The best way to sell your product is to get into a retail store, but that is very difficult for a newer company or product. If you’re looking to move into the retail space, then you need a plan to ensure success. This will help you figure out how to get your product in front of retail customers.
Develop a Pitch Plan
You need to pitch your product to the owner. A great pitch plan is both creative and focuses on the need. Every product must serve a need. You won’t get on the store shelves without displaying that need. Try to meet the store owner in person to pitch your product. They get lots of emails and brochures that are tossed as soon as they get them. Meet in person and leave a good impression so that they look more favorably on your product.
Think of the store owner as your customer. You are showing them the product and telling them about what need it serves. Don’t try to sell the product. That won’t impress the store owner. You should instead pitch the product and show them what it can do and how much they stand to make by putting it on their shelves.
Figure Out the Margins
The retailer is looking for profit above all else. They will only consider your product if it will make them money. Your job is to figure out the margins of the best price point that will cover manufacturing costs, your profit, their profit and enough for other expenses. For example, the retailer will often need enough money for transportation and storage.
This will also help during your pitch meeting. It will show you’re serious about working with the retailer and ensuring that they profit from carrying the item. It also shows that you’ve done your homework and know how the market works. Consider all the factors and come up with a good price point that will make everyone happy.
Run Skillful Marketing
Imagine that someone you don’t know approaches you with a product that has never been on a store shelf and they swear it can make you money. It’s hard to take this seriously. One way you can demonstrate market viability is by running skillful marketing before approaching the retailer. This will show the store owner that people want to buy the product while reducing the risk of placing it on store shelves.
During the marketing process, you can collect information via feedback and surveys. You should also gather information about your competitors to show how your product stacks up. You can also run ads online, give away free samples, get social media buzz, and more. Not only can this convince retailers, but they might call you first because customers might ask if they have the product.
Marketing requires a budget which is why many owners consider small business loans to cover the expense to do a campaign big enough to produce a satisfying return with the results. These loans are fast. Do your research on lenders that meet your business needs and creditworthiness. Some lenders take longer than others to review your application and send the funds to your account. According to Lantern Credit, a small business lender comparison site, you can, “get the capital you need in as little as 24 hours so you can get back to running your business.”
Get the Packaging Right
This might seem like a small step, but it’s extremely important. Not only will the right packaging bring in customers, but it will also impress store owners. Remember that you want your product to look as attractive as possible on the store shelf. If you get this right, then you will have more customers buying your product.
Get Your Product in Retail Stores
Getting your product into a retail store isn’t easy, but it can be done with a good pitch, working the margins, and running a marketing campaign. With these tips, you can work with retailers to see your product in real-life shopping centers.