Selling to new stores is different than selling to your existing customers
It’s easy to determine a successful sale when you are selling to a new store, because you can celebrate with your first order.But what about selling a product repetitively to the same seller, such as a specialty food product to a store, how do you measure sales?With Sales IQ!
What is Sales IQ?
Sales IQ consists of the information you need to evaluate your wholesale sales performance.Since wholesale sales are repetitive sales of regular products, as in selling a specialty food product to a retail store, it’s important to have the answer to three basic questions:
1.Which Products?
2.How Often?
3.How Many?
These are the three critical questions for any wholesaler.What products does this customer buy, how often do they order them, and how many do they purchase with each order.Without this information, you cannot measure your wholesale sales performance.
Sales IQ corrects declining sales quickly
Keep a watchful eye on per store sales data.If there is more time between orders or smaller quantities, you need to catch negative changes in sales before it is too late.Being able to correct lost sales early is easier than trying to regain sales later on.
Sales IQ helps keep your products in stock
By knowing how often a store purchases, you will know when to expect an order. And be able to call that store and ask for the order when it is time. How much time lags between when a store should order and when they actually do?Close the gap by knowing exactly how often a store should order and calling them if too much time goes by.Most buyers will thank you for helping them maintain inventory of your product(s).
Sales IQ lets you upsell
If you know how much of a product a store buys, you will know what the regular order is, and be able to seize any opportunity to ask for a larger order.Increasing the quantities a store purchases will grow your sales and may help keep your product in stock longer.
Sales IQ prevents cannibalization
By keeping track of per store sales of all your products, you can make sure that when you introduce new products, your stores are buying those products in addition to, not instead of, the products that they usually purchase.You want to grow your business with the introduction of new products, not cannibalize it.
Do you have a sales team?
Put Sales IQ into their hands, and give them the information they need to grow and maintain your core business.
Sales IQ Bonus 1:Make your business attractive to Distributors
Lower risk for distributors by showing consistent per store sales inside and outside of their network.Sharing per store sales data could be the most attractive information you can provide potential distributors.
Sales IQ Bonus 2:Prepare your stores for Distributors and the break-even-point
Not only will it make you more attractive to distributors, you will also be able to manage your relationships more successfully.For more information on the break-even-point, and selling through distributors, request a copy of komida’s free guide at www.komida.com/grow.
What about the accounts you don’t manage, the ones serviced by distributors?
Since you no longer have the direct relationship with the buyer, you will have to get sales information from the distributor.Distributors may not be able to tell you exactly how often a product is purchased by a store, but they can probably tell you gross sales by month.
How do I get Sales IQ?
Getting the data you need to manage your existing business is challenging without any help, and komida can help you get the Sales IQ your business demands.
Designed specifically for sellers of specialty foods, komida puts Sales IQ at your fingertips, so you can access Sales IQ with a buyer still on the phone.Find out more about komida, and how it can help you make your Direct Accounts profitable and prepare you for Distributors at www.komida.com.
Sergio Mendoza is President of komida Wholesale Account Management Software and Author of “Selling through Distributors: Grow your wholesale specialty food business”, available for free at www.komida.com/grow.
