Here are some things I think you should know before you attempt to sell your product to a major retail buyer:
- Do you know which channel or trade your product belongs to?
- Do you know how to present the features and benefits of your product?
- Do you know why a consumer would purchase your product over your nearest competitors already in the account?
- Do you know if you have the right packaging for the retailer you want to approach?
- Do you know how to put together a winning presentation that buyers want to see?
- Do you know what distributors and brokers do?
- Do you know what retail buyers are responsible for and what they want to hear during the presentation?
- Do you know what Questions to ask a major retail buyer?
- Do you know how a retail organizations is structured?
- Do you know a retail organizations buying process?
- Do you know when a retail buyer reviews your product for purchasing?
- Do you know how to contact the correct buyer for your product?
- Do you know how to find research on the account your want to approach?
- Do you know what research information to look for?
- Do you know how to develop a marketing and distribution plan?
- Do you know how to find alternative channels to sell your product to?
- Do you know how to fill out vendor applications?
- Do you know how to ship your product to major retailers and become EDI compliant? If not, there are fines for not shipping correctly.
- Do you know the retail terminology used by retail buyers?
- Do you know the various fees a retailer will ask for?
- Do you know how to price your product correctly so that you are not losing money or working for free?
- Do you know how to generate demand for your product so that you get reorders?