How to Pitch Your Product To A Retail Buyer
Pitching your product correctly can mean the difference in your product being purchased by a retail buyer, distributor or collecting dust in your garage.
Have you ever watched Shark Tank? How many times have you seen someone with a great product get extremely nervous or tongue tied when they are asked to explain what their product is?
I understand that some people are so excited about their product that they have a hard time conveying what their product does, but when you are trying to make millions of dollars by selling your product to retailers, you don't have any excuse not to deliver the perfect pitch.
In order to deliver the perfect pitch to a retail buyer or a distributor, you have to be able to clearly explain the benefits and features of your product in an exciting way that will motivate them to purchase your product.
What are Buyers Looking For in a New Product Pitch?
There are certain things buyers are looking for when a vendor pitches their product.
Retail buyers are in business to purchase products that they feel their customers will purchase.
They are always looking for new and unique products that will add profit to their bottom line.
How much gross margin is the product providing?
How fast can the product turn per week?
Is the company financially capable of supplying them?
Does your product fit a gap in their category and is it right for their shoppers.
They also want to know who is running the company and if that person has experience to be a great vendor.
They are also looking for a vendor that will deliver on time, is not a headache to deal with and will support the sales of their product.
Last but really important, how are you going to drive traffic to their stores? They really want to hear about your great promotional and marketing strategy.
Pitching Your Marketing Plan
Buyers and distributors want to hear about your unique marketing plan that will get consumers to purchase your product.
You have to prove that your integrated marketing plan will drive consumers to their store...not just consumers, but the ones that the retailer is targeting.
Once a consumer is in their stores, how are you going to get that shopper to purchase your product?
You have to have a creative in-store marketing strategy and promotional program to motivate shoppers to purchase your product.
Pitching Your Product Over The Phone
When you are first starting out and need to gain access to retail accounts, distributors or investors, learning how to cold call is essential.
Have you ever called a retail buyer and were instantly turned down within a few minutes of the call?
How frustrated were you with yourself because you did not pitch your product correctly or know what to say to get a buyer interested in hearing more about your product?
I've spent thousands of hours on the phone when I first started selling a seasonal product to retail buyers.
I also had experience calling investors when I worked for UBS, so I had experience cold calling.
First Impressions Are Critically Important
When you call a buyer for the first time, you have to make a great impression.
It's hard to call a retail buyer back and ask for a second chance to pitch your product.
You have to get the buyer interested in learning more about your product with your opening statement.
You want to start the call off by introducing yourself and the reason why you are calling.
You also want to make sure they are the right person that is authorized to make a purchasing decision about your brand.
The purpose of your initial call is not to get the buyer to purchase your product, you just want to get them interested in learning more about it and hopefully grant you a meeting.
Pitching Your Product To The Gatekeeper/Asst. Buyer
I also learned the importance of pitching the gatekeeper/assistant buyer so they would deliver my message to the buyer and ultimately get me that critical appointment.
The gatekeepers job is to keep vendors from interfering with their boss, but they can also be your best advocate if used correctly.
If you can get a secretary or assistant buyer interested in your product, they will pitch your product to their boss.
Questions you need to answer before contacting a retail buyer
Why would a retail buyer want to carry my product?
Can my product help a retail buyer achieve their performance goals (sales, profit and inventory turn)?
Is my product unique to their category and how am I going to prove it?
Pitching Your Product at a Trade Show
If you are looking for ways to get your product in-front of thousands of retail buyers and distributors, you need to exhibit your product at a tradeshow.
If you are at a trade show and you are pitching your product to a buyer you must make sure the buyer remembers your product when the show is over. The buyer has to be so interested that they want to tell other buyers about your product.
When you follow up with the buyer, you want them to remember your product or better yet, have them call you because they really want your product.
The last thing you want is for a buyer to avoid your call because they don't remember who you are or that you could not effectively explain your products benefits.
If you are going to attend a tradeshow and want to learn some secrets of how to sell your product to a retail buyer, then Click Here To Learn Some Tradeshow Marketing Secrets.
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