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Defeating competition in wholesale

by winappleworld
3 replies
My dad had the monopoly of Soyabean wholesale in the entire market.
Now there are more than 10 wholesellers in that area and our business has gone down.

How can we cope with this stuff to help my dad?
#competition #defeating #wholesale
  • Profile picture of the author azTechnique
    Adapt.

    Here are a few options:
    1. Add another product or service to your business. For ideas, look at what else your current clients buy for their business.
    2. Buy another company and expand your business.
    3. Look at ways to increase efficiency and cut costs. Even though revenue is down, your profit will stay the same.
    4. Incorporate a loyalty program with your current customers. Give them incentives to return and purchase more.
    5. Look for other industries for potential new customers that have different uses for your product.
    Before you do anything, you need to understand why your competitors are gaining your customers. Is it because of price, quality of customer service, quality of product, or convenience? Contact some prior clients that you see are no longer placing orders with you and ask why they haven't ordered and what can you do for them to re-order.

    Watch out with competing on price alone because you can keep lowering your price to compete and end up bankrupt and out of business.
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    • Profile picture of the author gearmex
      We had this issue before also, if possible check those competitors what you think are most near your business in level wise, see what they are doing, and if possible try to get exclusives on some suppliers if you can to get business out of them (some popular items) and you need to advertise to make sure your name gets out there so people go to you and not to them.
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  • Profile picture of the author rawandrew
    Do you have a customer list? If you have been the sole soybean wholesaler in your area than you should know all the local clients and have them on your database. Scale your marketing and start a conversation with all your current and past buyers.

    Ad value with your constant communication and help them get more done with your help. Talk with your customers and ask them what else do they buy. Create a backend.
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