Black Friday Beyond Retail: 5 Reasons Suppliers Should Get into the Holiday Spirit
From Black Friday all the way through Christmas, your clients will be discounting their goods and #services and driving some of the highest #sales volumes seen all year. How do you get a piece of the action? Get on board.
Offering promotions during a time that you know your supplies are most in demand may seem strange, but there are several reasons why it might just be the best move you can make.
Here are 5 reasons why your supply business should be decking the halls with #holiday savings:
1. Competitive Advantage
Set yourself apart this holiday season by offering quantity #discounts when retailers/manufacturers need them most. Businesses that might be hesitant about switching suppliers during such an important sales season will be more inclined to do so if they’re guaranteed to save #money. If your business proves to be a good partner, you just may find yourself with a longer-term contract in the new year.
2. Client AppreciationEveryone likes feeling appreciated in life, and studies show that it’s no different in #business. According to the US Small Business Administration, 68% of clients leave because they feel the business doesn’t care about them. As businesses wrap up plans for the new year and begin signing their annual contracts, now is not the time to take for granted your current clients. Offer a loyalty discount as thanks for their business or give free priority shipping to long-term clients for holiday orders. Consider it an investment into your continued partnership.
3. Lower Cost = Higher Sales It’s not uncommon for vendors around the holidays to pass on any savings they get to their consumers. Offering trade discounts enables these vendors to provide more value to their customers, which will lead to higher #consumer sales. As a result, they’ll need more #supplies to keep up with the demand, and you’ll be all too ready to assist. In fact, a vendor may even order more from you upfront in anticipation of their sales.
4. Get Paid QuickerThe type of discount you offer can be just as important as offering the discount at all. One great type of offer for the holidays is an early payment discount. Many businesses offer these all year as a way to incentivize faster payment; but even those businesses can increase the discount to add more value around the holidays.
Alternatively, you could add a timeframe clause to a quantity discount or any other type of discount you choose. This clause will state that the vendor can only take advantage of the savings if payment is made by a specified date. Should they choose not to make payment in time, they will be charged the full cost of their order.
With so many expenses to consider around the #holidays, these are great ways to make sure your invoice doesn’t get shoved to the bottom of the pile. You get to finish the year with a strong #income and your clients get to save a buck – everybody wins!