A common belief in business is that the harder you work the more successful you will be. But this is not always the case. Often getting ahead of the competition means finding shortcuts to get things done quicker and more efficiently that everyone else.
For vape distributor, these efficiencies can be the vital difference between gaining a client or losing one, between making a profit or making a loss, or even between growing your business or closing up shop. Below are the 5 essential vape distributors need to sell more by doing less.
Know which stores are right for you and which aren’t.
In every business the goal is to grow, make more sales, get more customers, and be more profitable. The question is: does more customers equals more sales and increased profitability? The answer: not always.
Different vape stores have different needs and understanding which needs you fulfill best is essential to identifying customers who are the right fit for your business. It might seem counter intuitive to disqualify customers but your time is better spent working with stores that already understand why they need your products instead of wasting time trying to convince others that they do.
Understand the value of keeping the right customers.
If the first step is finding the right customer then the second is keeping them. Acquiring a new customer can be up to 25 times more expensive than retaining one. That makes sense when you consider the amount of time and resources it takes to go out and find new vape shops to sell to as opposed to keeping the ones you currently have happy.
Keeping the right customer also has a big impact on profitability. According to research done by Bain & Company, a customer retention rate of just 5% can result in increased profitability of anywhere between 25%-95%.
Turn vape shops into brand evangelists.
Keeping customers happy is one of the fundamentals of achieving business success. But customer service has progressed. It’s not simply a matter of keeping customers happy anymore. It’s about delivering an experience that delights them and in return creates customer loyalty.
According to Alex Goldfayn, author of Evangelist Marketing: What Apple, Amazon, and Netflix Understand About Their Customers (That Your Company Probably Doesn't), it is possible for vape distributors, in the consumer electronics industry, to successfully cultivate evangelist by focusing on their mainstream customers, leveraging their strengths to understand their customers, and by doing extensive qualitative research i.e. getting actual feedback and insight from customers.
Get the right tool for the right job.
The days where businesses are run and managed from spreadsheets are over. Today there is an abundance of business software designed to automate remedial tasks, automate workflows, and provide analysis on every aspect of your business. With the right tools in place it is possible for vape distributors to significantly improve their overall efficiency.
For vape wholesalers, the right selection of tools can be a much needed advantage in a highly competitive industry. This can however, be a difficult decision to make. According to the Brother Small Business Survey, 63% of respondents found this decision overwhelming. Some factors to keep in mind when evaluating options are:
- The software should have an intuitive user interface that is consistent, simple, and intelligent across a range of devices.
- It should be scalable and should easily adapt to your evolving business needs.
- It should be accessible anywhere at anytime on any device.
- It needs to be secure to protect sensitive company data.
- There needs to be sufficient customer service to ensure the technology gets rolled out quickly and efficiently.
Business can be demanding. For vape distributors juggling the tasks of finding new vape stores, keeping old ones happy, managing their supply chain, and keeping a handle of their cashflow, it is precisely that.
When all these things require immediate attention, the tendency is to try do them all at once. Multitasking, however, is not the solution. According to Jill Konrath, author of Agile Selling, it is scientifically proven that multitasking can lower your cognitive ability by up to 15 IQ points. The solution, instead, is to focus on specific tasks, prioritize what’s important and break your work up into isolated blocks.
Finding efficiencies to get your business ahead of the competition can be challenging. But remembering to work smarter and not harder is the key to getting more done, gain efficiencies, and achieve the ultimate goal of building a success vape distribution empire.