer Relationship Management) system. This type of program or software helps by working to improve how a company manages relationships and interactions.

 

CRM software can help your wholesale company in many different ways. One benefit of CRM software is that it makes it easier for you to store and access contact information. Many types of CRM software also offer calendar and reminder systems to ensure you stay on top of your tasks and meetings. But, this only scratches the surface of what CRM software can do for your wholesale business.

 

The insights that CRM software provides allow you to understand what you’re doing well and what can be improved upon. By finding and utilizing these insights, you’ll have a gameplan for how to grow your wholesale business online. We highly suggest trying PipeDrive if you've never used a CRM before.

 

Test Small Budget On Paid Advertising

 

It's often said that: "It takes money to make money." This saying often proves to be true, especially in the world of online advertising. When it comes to getting results online, you have two main paths to take.

 

The first choice you'll have is to go for organic results, which is great, but it can take weeks and months to start seeing major results. The second choice is to utilize paid advertising. Paid advertising isn't as cost-effective as organic advertising. However, paid advertising also offers much faster results. This often makes paid advertising costs well worth it.

 

How Much is a Typical Paid Advertising Budget?

 

So, how much of your company should you spend on paid advertising? Unfortunately, it's difficult to give a set amount that works for every company. But, you can see what results you'll get from spending at least $20-40 per day on paid advertising. Several popular places to create, purchase, and advertise with paid ads include:

 

- Google

- Bing

- Facebook

- Instagram

- YouTube

 

The key to success with paid advertising is making sure you get a good ROI (Return on Investment), which means the amount you earn from paid advertising is more than what you're spending. With most types of paid advertising, you're spending money each time a visitor "interacts" with or clicks on your advertisement.

 

This rate is known as a CPC or cost-per-click rate, or how much you're willing to spend for each click a visitor makes. For example, if your CPC was set at $0.05, you will be spending five cents each time someone clicks on your paid advertisements.

 

Fortunately, paid advertisement websites typically let you set a limit on much you're willing to spend. This helps you avoid any worries that you might spend more than you intended on paid advertisements.

 

Make Order Recommendations (Upsell)

 

Another key element of growing a business is to practice upselling to your clients. Upselling is a business term that simply means to get your clients to purchase more than they intended to and it's something almost every company does. This type of selling strategy doesn't have to require being pushy or utilizing tactics you're uncomfortable with.

 

If you want to effectively upsell your clients, take a consultative approach to this. Instead of trying to push products and other types of add-ons, make recommendations. A recent HubSpot article noted that it's best to clearly offer how upsells benefit the clients you're trying to sell to. If not, it’s much harder to effectively upsell your clients.

 

You can also harness the power of social proof to help make your upsell strategy more convincing. Do you have data that supports how your wholesale company’s add-ons have helped clients? Use this data to show your clients that the same improvements could happen to their companies.

 

Always Respond Within 24 Hours

 

If you follow all of the tips here and on our blog, you should start noticing your wholesale electronics business grow. With that in mind, one of the most important business tips is to always be responsive to your clients.

 

First, make sure that you prominently list your company's contact information on every online platform you use. This should include your company's website, social media pages, business directories, and all other online locations. With this information in every location, it's much easier for people to contact your business.

 

Next, when you do receive a question or concern, make sure that you always respond within at least 24 hours. If you can respond faster, even better! Waiting too long to respond gives the impression that your business doesn't care.

 

You’ll also find that offering a fast response can set you miles ahead of your competitors. A recent Harvard Business Review study found that, out of 2,241 businesses in the United States, the average company took 42 hours to respond to their clients.

 

Conclusion

 

To summarize, there are many beneficial ways to start growing your online wholesale business. With that in mind, it’s also important to find the right platform to help you start and continue growing your online wholesale business. Fortunately, you can find this exact type of platform by creating an account on Trade-In Tech, a verified wholesale platform. Here, you can connect with a vast network of buyers and sellers.                                            

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