Posted by 2014-08-17 13:05:00
Title: How to best market to large retailers for pre-sales of new product when small, financially limited u...
Simple, be really, really well prepared when you go to pitch to retailers.
Large or small, retailers want products that sell as items sitting on the shelf are wasted financial resources. Your pitch to the retailer helps them vet out inferior products and companies and being prepared for the “interview” is a majority of the work.
Here are my recommendations for getting prepared:
• Come with samples.
• Create a “Sales Package”. Include pictures and specifications on the products, related marketing materials and customer reviews.
• Do research on the retailer.
• How well does your product mesh into the company’s other offerings?
• Do they stock a similar product?
• How does yours compare, better, faster, stronger, less expensive, etc.?
• See if you can find other entrepreneurs that have sold to them and ask about their experiences.
• Are you willing to offer an exclusive arrangement to the company such as them being the only retailer in the city, region, province or country?
• Can you fulfill the order request?
• Do you have financing in place to complete the order or will purchase order help to pay for manufacturing?
• Can your current logistics service the retailer?
• Understand your company’s (or supply chain) current capacity so you know what/when you can deliver.
• Do you have the support system in place? For example, if you’re required to provide a help/customer assistance line, will you be able to provide the required level of service to keep end-users and therefore the retailer happy?
• How will you handle and returns/defects that come back to the company?
While this is not a complete list, it should be enough to get you thinking and ready for a polished retailer pitch.
I hope that this helps you along your entrepreneurial path!
Chief ! Officer, Think Idea DO Consulting