Welcome back to our Free Wholesale Training Course! In module 3, we discussed how to create value propositions for your Wholesale Amazon Business. You now know how to properly define a value proposition. You’ve learned how to put up a company website, which makes you look very legit. You’ve also built out your social media accounts, which makes it easier to drive traffic. We’ve also discussed other marketplaces, including some international sites. You’ve also created an incredibly competitive edge now that you can bundle products together. Making new listings is very easy for you, now that you know all the tricks. Understanding PPC advertising on Amazon is now going to take you a long way to drive sales to your listings. Finally, we discussed some other value proposition ideas for your wholesale business.
In case you forgot why I’m creating this course, or want to see a full outline of all the modules, check out the introduction post to the Free Wholesale System. Also, if you ever want to come back to that page, and you want something easy to remember, you can go directly to FreeWholesaleSystem.com, which will take you directly to that post.
Here’s the layout of this module:
Module 4: Wholesale Research
- Introduction to finding wholesale leads
- Tracking Leads / Customer Relationship Management (CRM)
- Demand Based Sourcing
- Niche and Trade Show Sourcing
- Bulk Product Sourcing
- Relationship Sourcing
You can click on each of the links above to go directly to the area of the module the best interests you. That being said, let’s get right into the content!
Want to skip reading the massive wall of text? After the entire course is released, I will make videos for each of the sections for easier consumption. Make sure you are on our mailing list to be notified when it’s released!
Introduction to Finding Wholesale Leads
Welcome to the part of the course where we start talking about “wholesale leads”. You may not know what a wholesale lead is, or even what a lead means in this context. Let’s clear that up!
Most salespeople define a lead as someone who matches the criterion the salesperson has established and who has the need, reason and/or interest in pursuing the product. However, marketing professionals tend to define a lead as anyone who might have those qualities, and believe that a lead that proves to have the desired attributes is considered to be a “prospect”.
How are we using a lead in regard to wholesale? We can somewhat use both definitions to determine what we mean by “wholesale leads”. Some leads will be super tight in meeting your criteria of what you are looking for. Some won’t meet the criteria at all, but are still potentially good wholesale leads. It mainly depends on your strategy.
Assuming you have already decided what your long term strategy is, and you have your buying guidelines set, you should have an idea of what kind of wholesale companies you need to pursue. Doing these things should give you a very tight set of criteria to work with. You can use these criteria to determine the best way to find leads, along with which companies you should contact.
Let’s go over a brief description of each method of finding wholesale leads:
- Demand Based Sourcing: Looking at a marketplace or website and determining what the highest volume items are. You’ll use these high volume items as leads to find companies you may be able to purchase items wholesale.
- Niche Based Sourcing: This is where you will determine a specific niche of product, and stick specifically to products that are within that specific niche. You’ll use marketplaces, competitor websites, or trade shows to find leads.
- Bulk Product Sourcing: You may have a mass amount of data to work with, most of the time by using tools like Tactical Arbitrage or Storefront Stalker. The leads could be in many different niches, and have all sorts of different demand criteria. You’ll be using filtering of data to find leads.
- Relationship Sourcing: As time goes on, you’ll start to build relationships with people in the industry. Those relationships can be excellent leads for wholesale suppliers.
When using any of these methods of finding leads, you’ll quickly notice there is a LOT of information you’ll need to remember. You’ll want to have a system to keep track of all the leads and information related to each lead. This is where a Customer Relationship Management (CRM) tool comes in handy.
In the upcoming sections of this module, we will discuss in detail all of the different ways to find leads, and how to utilize a CRM to handle it all like a champ.
By the end of this module, this is what you will learn:
- How and when to use a CRM tool.
- How to find leads by looking at demand on marketplaces and websites.
- How to find leads by drilling deep into a specific niche.
- How to find leads by working with mass amounts of data.
- How to find leads by leveraging relationships.
Let’s get started!
Want to take your business to the next level? We can help with our Mentoring Program.
Continue on to Module 4 Part 2: Tracking Leads / Customer Relationship Management (CRM)