If you want to grow your wholesale electronics business, it’s wise to get it online right away. Don’t worry; you don’t have to be a technical genius to start and grow a thriving online business buying and selling electronics.
As you know, the popularity of electronics isn’t going away anytime soon. Experts predict that the consumer electronics market will grow 4.3% in 2021. Further research shows that, by the year 2027, this same market will reach a total worth of over $989 billion.
It's not just big-box retailers that are seeing these profits. Retailers and wholesalers in the secondary market are also reaping the rewards of being in a fast-growing industry. If you're looking for ways to grow your wholesale electronics business, we have you covered.
First, we’ll take a quick look at the benefits of having an online business. Then, you’ll see our extensive list of 24 tips to grow your online wholesale electronics company.
Why Should I Start a Wholesale Electronics Business Online?
Having an online business is important for many reasons. Before you can start enjoying everything that owning a popular online business offers, it’s understandable to wonder if doing this is worth it. With that in mind, here are the main reasons why being online is critical to the success of your electronics business.
Increasing Your Company’s Revenue
One of the most important things for any business is making revenue or sales. Without any sales, it’s almost impossible for your company to grow. Instead of trying to make sales in your city, you’ll likely find many more customers online.
Making More Business Connections
Getting your business online can also help you make new connections. The most important connection you can make online is gaining new customers. However, expanding your company online also helps you connect with other people who aren’t your customers yet. With an effective marketing plan, you can start converting non-buyers into life-long customers.
Expanding Your Company’s Reach
It’s a safe bet to assume that you want more people to know about your company. However, traditional marketing methods aimed to reach local customers will only get your business so far. Fortunately, online marketing can be a cost-effective way to expand your brand’s reach. In most cases, online marketing will get your company in front of more people faster than only working locally.
Finding a Mentor
In the business world, it’s vital to have mentors. These are typically people who have been in an industry for a long time and have lots of knowledge. A mentor can be the one person or company that helps get your business through a difficult time or challenge it’s facing. However, most mentors aren’t going to find you if you’re not online.
24 Can’t-Miss Tips to Grow Your Wholesale Electronics Business Online
1. Sign Up With Trade-In Tech
One of the best ways to watch your wholesale business grow is by becoming a Trade-In Tech member. We've got everything you need, whether you're just getting started or are an experienced electronics dealer. Trade-In Tech is a platform for electronics wholesalers.
Getting started with Trade-In Tech is incredibly easy. Tojoin Trade-In Tech, you'll need to provide us with a few references and fill out any necessary information. After we verify your references and information, you're able to start utilizing everything Trade-In Tech has to offer.
A few things we offer to our members include live chat rooms, groups, directories, events, and much more. Having so many options to speak withglobal wholesale electronics dealers is a great way to watch your company grow.
You can also create a page on behalf of yourself or your business. With a member page all set up on Trade-In Tech, you might soon see people reach out to work with you! Best of all, you'll never have to worry about paying fees when you buy orsell items on Trade-In Tech.
2. Research Your Competitors
If you want to succeed at buying and reselling electronics online, it’s wise to see what your competitors are doing. Check out what your competitors are selling, what they’re pricing their products at, and if they offer any discounts or other types of initiatives.
Researching your competitors often requires visiting multiple websites. Also, make sure you have an open document or pen and paper handy to take notes. You don’t have to research your competition around the clock. But, try to ensure you have regularly updated data about what your competition’s up to.
3. Optimize Your Company’s Website
You probably don’t need us telling you about the importance of having a website. However, you might be the owner of a website that’s unoptimized for search engines. It’s important to fix this, as you definitely want your company’s website showing up when people search for electronics companies.
To make things easy for searchers, search engine companies have bots or programs that scan the internet to find the most relevant results. By having an optimized website, you’re showing these search bots that your website is relevant to what searchers are looking for.
Unoptimized websites are unlikely to reach customers and help grow your business. However, the good news is that this is 100% fixable with SEO (search engine optimization). With an optimized website, growing your wholesale electronics business online becomes much easier.
A decade ago, you didn’t have to know much about SEO to get great rankings and more traffic (website visitors). Now, it’s a little bit tricker and a lot more competitive. If you don’t want to spend the time it will take to optimize your website, there are plenty of SEO services that can help you out with this.
As you would when choosing a wholesaler or vendor to partner with, make sure you research these companies and don’t be afraid to ask for a portfolio or to see results. If this SEO company knows what they’re doing, presenting evidence that speaks to this shouldn’t be a big deal.
On the other hand, learning how to optimize your company’s website is possible. To get started, it’s best to learn from some of the leaders in search engine optimization. A few digital marketing websites that should help you out include Backlinko and Moz.
Creating a website will take considerable time and effort. Also, new websites will naturally take time to start gaining web traffic and search engine rankings than pre-established ones.
4. Research Low Competition Keywords
Before someone uses a search engine, they’ll need to type in a word or combination of words to begin their searches. In the online marketing world, these are otherwise known as keywords. When it comes to having a successful online wholesale business, it’s critical to choose the right keywords to target.
So, what makes one keyword “better” than another one? It all comes down to competition. If a lot of people are searching for a keyword or group of keywords, it’s a safe bet that it’s going to bring lots of traffic to websites. The best way to start getting lots of traffic early on is to find low competition keywords.
Popular keywords with higher monthly search volumes tend to be more competitive. Less popular keywords with lower monthly search volumes tend to be less competitive. If you own a new website, it’s best to go for low competition and search volume keywords.
As your website begins gaining popularity and visitors, you can start tackling more competitive keywords with higher search volumes. To start finding low competition keywords, we recommend creating a Google AdWords account. Google AdWords includes a Keyword Planner section.
When you get to the Keyword Planner, enter the keywords you want to learn more about and hit the “Get Results” button. Almost instantly, you’ll find out search volumes and competition levels for each of your keywords.
5. Create an Email Newsletter and Build Your List
If you want a proven way to grow your wholesale electronics business online, start developing your company’s email list. If you already have one, that’s great. If not, it’s time to begin creating one right away.
Companies of all sizes harness the power of an email subscriber list to keep their businesses growing. Chances are, you can open up your email inbox and see quite a few emails from companies of all sizes. You get most of these emails because, at some point, you subscribed to them.
So, what do you do to make sure the people you’re sending emails to open them? One of the best ways to do this is by offering value to your subscribers. You can offer value in many ways, but most companies like to use emails to let people know about their sales and deals. As your email list grows, think about having exclusive sales that only subscribers have access to.
Another great way to increase open rates for your emails is to include testimonials from past clients. The possibilities with what you can send to email subscribers are almost endless. Other great ideas for email content include links to your company’s website posts and any upcoming webinars you’re hosting.
6. Use Social Media to Grow Your Wholesale Electronics Business
When it comes to growing your wholesale electronics business online, having a social media presence is almost as important as having a website. Having and posting to social media accounts can connect you with a huge portion of the world. It’s also an essential part of learning how to grow your wholesale business online.
If you don’t already have active social media accounts, it’s possible to feel overwhelmed when looking at how many social platforms are out there. To save yourself a little time and stress, it’s best to stick with the larger platforms in the early stages. Popular social media websites include Facebook, LinkedIn, Twitter, and Instagram.
If you own a business-to-business (B2B) company, you’re likely to have the most luck with LinkedIn. This is because it’s easy to find suppliers on LinkedIn. If you operate a business-to-consumer (B2C) company, you’ll probably have the most success with platforms like Instagram and Facebook.
With so many people on these platforms, it’s possible to encounter people who might seem like serious buyers. Unfortunately, some of these people can waste lots of your company’s time if you let them. To spend more time selling items and speaking with serious buyers, we recommend buying and reselling electronics on Trade-In Tech.
If you really want to start growing your wholesale business on social media, use these platforms to interact with others. When one of your company’s social pages receives a new comment or question from someone, respond right away.
It’s easy to talk about what to do with questions and positive comments. However, what do you do about negative comments or reviews on your company’s social media accounts? This is an area where many business owners let their guards down and respond negatively. While this might feel great at the moment, it will not help your company in the long run. It also makes your company look unprofessional.
Make sure to focus on the interactive element of social media. Gather reviews, ask for feedback, and develop a strong network of leads. Over time, your presence on social media will strengthen, leading to more sales.
7. Launch an Affiliate Program
An affiliate program is a system in which an affiliate earns money by promoting or mentioning companies. Here’s a basic look at how a typical affiliate program works:
Step 1: Affiliates have exclusive links they place on websites, social media pages, or other online locations.
Step 2: People click these links and are taken to your company’s website.
Step 3: When these visitors complete a certain action like making a purchase or becoming a new member, the affiliate who sent this person receives a commission.
Currently, there are many possible ways for affiliates to reach an audience including through social media, websites, emails, and more. Affiliate marketing usually works well for both the affiliates and the companies they’re partnering with because both parties make money.
One cool thing about referral programs is that your company is in total control. You can determine how much you’ll pay an affiliate, what constitutes a successful referral, and what methods affiliates can use to promote your business.
Another reason so many companies and affiliates love these programs is because everyone benefits from each other’s success. If your company continues gaining popularity, it’s going to help affiliates make more sales. If an affiliate gains popularity, it’s going to help your company get more customers.
8. Consider Using CRM (Customer Relationship Management) Software
One of the most important tools any wholesale business can have is CRM (Customer Relationship Management) software, which helps improve how a company manages relationships and interactions with its customers.
CRM software can help your wholesale electronics company in many different ways. This type of software makes it easier for you to store and access contact information. Many kinds of CRM software also offer calendar and reminder systems to ensure you stay on top of managing your online business.
The insights that CRM software provides allow you to understand what you’re doing well and what can be improved upon. By finding and utilizing these insights, you’ll have a game plan for how to grow your wholesale business online.
9. Let Electronic Commerce Platforms Handle Sales
Use only selling channels that make your life easier. Selling products online should not become a nightmare. Whatever selling channel you choose to use should cater to the needs of your wholesale business.
You need to focus your attention on the purchasing of products at the best prices possible. Devote your energy towards seeking out new inventory that you can turn a profit on through resale. You also need to focus on keeping enough inventory of certain items. Therefore, whatever e-commerce platform you choose needs to focus on the sales part of the business.
If you happen to be stuck on an e-commerce platform that is not doing much of the work for you, you will likely want to consider changing platforms. Spending your time doing the work of what the e-commerce platform is supposed to be doing for your business is a waste of your valuable time and energy.
10. Use Influencer Marketing to Find New Customers
Running a successful company is all about making connections. Before making connections, you’ll need a way to start building these new relationships. Fortunately, influencer marketing might be the strategy that helps your business solve this problem.
Influencer marketing is a type of partnership between a company and a popular online personality. In this partnership, a company rewards the personality (also known as an influencer) for promoting their product, service, or business to a large online audience.
Influencer marketing is popular on many social media platforms including YouTube, Facebook, Twitter, Instagram, and LinkedIn. This form of marketing is great for companies that don’t have the time or budget to wait for organic marketing results.
The keys to success with influencer marketing comes down to finding popular and relevant influencers. If the person or channel is popular but not relevant to your target audience, it’s not likely to create a lot of new leads.
Finding a relevant online personality that wants to promote your company is great. However, you’ll want to make sure these influencers are popular enough to justify the prices they’re asking for.
11. Make Order Recommendations (Upsell)
Another key element of growing a business is to practice upselling your clients. Upselling is a business term that simply means to get your clients to purchase more than they intended to and it's something almost every company does. However, this type of selling strategy doesn't have to require being pushy or utilizing tactics you're uncomfortable with.
If you want to effectively upsell your clients, take a consultative approach. Instead of trying to push products and other types of add-ons, make recommendations. A recent HubSpot article noted that it's best to clearly offer how upsells benefit the clients you're trying to sell to. If not, it’s much harder to effectively upsell your clients.
You can also harness the power of social proof to help make your upsell strategy more convincing. Do you have data that supports how your wholesale company’s add-ons have helped clients? Use this data to show your clients that the same improvements could happen to their companies.
12. Be Responsive
Another great business tip is to always be responsive to your clients.
First, make sure that you prominently list your company's contact information on every online platform you use. This should include your company's website, social media pages, business directories, and all other online locations. With this information in every location, it's much easier for people to contact your business.
You’ll also find that offering a fast response can set you miles ahead of your competitors. A recent Harvard Business Review study found that, out of 2,241 businesses in the United States, the average company took 42 hours to respond to their clients.
When you do receive a question or concern, make sure that you always respond under 48 hours. If you can respond faster, even better! Waiting too long to respond gives the impression that your business doesn't care.
13. Create Videos for Your Company’s Audience
Another great way to watch your business grow is by using videos. It’s hard to doubt that video production will be popular in the electronics industry’s future. You might think you need to be a film producer to make videos about your business. Fortunately, this isn’t true. These days, having a smartphone or tablet is all you need to start creating videos.
As you get started creating videos, it’s important to focus on the approach you’re going to take. To do this, take a moment to think about your company. Will your business take a serious and or more unconventional approach to video marketing?
Regardless of what choice you make, it’s important to use these videos to focus on the story of your brand and why your company is different than most. Customer testimonials should be included in video marketing whenever possible.
You're also going to want to engage with your customers directly, which can involve everything from doing live videos to answering their most common questions.
14. Participate in Forums
Another amazing way to increase your brand’s awareness online is by becoming a member of various forums. These forums are like online message boards, and they’re great ways to start advertising your business.
There are many popular forums for electronics wholesalers to become a member of. Certain forums might require you to complete a certain number of posts or an introductory post before having full member privileges. Once you’ve completed all of the required steps, you should start making genuine efforts to reach out to others.
As you’ll find with most online destinations, it’s never good to start spamming your company’s sales pitches. Instead, take time to genuinely participate in discussions and provide valuable information.
15. Create Content Mentioning Other Companies
Whether we want to admit it or not, most people enjoy receiving compliments. If you’re looking for a proven way to grow your wholesale electronics business online, play to other people’s ego by mentioning their companies in your content.
For example, a great way to do this is by creating a post that mentions 10-20 companies. After you create this post, simply find contact information for the businesses you’ve written about.
Send them a quick message letting them know you mentioned their business and include the link to your new post. Not all companies will message you back. But you should at least receive a few “thank you’s.”
The more wholesale electronics companies you write about and contact, the higher rate of success you’ll have.
This strategy pays off when other companies spread the word and link out to your recent post. Most people and companies love letting their audiences know when people have positive things to say about them.
16. Guest Posting
Guest posts are great because they can give busy website owners a break from creating lots of content. These types of posts are also great for the other party that wants more exposure for their business.
Before you start asking any potential people you want to network about guest posting opportunities, visit their website. Once you’re at this website, search or look around for any sections that mention guest posting.
If you find a guest post section, fill it out and submit your article. If you don’t find this information, consider reaching out and asking this person or business if they accept guest posts.
With a guest post, your company’s content can be seen by a new audience. Best of all, many of these readers might soon become new customers for your company.
If someone doesn't message you back or doesn't end up connecting, brush it off and move on. You'll have plenty of people and companies eager to start networking (and potentially) working with you.
Plus, you don’t want to try and keep connecting with someone that doesn’t want to reciprocate. There’s plenty of better ways to spend your valuable time.
If you want an extra advantage, consider giving something away to people you're networking with.
Don't worry, this doesn't mean you have to start losing money! If you have the time and resources, preparing a mini-guide about a relevant business topic is a great giveaway idea. Even sending a helpful link or news story is a great way to “give” something to others.
Each time you find something that your potential connections might find interesting, send it over. You will soon be amazed to see how well this strategy works for helping you gain more connections.
17. Use Multichannel and Shipping Software to Efficiently Manage Orders
Many wholesalers are not aware of this, but a lot of software exists that can make their business run more smoothly. It is amazing the technology that is out there that makes listing and shipping products a breeze.
Multichannel software exists to help you list your merchandise quickly and easily. It places the listings on many selling channels, so you do not have to manually enter product and pricing information on every channel. This alone will save you a lot of time when you are trying to get your products across to as many channels as possible.
It is typical for multichannel software to also be able to handle the relisting of products. So, if you have products that did not sell during a first product sale listing, multichannel software can automatically relist the products for you.
Also, if the merchandise sells on one platform, the software can pull the listing that you may have spread out on multiple platforms from each of them. This makes things less confusing, helps you better manage your inventory, and saves customers from confusion as well.
One convenient feature of most multichannel software is that you can usually list your items with stock-keeping unit numbers, also known as SKUs. This will save you a lot of time in creating your merchandise listings if you tend to sell a lot of products that have SKU numbers.
Another convenience at your fingertips is shipping software. Shipping software allows you to print multiple shipping labels at one time and choose the specific shipping carriers that you want to ship your merchandise. The software will automatically keep a list of tracking numbers for the merchandise you ship, and it can even be programmed to send the tracking numbers directly to the customers who order the merchandise.
Some shipping software also allows you to obtain discounts on shipping charges if you tend to ship a lot of products out at one time. These discounts can add up for your wholesale business. Another way this software can save you money is through accessing potential shipping refunds.
Certain versions of shipping software automatically contact carriers to request refunds of the shipping charges. Although full refunds are not typical, you can usually obtain a percentage of the postage you paid back in a refund.
18. Take Time to Build Relationships
Managing a business is all about developing those important relationships and networking. Even on the B2B side of things, being personable pays off.
The best-case scenario for both parties involved is to develop a long-term working relationship. Imagine how much repeat business would be for everyone. As a wholesaler, you would have a regular source of revenue. Meanwhile, your retail customers would have a source of merchandise that they can rely on.
To make this a reality, take time to develop your business relationships. Call your customers directly and see what you can do to create a contract and earn their repeat business. It might not seem like much, but you'd be surprised by how much of a difference a simple phone call makes.
Rather than being a faceless wholesaler, you turn into a real business partner that's focused on helping your customer.
During your call, ask those all-important questions. Take the opportunity to figure out what your customers are after and see what you can work on together to improve the relationship. Here are a few things you can iron out:
Minimum order requirements
Shipping details
Return policies
Payment structures
Wholesale pricing
Support needs
Addressing those concerns upfront can make a huge difference in how your customers see your company. You're putting your best foot forward and opening up the doors for a solid business relationship.
When it comes to business relationships, many people approach them as something they'll try to get the most personal gain from as fast as possible - bad move.
As we've learned earlier, most business professionals expect a sales pitch right away when someone tries to network with them. And, when this happens, someone will be more than ready to say that they’re not interested.
However, the reason for their disinterest is because they don’t know all they need to about your company.
To separate yourself from a lot of your peers, work to build long-term relationships. You're not going for the sale, not right away at least.
We understand that this strategy might not lead to a huge influx of sales right away. But taking the time to build strong relationships can lead to the wave of sales you’re looking for in the future.
You’ll want to approach networking in a similar manner to how you would approach a friendship. Strong relationships take more time and energy to build than others.
Who knows? The relationships that you’re dreading working on today might end up being some of your company’s closest partners in the future.
If you’re looking for the perfect platform to start building these relationships, look no further than Trade-In Tech. Our platform makes it easy to connect with wholesale electronics dealers from around the world.
19. Beat Your Competition with Better Quality
The best way to grow your wholesale electronics business is by being better than your competition. I know what you're thinking. That's a lot easier said than done. While that's true, there are some steps you can take to make yourself more appealing than other wholesalers on the market.
At the end of the day, quality is always going to trump everything else. This doesn't mean offering your goods at a lower price than everyone else. Quite the contrary. It means providing a level of service that stands well above competitors in your arena.
The key to beating your competition is to see where other wholesalers are lacking. This is where making those phone calls to your customers comes in handy! Use these calls to learn more about other wholesalers your customers have worked with in the past. See where those wholesalers fell short and do your best to ensure that your company's service rises above.
There are many ways that you can do this. Maybe it's providing a lower minimum order or having a more forgiving return policy. Whatever the case may be, that difference is going to be significant with current customers and potential clients looking for a new wholesaler.
It can be tricky to improve your service quality. There's a healthy balance between attracting customers and not hurting your bottom line. But once you find that balance, you're bound to reap the rewards!
No retailer wants to deal with inferior products. Your customers' business relies on you providing top-notch products. Don't disappoint! If your products have fewer issues than the products from another wholesaler, it makes more sense for retailers to go with your company. Your merchandise is more reliable, which benefits the retailer's brand. Some may even be willing to pay more for that peace of mind.
20. Diversify Your Sales Channels
Any successful business owner will tell you that limiting yourself to just one sales channel is a bad idea. Every customer shops differently. Some will go to a sales directory to find wholesalers. Others will turn to social media or dedicated sales platforms.
To grow your wholesale electronics business, you need to be on as many channels as possible!
Your primary sales channel will be your most basic. It's going to be your website and sales team. This is the channel that potential clients will find on a wholesale directory. Alternatively, they may have found your company directly through a search engine or advertisement.
If that's the only sales channel you're taking advantage of, you're missing out on a lot of potential sales! A good area to branch out is social media. Many social media channels have dedicated sales platforms. At the very least, you can conduct business through the platform and direct potential customers to your official sales team.
Check out LinkedIn, Facebook Marketplace, Twitter, and more. Those networks can connect you with retailers directly and prove to be a lucrative channel for sales.
Finally, there are dedicated marketplaces. Trade-In Tech’s marketplace is specifically designed to connect wholesalers and retailers in one safe space. You can advertise your merchandise on the platform. Interested retailers can then contact you, send payments, and more.
The Trade-In Tech platform is geared toward the wholesale and secondary market. Thus, you're exposed to your target demographic directly. It's easy, safe, and quick.
Once you have found a channel that you can make $100,000 per month, you will likely want to think about expanding to other channels. Your goal as a wholesale business should be to expand your business as far as possible with the options on your table.
The selling channels become your options, and there are many selling channels. Again, being smart about choosing the lowest cost, best advertised, and most reputable platforms are of prime importance.
Do not allow your business to stagnate by keeping your sales all on one platform. Build a nice monthly income on one channel, and then choose more channels to help build your wealth.
21. Advertise on Wholesale Directories
A wholesale directory is the retailer's source for merchandise, so advertising on one could be a great source of business. Think of it as a phone book of potential companies that retailers can work with. At its core, a directory is one of the most important resources of any retail store. Without any merchandise, they wouldn't have any way to make money!
There's no shortage of directories out there to advertise on. Some have a bit of a farther reach than others, so it's always important to do some research before you commit to any wholesale directory.
Advertising on a directory will cost you. After all, it's a form of direct advertising. Your business information is put in the hands of your target demographic. It's a worthy investment that can lead to a significant increase in sales. Just make sure that you're advertising strategically and placing advertisements in directories that are used often.
22. The Power of Paid Advertising
It's often said that: "It takes money to make money." This saying often proves to be true, especially in the world of online advertising. When it comes to getting results online, you have two main paths to take.
The first choice you'll have is to go for organic results, which is great, but it can take weeks and months to start seeing major results. The second choice is to utilize paid advertising. Paid advertising isn't as cost-effective as organic advertising. However, paid advertising also offers much faster results. This often makes paid advertising costs well worth it.
There are two main types of paid advertisements: those that convert well and those that don’t. If you want to make paid advertising part of your company’s marketing strategy, it’s important to learn how to create great ads.
The main goal to keep in mind when creating an ad is to offer something that appeals to your target audience. What is important to them? Is your target after value, quality, or are they looking for something else? Answering these questions helps you design advertisements that appeal to these groups of people.
The rules for what is and isn’t allowed in advertisements can vary, so be sure you know the rules for each platform you’re posting an ad on.
When you’re ready to start preparing text for your paid advertisements, it’s best to keep it simple. To do this, make each word count and remove any words that don’t add value. One of the best ways to do this is to imagine that each word you’re inserting into your ad costs $500. This is a great way to help you determine how to get your message across in as few words as possible.
If the platform you’re advertising allows pictures in paid advertising, you’ll also need to find images. This doesn’t mean you should grab the first image you find. Instead, use images you create and own the rights to or find a website that offers royalty-free images.
Last but not least, your ad will also need a “call to action.” Unfortunately, this is an area of paid advertisements that many new marketers don’t think much about. It’s also why many people don’t get the success they’re after when using paid advertisements to market their companies.
To create a great call-to-action, all you need to do is make sure it matches the tone of your advertisement. For example, your company’s B2C ads might include phrases like "Buy Now" and "Add to Cart" as calls-to-action. On the other hand, B2B customers often require different types of language because of longer sales cycles. In these situations, it might be best to use calls-to-action like "Get More Information Here" or "Call Us Today."
Your goal should be to make sure that the company in question is interested in finding out more about what you offer and how you operate. Once you have created the ad and have placed it online, make sure that you measure the performance so that you can make adjustments as needed.
So, how much of your company should you spend on paid advertising? Unfortunately, it's difficult to give a set amount that works for every company. But, you can see what results you'll get from spending at least $20-40 per day on paid advertising. Several popular places to create, purchase, and advertise with paid ads include:
Google
Bing
Facebook
Instagram
YouTube
The key to success with paid advertising is making sure you get a good ROI (Return on Investment), which means the amount you earn from paid advertising is more than what you're spending.
With most types of paid advertising, you're spending money each time a visitor "interacts" with or clicks on your advertisement. This rate is known as a CPC or cost-per-click rate, or how much you're willing to spend for each click a visitor makes. For example, if your CPC was set at $0.05, you will be spending five cents each time someone clicks on your paid advertisements.
Fortunately, paid advertisement websites typically let you set a limit on much you're willing to spend. This helps you avoid any worries that you might spend more than you intended on paid advertisements.
23. Launch a Retargeting Campaign
Have you ever visited a website, only to find that it starts showing up everywhere you look? This is a prime example of retargeting. When a company retargets, they create advertisements that appear to follow a user everywhere they go. This includes paid advertisement spots on YouTube, Facebook, Instagram, and other popular websites.
Retargeting helps to solve one of every company’s biggest problems online, visitors that leave without ever coming back. One study found that a shocking 95% of website visitors leave without taking any action, even if they’re interested in your company’s products or services!
Potential customers can leave your website for many reasons. It’s possible that they’re researching you and your competition to make an informed decision. There’s also the possibility they were pressed for time and had to leave your website.
Don’t worry, you don’t need to be a professional website designer or digital marketer to start retargeting. All you need to do is copy and paste a bit of code into your website’s HTML files. Most retargeting platforms will have tutorials that list step-by-step instructions.
To start retargeting, you’ll need to create paid advertisement banners or pictures. These advertisements are what the visitor will see as they continue to browse other websites. When getting started with this type of advertising, you’ll need to choose between either list-based or pixel-based retargeting.
Companies use list-based retargeting when they already have information about specific consumers or companies and only want to target them. This option is great for companies who are on a tight budget and only want to advertise to certain people.
Most businesses, especially ones that are new to retargeting, will choose the pixel-based option. This option allows you to retarget almost anyone including new website visitors.
Pixel-based retargeting involves using “cookies” or small pieces of data to track those who visit your website. When a visitor leaves and visits another website (that has places for advertisements), your company will show up in these ad spaces.
24. Track the Results of Your Online Marketing Efforts
Before you delve too deep into these tips and strategies, you’ll want to have a system of tracking important aspects of your business. This means that you'll want to keep a close eye on:
Email sign-ups
Website visitors
Social media metrics
Sales history
By tracking everything, you'll have a much easier time understanding how your business compares to the competition. It's also a great way to measure the effectiveness of your company's future marketing campaigns.
You can track email sign-ups with the help of an email management service. Most companies utilize these types of services for help with creating emails, following applicable email marketing laws, and tracking important email-related metrics. Also, consider creating a place on your website for people to sign up for your company's email list. Make sure that the location of your email sign-up link is prominent so that no one accidentally misses it.
To keep track of website traffic, consider getting your information from Google. The main way most people track website statistics is by using Google Search Console. By using Google Search Console, you can learn about:
Keywords your website is ranking for
Number of impressions - how many times your website appears in searches
Number of clicks - how many people click Google’s links to your website
Click-through rate - the percentage of people who click over to visit your website
There’s no denying the popularity and subsequent importance of social media for those in the wholesale electronics industry. Fortunately, you can learn where your company stands in the world of social media by harnessing the power of metric tracking. This means keeping an eye on followers, likes, shares, and similar metrics.
You can also learn a lot about the public’s opinion of your wholesale business by utilizing social listening tools. Social listening tools scan the vast majority of social media to find and analyze how others feel about your business. Most of these types of tools offer features that allow you to instantly respond to mentions of your business.
When it comes to tracking business information, there’s almost nothing that’s not worth keeping track of. So, how can you start doing this? If you’re looking for a cost-effective type of spreadsheet management software, consider checking out Airtable. This is great for keeping track of contacts, sales figures, and other important information.
To summarize, there are many beneficial ways to start growing your online wholesale business. Use the previously mentioned strategies and your business will be well on its way to success! If you’re looking for more tips that will help your business grow, make sure to visit Trade-In Tech’s blog.