Episode 10: Retail Strategies Part 2
Maureen continues her training on retail strategies that will get you into big box stores and empower you to scale your product-based business.
- What products retailers are looking for
- How to finance production
- How to tell your story well
- How to get in front of the buyer
Learn What Products Retailers are Looking For
Do NOT present all your products to buyers. Present one or two top-performing products that will meet the needs of the retailer. You need to be able to talk about your product's category trends, why your product is different than others in the category, and how your product will accelerate the growth of the product category for that retailer.
You also need to know your numbers. The buyer wants to know your product's "money story." How fast does your product move. What is the selling price? Know how frequently the product sells, how soon customers stop using it, and what the lifespan of the product is for each customer.
Finally, be able to show why your product is better than other similar products in the market. You should also be able to communicate how your product is unique to its competition.
Target Specific Buyers
The easiest way to connect with buyers for your retailer is to go to vendor days. Get in contact with the buyer's assistant, make a connection, and get a slot to meet with the buyer during a vendor day.
To do this, contact corporate for the retailer and find out who is buying for your product category. Then, contact their assistant and get a slot during their next vendor day.
DO NOT contact buyers via LinkedIn or Social Media. These are often platforms they use for professional development, not to find new products for specific retailers.
Know What To Expect from Retailers
Buyers test new vendors. They will buy a small run of products and test them in their top 20 stores. Knowing that buyers will purchase anywhere from 100 - 1000 units, you need to have a plan for manufacturing this quantity for buyers. Once the product is tested and a demand is confirmed, the retailer will come back and order again.
Plan for Manufacturing
PO Factories and Retail Factories will act as a third party to manufacture your products for the retailer. You will need to find and apply to a factory, submit the chain store's purchase order, and then the factory will get a percentage of what you make from the retailer.
The good news about this type of factory is that they don't care about your credit score, they only care about the retailer's good standing.
Please note that these factories take some time to complete their process, so you will need to apply in advance.