5 Things Every Retailer Wants to Hear About New Products
Whether you are considering selling your product to a local “Mom and Pop” store or to a huge retail chain, selling your product to retailers can be quite tough especially when you do not speak their language. Buyers have a way of telling whether a vendor has had sufficient experience in the market or not. They have a way of picking up on even the subtlest nuances in a product pitch. Retail buyers assess a vendor’s level of experience and rely hugely on this when deciding to buy a product for their retail stores or not.
Introduce yourself professionally but briefly, and always be prepared with a visual of your product. All the buyer needs to know at the first point of contact is your name and from where you hail. Keep the introductions concise. Avoid long stories about yourself or your company’s history. You need to get right to talking about them and their needs as immediately as you can manage.
Be very specific with your Ask. Let the buyer know right away why you are reaching out. Are you after an in-depth presentation of your product? Would you like to distribute samples? Whatever it is you need from your retailer, proceed directly to the point.
Establish credibility. Provide proof of concept early in the discussion with your retail buyer to provide assurance that they stand to gain from paying attention to you and your product. Be prepared to share information that proves that your company, products, or services has market traction. Highlight on your:
Strong sales history – “Our other partner retailers average over 15% on weekly sell throughs.”Assure your retail buyer that your product is an investment worth their while with factual figures.
Recent press releases – “This product/our company was recently featured in (name of publication).”Guarantee that the product that you offer is backed by serious marketing and promotional initiatives.
Range of distribution – “We are currently in over 100 stores across the country.” Build your potential retailer’s confidence in your product by proving that a number of other retailers have likewise placed their trust on you.
Appeal to the buyer’s needs. Your prospective retailer will want to know that you are logistically capable of supplying a large-scale retailer and that you can help them generate profit. Reiterate how much earning potential your product can bring your retailer’s business. Typically, a retail buyer will be very interested to discuss:
Increase in sales and margin– profit is most important in any business. How profitable is your product to their store?
Timely fulfillment of inventory – will you be able to deliver the quantities they require when they require it?
Reasonable or flexible minimums per style (MOQ) – very high minimums per style is not ideal for a lot of retail buyers.
Variety – people love retail stores with a wide variety of offerings. Will your product impact the variety of this retailer’s array of products?
Conclude by summarizing. Wrap up your conversation with your prospective retailer by reiterating your goal in reaching out to them and how your product will be beneficial to his store. It is important to show confidence the entire time. One of the biggest errors of inexperienced vendors is sounding too desperate when pitching the sale.
Once you’ve closed your prospective retailer, help them to sell your product. The more of your product the retailer is able to sell, the more they will buy from you. Profitability could be a team sport, after all.