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How To Start Working With Independent Sales Reps
One of the most effortless methods to gather and build business drive is via independent sales agents. It’s no surprise that many product producers or distributors choose them as they need less miscellaneous costs and no wages or health insurance, which are just a few of the peaks over the usual sales agents.
You might think you don’t need independent sales reps, but at some point your business definitely needs independent sales reps, it can be from the beginning or when you’re expanding the business. Independent sales reps come with a lot of advantages than internal sales reps, one major advantage is that there is less risk when working with independent sales reps. Most of them work based on pay per commission basis, you’ll only pay when a sale is generated, as a wholesaler you’ve nothing to lose, plus the customer acquired can also become a lifetime customer since there is a chance they’ll return to buy your products again.
Another advantage of independent sales reps is that they have more experience and they know the geographical area you want to target better well. If they specialize in promoting the products you’re selling as a wholesaler you don’t need to spend money, time and resources on training them, they’re ready to start promoting your products right away and in most cases you see results fast.
On the other hand you have to be careful when hiring independent sales reps because they come with some downsides too, care has to be taken to ensure you hire the right sales agency for your business. In this article we’ll share how to start working with independent sales reps in order to get the most from them.
How To Start Working With Independent Sales Reps
Check Pricing First
Pricing is a pivotal issue to consider prior to hiring independent sales agents especially when it comes to upcoming brands, which usually make the error of charging too low for their products when they already lack market presence. After the manpower, sellingthe and advertising and delivery costs as well as costs incurred for items damaged have been factored in, there must be profit turnover. On the other hand, you can compare your costs to wholesale prices and retail prices because if your products are too pricy, they may not sell well even if you hire a sales agent.
Show how Valuable Your Product is
As an upcoming business, proving that your items are sellable is crucial toward hiring independent sales agents with quality merits that can suit your brand well. Independent sales agents desire to be convinced that the partnership can benefit them. One approach you can take to improve the chances of landing an agreement with such agents is by selling your items on consignment in local shops, or promoting them at any celebrations or industrial occasions.
Start Looking For Your Reps
Once you’re sure of your items, you can begin searching for sales agents and persuading them to carry your products. Connect with numerous sales agents because not every one of them would say yes. For example, if you require 10, talk to 30. In times like this, platforms such as LinkedIn would be a plus but, even better, websites that are sales-specific would be able to narrow the search more effectively.
Find the Right Ones
One of the factors that cause independent sales agent to turn down on products is the lack of professionalism or good standing of the business. In order for them to agree to selling your products, they need to be sure just like any clients. Therefore, wear your best image and build your brand professionally to convince them just as how you convince your buyers.
Submit Letter of Intent
Once you find a sales agent that you want to hire, the next step is to write a Letter of Intent which will prove your intent to the sales agent. The letter should list the important dates of the trial- run selling term and end dates for purchase orders, commission rate (typically up to 1/5 of the total gross sales) in addition to the communication needed whether on daily, weekly or monthly basis. Once everything has been completed, you can provide samples to kick-start your sales and with constant communication, this may prove the start of a good connection.
