Pitching products to wholesale jewelry buyers is one of the bigger challenges for a wholesaler. Imagine yourself/ your sales representative entering into a retailer’s store with your jewelry samples and product sheet. The next thing which will definitely strike your mind is returning without a consignment.
What is the secret to close a deal? It’s preparation. Knowing your own products well and understanding the needs of your potential customers is the first step in the series.
Here are 5 tips that will help you persuade any retailer to buy your product range –
1. Be Confident – Wholesale orders can be enormous. Before placing an order the wholesale customers will assess your ability to complete the orders on time. The list of your past customers, the scale at which your production works and daily orders processed will necessarily reveal your commitment towards wholesale gemstone jewelry. However, if you are stumbling while stating all these facts about your business, they are unlikely to believe in you.
If you have a big business, think about hiring a sales rep. Some people prefer to meet the owners. At such times you should think about all your previous customers, it was you who got them to order your single stone rings, bracelets and other products.
When you think of the past victories it increases your confidence, giving you the motivation to face the situation.
2. Prepare – In order to speak with a precision you must know every aspect you are going to discuss. The wholesale buyer will ask you a bunch of questions, failing to answer even one of them can leave the prospect in doubt.
Calculate the wholesale cost for each product, the minimum amount a buyer can purchase, profits, etc. in advance.
The margin you will keep depends on a lot of factors such as the cost of labour (only if you manufacture it yourself), packaging, and shipping. Most of the wholesale buyers expect gemstone jewelry with a 50 % cut. If your wholesale price is more than 50% of the retail prices in the market you are unlikely to get orders.
Also, you should have all the resources to finish & deliver the orders; some of the buyers have strict penalties for delayed orders.
3. Handouts – You can’t take your entire wholesale jewelry range to the store. A maximum of 10-20 products is enough to give the buyers an idea of the quality and designs you provide. After you leave they should have something to refer to. Giving your business card and line sheet at the end of the meeting is important. Some of the jewelers also ask for a sample product.
A line sheet contains the product pictures along with the details. When buyers browse through the designs, they might end up ordering more.
4. Know Your Buyers – What style and type of jewelry do they sell? Which designs are the highest in demand? Did you see products on their shelves that match yours? These questions will save you from reaching out to the wrong stores.
Once you have a list of stores you be pitching your products, the next step is personalizing their experience. You should know the names of the person you will meet, company name and their key requirements.
Since you are going to pitch your products to several people, noting down their information in a business dairy will help. Look into the dairy or their business card to refresh your memory before entering into their store.
People feel delighted that you recognise their brand.
5. Ask Question – As important as it is for your buyers to ask questions, same applies to you. You must inquire about their standard ordering procedures for gemstone jewelry. Some might ask you to sign a document before giving a consignment. Their T & C should be in accordance to the business ethics.