5 steps to get your product into retail
To be an entrepreneur, you need to have ambition and a strong drive to reach your goals. What it also takes is a lot of planning. And undoubtedly because of this, many brilliant business ideas go wasted and unused as many an aspiring entrepreneur fail to plan and put business objectives into action.
If it’s a product you’ve made with the hopes of putting it up on retail shelves, you’ve come to the right place. Provided here is every small business owner, manufacturer and entrepreneur’s essential guide on how to successfully get your products to retail stores. If you like, turn this guide into a check list that can be ticked off once each task is reached.
1. Know your retailer
The first thing you’ll need to ascertain is whether or not your product is a good fit for your intended retailers. It would do little good to plan to sell your surfing gear and swim wear in a store specialising in snow board equipment and mountain hiking. The best way to find out if a store will accept your product is to research similar or competitor products and discover where they are being sold. Another benefit of knowing your retailer includes simultaneously getting a grip on your potential customers.
Also do some research on the layouts of potential stores to determine who of them would best market and display your particular product. If you’re selling intricately designed surf boards, you won’t want to choose a store with a limited area for exhibition as well as for storage. Know what each of your potential retailers’ processes are for submitting a product line into their system. And once you have all the necessary information, you’ll be ready to approach them. It could be helpful to list out all prospective retailers and get in contact with them one by one, and possible hiring a sales agent to pitch your product if you’re not confident in your marketing or people skills.
2. Know your product
Whether you’re planning to pitch your product yourself or you’re hiring an experienced professional ton approach your intended retailers, knowing your product and brand inside out is essential in successfully getting products to retail. In your approach, be thoroughly prepared and knowledgeable on the benefits and features of your products – whether it's eco-friendly, long-lasting, or much easier to use than competitive products. Ensure that using this approach, you have done thorough research on your competitors so that you are able to make comparisons and highlight why your product is better and what separates it from the rest.
Approach your sales pitch from the perspective of your buyer. You may know every specific or detail about your product, but that doesn’t mean you should skip the basics when pitching to retailers. Ask yourself the question, “If I was a retail owner and someone approached me with a product, what would I want to know and what would be the criteria?” The presentation of your product to retailers will be the deciding factor of whether your products will make it into stores.
3. Have product samples with packaging on hand Provide press clips or awards
Of course, depending on your anticipated retailers, offering samples of your product and packaging may not be completely necessary. But it does create the impression that you are organised, professional, and thoughtful of your future – characteristics that are always appreciated and praised upon in the business world. It can also help determine the expectations of your retailers and make adjustments accordingly before it’s too late – they may think highly of your product but disagree with your packaging design. Here is an opportune time for improvements to be made when going from store to store and learning from each experience. Therefore, don’t be disgruntled if it turns out that a particular store isn’t accepting your product. It’s a learning experience that often demonstrates what to do and not do for your next retailer. Press clips and product awards of course can only help your mission for approval as well as increase your product’s credibility.
4. Plan ahead for cost details
There are lots of costs that need to be taken into consideration. Reflect on your cost per unit, wholesale price and suggested retail price, shipping costs, packaging, payment terms, returns to vendor and the like. Once you have all your costs down, it will be easier and more efficient to plan with your retailers. Generally, the rule of thumb in the retail domain is this: your wholesale price will be double what your cost is and your retail would be double what your wholesale is. Following this principle allows for all the parties involved to be happy with the profit made.
5. Figure out your product code
Often a forgotten step in the process of getting products to retail is the purchasing of a barcode. Barcodes are essential in keeping track of products once they are registered on the system of a store. They also help you, the business owner, know when the demand of your product has risen and you need to be prepared to manufacture more of your products. The trick here is to find reputable barcode registration companies such as GS1 or barcode resellers such as SA Barcodes. Depending on what kind of product you’re making (food item, publication, etc.), these reputable companies will be able to adapt to your needs as there are a few types of barcodes that exist.
Getting your product to retail doesn’t have to be a dream hoping to come into fruition. The reality is that your business objectives are achievable. With the right attitude, strategy and resources, your products will be next to hit the shelves season after season.
Images via:
http://www.flickr.com/photos/cstnc/4319195477/
The first thing you’ll need to ascertain is whether or not your product is a good fit for your intended retailers. It would do little good to plan to sell your surfing gear and swim wear in a store specialising in snow board equipment and mountain hiking. The best way to find out if a store will accept your product is to research similar or competitor products and discover where they are being sold. Another benefit of knowing your retailer includes simultaneously getting a grip on your potential customers.
Also do some research on the layouts of potential stores to determine who of them would best market and display your particular product. If you’re selling intricately designed surf boards, you won’t want to choose a store with a limited area for exhibition as well as for storage. Know what each of your potential retailers’ processes are for submitting a product line into their system. And once you have all the necessary information, you’ll be ready to approach them. It could be helpful to list out all prospective retailers and get in contact with them one by one, and possible hiring a sales agent to pitch your product if you’re not confident in your marketing or people skills.
2. Know your product
Whether you’re planning to pitch your product yourself or you’re hiring an experienced professional ton approach your intended retailers, knowing your product and brand inside out is essential in successfully getting products to retail. In your approach, be thoroughly prepared and knowledgeable on the benefits and features of your products – whether it's eco-friendly, long-lasting, or much easier to use than competitive products. Ensure that using this approach, you have done thorough research on your competitors so that you are able to make comparisons and highlight why your product is better and what separates it from the rest.
Approach your sales pitch from the perspective of your buyer. You may know every specific or detail about your product, but that doesn’t mean you should skip the basics when pitching to retailers. Ask yourself the question, “If I was a retail owner and someone approached me with a product, what would I want to know and what would be the criteria?” The presentation of your product to retailers will be the deciding factor of whether your products will make it into stores.
3. Have product samples with packaging on hand Provide press clips or awards
Of course, depending on your anticipated retailers, offering samples of your product and packaging may not be completely necessary. But it does create the impression that you are organised, professional, and thoughtful of your future – characteristics that are always appreciated and praised upon in the business world. It can also help determine the expectations of your retailers and make adjustments accordingly before it’s too late – they may think highly of your product but disagree with your packaging design. Here is an opportune time for improvements to be made when going from store to store and learning from each experience. Therefore, don’t be disgruntled if it turns out that a particular store isn’t accepting your product. It’s a learning experience that often demonstrates what to do and not do for your next retailer. Press clips and product awards of course can only help your mission for approval as well as increase your product’s credibility.
4. Plan ahead for cost details
There are lots of costs that need to be taken into consideration. Reflect on your cost per unit, wholesale price and suggested retail price, shipping costs, packaging, payment terms, returns to vendor and the like. Once you have all your costs down, it will be easier and more efficient to plan with your retailers. Generally, the rule of thumb in the retail domain is this: your wholesale price will be double what your cost is and your retail would be double what your wholesale is. Following this principle allows for all the parties involved to be happy with the profit made.
5. Figure out your product code
Often a forgotten step in the process of getting products to retail is the purchasing of a barcode. Barcodes are essential in keeping track of products once they are registered on the system of a store. They also help you, the business owner, know when the demand of your product has risen and you need to be prepared to manufacture more of your products. The trick here is to find reputable barcode registration companies such as GS1 or barcode resellers such as SA Barcodes. Depending on what kind of product you’re making (food item, publication, etc.), these reputable companies will be able to adapt to your needs as there are a few types of barcodes that exist.
Getting your product to retail doesn’t have to be a dream hoping to come into fruition. The reality is that your business objectives are achievable. With the right attitude, strategy and resources, your products will be next to hit the shelves season after season.
Images via:
http://www.flickr.com/photos/cstnc/4319195477/