Your 5-Step Playbook to Keep Growing Your Wholesale Business

If you’re a brand with a wholesale component to your business, one thing at the forefront of your mind is likely what you can do to sustain, and accelerate, your growth. 

Whether you're already established or just starting to scale, you want to have a clear roadmap that’ll get you to your ultimate goal.  

So, we’re sharing five essential strategies you can follow to help your brand continue to grow your wholesale operations. 

1. Know Your Numbers

If you’re going to make informed decisions, you need to understand your business’ key metrics. Focus on the numbers that are most meaningful for your business. These should provide insights into whether your company is on track or if adjustments are needed.

• Sales Metrics: Track sales performance across different channels and products. Identify which items are performing well and which need attention.
• Marketing Metrics: Monitor the effectiveness of your marketing campaigns. Key indicators include customer acquisition cost (CAC), return on investment (ROI), and conversion rates.
• Operational Metrics: Keep an eye on production costs, inventory turnover, and supply chain efficiency.

By knowing these numbers, or the ones most applicable to your business, you can make data-driven decisions that propel your business forward.

Check out the features on RepSpark that will help you better manage all your most important numbers. 

2. Have a Plan for Expansion

Growth requires a strategic plan for expansion. Start small and scale thoughtfully.

Think about your product assortment. Begin with a focused product selection or a specific color story, then expand as demand grows.

You then want to decide whether to expand vertically (from men's to women's to kids' products) or horizontally into new markets (from golf apparel to athleisure or wellness products).

Collaborate with retailers who can support your expansion. Offering them complementary products can be an effective way to test new markets.

Understanding the path of your expansion helps in allocating resources efficiently and minimizes risks associated with entering new markets.

3. Know and Share Your Brand Story

Your brand story sets you apart from competitors. It's essential to ensure that everyone—employees, partners, and customers—knows and understands it.

Regularly remind your team why your brand exists, what you stand for, and what's important.

As your company grows, maintain a unified vision by consistently sharing your brand story. Remember to share your story with customers as well to build loyalty and emotional connections.

A strong brand story not only motivates your team but also resonates with customers, which all helps form long-term relationships.

RepSpark was built with the importance of branding in mind and we've built various branded selling tools to help you on positioning your brand. 

4. Maintain Focus While Innovating

In the pursuit of growth, it's easy to get distracted by new opportunities or "shiny objects." While it's important to stay passionate and open to innovation you need to always stay true to your north star. 

But, you want to prioritize your objectives and keep the majority of your efforts aligned with your core business goals.

Before diverting resources onto new opportunities, consider the potential impact on existing operations. Putting resources into one area logically means that another area will lose out. 

If you do want to chase a shiny object, try to allocate a small portion of time or budget to explore that new idea without compromising your main objectives.

By staying focused, you ensure that your resources drive the most value for your business.

5. Build the Right Team and Foster Accountability

Your team is the backbone of your business. Having the right people in the right roles makes all the difference.

You want to hire people who believe in your mission and are enthusiastic about their work. And, when you bring on those new people you want to make sure they’re placed in positions that suit their skills and interests. 

People want to be responsible for meaningful work. Make sure they are accountable for their commitments.

And, don’t leave them “on read.” Regularly check in with your team. Ask if they enjoy their work and how they feel about the company.

A committed team that feels valued and accountable will drive your business forward and create a positive work environment.

Sustaining growth in the wholesale industry requires a combination of strategic planning, focused execution, and a passionate team. 

By knowing your numbers, planning your expansion carefully, sharing your brand story, maintaining focus, and building the right team, you set your wholesale brand on a path to continued success.