Hard work, commitment, persistence, and steady investment are the prerequisites to starting a business. Since the 18th century, wholesale traders have been profiting in the market. The wholesale toys market is a very profitable opportunity for investors to explore.
4 Ps of Marketing
Implementing the 4 Ps when starting a business is essential to succeed. The 4 P’s of marketing are:
- Product
In wholesale businesses, vendors tend to compromise the quality of the products sold in bulk. Quality should not falter during the sale of wholesale toys, and no defective pieces should be in the lot. Children are curious creatures and cannot be trusted to play with toys that are fragile or may break. The transportation of such toys is hard to manage, so selling them in bulk is not recommended. Plush and model toys should be preferred over fragile ones, as they are easy to transport in large quantities, and children love to play with them. Educational toys are common in educational institutions, which order these toys in bulk. Electronic toys are another widely admired category of toys admired by children. The use of protective packaging for transporting fragile products is necessary to protect them from damage.
- Place
Place involves the process through which customers buy their products. Wholesale toys do not need shops all over the country, as toys are sold in bulk and not as individuals. The business headquarters are a warehouse where all toys are stored. The first and foremost step to be taken before starting your business is to decide what type of wholesale business you want. There are two types of ways to sell your products. The first is a broker, who sells your product to other producers. This process speeds up the process of distribution. However, the broker has demands to be met. The broker always asks for a portion of the earnings, hence reducing your share in the overall profit. The other way is through a merchant; you are the merchant of your own company. The wholesale toys will be sold directly, without the need for a broker, thus saving money and allowing you to build a strong bond with the customer.
- Price
The entire purpose of wholesale toys is to get toys in bulk at a reasonable price. Due to such low prices, the business can offer competition in the market by selling toys at much lower costs and still making profits comparable to the best brands in the market. The main reason is that transportation in bulk reduces shipping costs and other additional taxes. Distributor rates minimize therefore allowing the products to be sold further at even subsidized rates without compromising profit.
- Promotion
Promoting your business is necessary while starting your wholesale toys business. The first task is to know your target audience and treat them accordingly. In this case, the potential business customers are other retailers, educational institutions, daycare centers, and pet welfare centers. Educational institutions and daycare centers need to be briefed on why having all these different toys are necessary and how they relate to the curriculum. Retailers need to be briefed about how popular each category of toys amongst children and what toys attract what age group. Offering regular discounts and membership benefits is another way to attract more customers, who then help to spread the word further.
Conclusion
The 4 P’s of marketing are the foundation of any business, and following them is essential to achieve success. However, knowing the product and the audience is significant for a wholesale toys business to prosper. Wholesale toys USA is an example of a flourishing wholesale toy business that followed the formula to success mentioned above and established itself in the market.
