First you had the idea, then you developed the product. As challenging as that ride can be, it is often even more challenging to land your product into retail stores.Buyers across the country and around the world get introduced to new products nearly every day and as a result, can be overwhelmed with the decisions of what to buy and what to pass on. Favoring products they know will sell when it comes to what to bring into their stores often works in their advantage, however most smart buyers also know that introducing new products to their store assortment can also be to their advantage. Luckily, this brings you into the picture. Now the challenge is to stay on their radar so that when decision time comes, it’s you who gets the sale.
A few things to help leverage your product and brand from the enormous amount of competition that is also trying to gain the eyes of retail buyers includes the following:
1. Present your product professionally and with confidence. Make sure that you are prepared to present a polished buyer’s packet to all perspective buyers. It should include your product information, company details, designer details if applicable, retail and wholesale price points, opening order terms, delivery expectations and re-order details. Including photos that are professionally presented within this packet is essential. Color and sizing information as well as case packs are also critical depending on the product you are selling. Many new wholesalers speak up too soon when it comes to reaching out to buyers and as a result, their product is dismissed from the interest of buyers. Don’t let this mistake be your fatal failing.
2. Communicate effectively with buyers without wasting their time. Remember that buyers are very busy people between attending trade shows, shopping their competition, placing orders and re-orders, managing budgets and so much more. It’s extremely important that you respect this so that you can value the time you do have with them, whether it’s face to face, on the phone or via email. In doing this, many buyers will respect your attention to their time and as a result, you just may have an edge in their attraction to your product, as well.
3. Be in the right places at the right time. Attending trade shows is a great way to get introduced to retailers who would not know of you otherwise while also giving you an outlet of communication that may be hard to obtain through phone calls and email. But don’t jump onto the trade show bandwagon too late in the game. If you want to be in retailers for Holiday 2009, you are already late. Become familiar with the trade show calendars of your particular industry and make sure you plan to attend both national and regional shows to help launch your product. In addition to trade shows, scheduling in store appointments is an ideal way to get a buyer’s attention. Not all buyers will give new wholesalers this time, though, so make sure to stay confident and keep on trying despite a lot of no’s to your appointment requests. Sending your buyer’s packets via email (PDF files work best) or via snail mail is also a great way to get attention. Just make sure you are on time with the buying calendar. It never hurts to give your product some cushion time, too, since your product is new to the market. Following up on all outlets is essential, as well.
4. Network with everybody and anybody that will listen. You never know where your next account will come from. Be professional and always stay focused on your brand identity, direction and goals so that you don’t get lost in networks that aren’t leading you to your intended purpose. But do take the time and the chance to reach out and meet new people. Chamber of commerce groups are a great way to meet retail owners and buyers as well as national and global organizations, such as the Fashion Group International, that are directly dedicated to your industry. While this takes a lot of time, the amount of people you will meet can greatly impact your brand recognition and interest.
5. Stay focused on your long term plans despite short term temptations. As a new wholesaler trying to position yourself in the marketplace, it can get tempting to set your expectations lower or settle on something just to feel like you are making progress. While compromise and change should be expected, it’s important you don’t lose sight of your brand’s vision along the way. Sometimes saying no, passing on certain retailers or having to change your plans is the best thing you can do in an effort to get the right buyer’s attention. Remember that where you position your product will be important for buyers to know, so make sure you only put it where you think the buyers you want will approve of.
It can be a long and bumpy ride for new wholesalers emerging in the marketplace, but the ride is worth it if you see it through and continue to believe in your product. Be patient, be professional and be prepared in an effort to let buyers know you are ready for business!
- Contributor Nicole Leinbach Reyhle is founder of Retail Minded, A Boutique Support Firm & Blog for independent retailers and wholesalers that offers project based and customized support, general consultations and professional blogs to retailers and wholesalers nationwide. Learn more about Retail Minded by visiting www.retailminded.comand by following Retail Minded on Twitter at @RetailMinded.
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