What the Apprentice can teach us about the business of wholesale
I don't know if you watch The Apprentice UK. Buy I certainly do, I make time for that and Dragons Den. And every episode is so business inspiring and really can teach us a thing or two about how to conduct good business. Whether that be making team decisions or branding choices but we always learn the importance of selling in business.
Lord Sugar, is the ultimate businessman and if you have had the chance to read his autobiography you will see the graft and sweat equity that has gone into building his business empire and it's then understandable the expectation he places on the candidates.
So in this weeks task of The Apprentice UK, candidates had to sell robotic toys. The girls went in and swooped their third victory in a row! Leaving the boys teams rather blue, with embarrassing sales defeated of £57,000 versus the boys £5,000! So just how did the girls manage to gain such a roaring victory?..through wholesale! Honestly, they pitched and won a huge major high street retail order and I guess the rest is history.
Though the boy's team did get in sales from independent accounts their sales well dwarfed by the giant order placed in the girl's team from the high street retail chain.
So what can we take away from this episode?
1. Wholesale can change the life of your business, keep pitching. Know your produce well, present your product in clear and understandable manner, if the buyer cant understand you/ your brand chances are neither will their customers. So get clear on what you are pitching, be clear and pitch to retail. If you are a product based business, you can certainly find the right retail partnerships. It is not impossible and this is a channel that not only the girl's team used to bring in a huge win but Lord Sugar himself used wholesale in his business, he had regularly pitched and sold computers to the UK high street - and look at him now.
2. Be open to gaining accounts from high street retailer and independents. Lord Sugar, did not make a mistake when he asked the candidates to pitch both the high street retailers and the independents. He understands that value of having a multi-dimensional wholesale business. The more businesses buy into your brand the better. You make money and you create brand visibility.
If you are unclear as to who you can target for your brand read my step-by-step guide on ' How to sell to retailers'. It will help you become clear on your brand identity and how you can target the right retailers.