A wholesale business needs to constantly introduce new products and services to its customers to keep their interest. By generating new ideas, a wholesaler stays both relevant and interesting to his retail accounts.
The following strategies can help you come up with new ideas which can be used to increase sales and retain customers.
Subscribe to wholesale trade newsletters. You can search online and find a list of printed newsletters and e-zines which cover the industry. You can come across a great story by a business who has attained success through an innovative concept which you can in turn apply to your own wholesale business. There are also some pretty good publications such as Wholesale News, Closeout News, and Web Wholesaler, which are full of advertisers and business related articles from which you can gain valuable insights.
Study your competition. This is an age old practice which is used by generals, politicians, and entrepreneurs. Visit your competitor's web sites and see the products they are supplying to retailers. If you see a product which they seem to be doing well with, or would be of interest to your customers, you can search for the manufacturer that is supplying it to them. If you are not able to locate a direct source you should consider buying their inventory so that you can resell it your customer base.
Call wholesale trade organizations and ask them for a list of new products being introduced into the marketplace. These organizations are paid by members to help them obtain leads, so they will be happy to put you in touch with manufacturers that have a new line of merchandise.
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