How to Get Your Product into Stores – 5 Tips for International Companies Trying to Sell to US Retail

New Training on How to Get Your Product into Stores – 5 Tips for International Companies Trying to Sell to US Retail

New Training on How to Get Your Product into Stores – 5 Tips for International Companies Trying to Sell to U.S. Retail

Do you have a product perfect for U.S. Retailers such as Macys, Home Depot, Walmart, CVS, Kroger Stores, etc?

And are you an international company trying to sell to U.S. Retailers? Then you will absolutely love our new training video on the subject! 

We discuss the top 5 things international companies do to harm their chances of selling into retail chains!  

Click on the link to watch!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required! 

Transcription for How to Get Your Product into Stores – 5 Tips for International Companies Trying to Sell to U.S. Retail

Hey everyone. This is Karen Waksman, founder of Retail MBA. And today I want to talk about the five tips to success for international companies trying to sell to US retail chains. So if you have a great product but you live overseas like the UK, Canada, India, wherever you are and you want to sell to Walmart or Home Depot, or Macy’s or whatever it is in the United States, and you’re really curious about it, you need some strategies and some thoughts about what to do with that. So I want to give you some support here on the five tips to success as international companies trying to sell to US retail chains.

So let’s talk about the five tips. Tip number one, make sure you understand the target market. So if you’re in another country and your packaging has certain things on the packaging that matters to your country, it might not matter to the US. It sounds so simple, but I’ve seen it happen all the time. It’s not translating well. So you’ve got to hire somebody, find somebody in the US who can review the information, make sure that it’s clean and clear for the US retail market. The buyers don’t play in the US. It’s got to be professional. It’s got to look good. They’re not messing around with anything other than what’s ideal like for their ideal audience.

Also, for the target market in the United States, if you’re selling to women, you want to put women on your packaging, certain types of things. You want to get additional support to make sure that you understand the US target market. It is different. And again, like in Canada, you have French on the box, it’s not going to be the same in the US. You might have to change your packaging out. There are some things you have to do and to hyper focus that intention there.

Another thing is that you need to understand that if you’re going to be interested in selling to US retailers, calling them directly from your home country usually is not an ideal thing for you to do. So let me explain. So say you’re calling from the UK, we’ll use the UK as an example. You want to sell to Home Depot, you’re calling, trying to do a deal with Home Depot, right? What happens is that the buyers typically don’t call you back if you are overseas, except for one particular division that generally works with the international market. Most of the time, the buyers are busy. They have a lot going on.

They’re not going to call you at the different time differences and so forth unless you reach out to a specific location, divisional within their organization that supports the international market. So there’s a couple of ways to sell to US retailers. One way is to be he based in the United States even though you live in the UK, meaning that you set up an LLC or whatever in the United States, and you basically run your business from your home country but somebody in the US is setting up, you have a business there where somebody can interact with the buyer and they think that you also have a division in the US. That’s okay. That’s very easy for the buyer to call back.

However, the other option is to reach out to them from your home country and only be placed in a group where you are combined with all sorts of other international suppliers. So basically the difference between you making millions of dollars or not is, are you willing to place somebody in the United States, one person, somebody who can interact with buyers, set up a little office there, super basic, and then have all the interaction back and forth to get the biggest return on investment, or are you only interested in selling directly from your home country but then all of a sudden you’re piled into the international market, which basically means that they’re looking for commodity-based products, products that are really great priced.

Otherwise, they can get most of the stuff from the US and so forth. Yes, people sell from other countries and so forth all the time, but all I’m saying is the opportunity is for you to possibly open up a tiny little office in the United States, have her interact with you and have a much better experience with that. So hope that makes sense. My suggestion is to consider getting a foot on the street in the United States to help you along. Otherwise, she tends to not call you back. Otherwise, you’re going to be pigeonholed into the international market, which tends to take a lot longer.

You’re kind of clumped in with all the other international companies. And you basically are being pressed for price and these types of things, because otherwise they could buy a lot of those products in the United States. So I hope that makes sense.

Another thing that a lot of international companies struggle with is that they rely on third parties that they don’t know very well. And they’re just agreeing to work with them because they don’t know very many people in the United States. And so that actually can be disastrous. So say you hired a sales rep who says that they can help you and they’re in the US, you don’t know them that well, but you’re rushing because you really want to work in the United States. And they say that they can help you. That actually backfires a lot.

What you want to do is since you’re so reliant on a third party to support you, you definitely want to take your time on picking who your partner is going to be because it could really, really harm your business. I’ve seen so many international clients not get anywhere because frankly, that person promised them the world and is not doing much and so forth. So definitely want to invest in learning about those people. You got to fly in, you got to talk to them, you got to do things. You don’t have to, but the more you take it seriously, the longer term opportunity. I’ve seen for people get to really invest in the time to make sure that third parties are going to do the best for you in your business.

Another thing that causes a lot of international companies pain and suffering in selling to the US is, and some strategies to think about is that you guys don’t always know all the different ways to make money with the US retail market. And that’s not your fault. You don’t live here. You don’t understand the retailers and so forth. Most people who live in the United States don’t know the money strategies. When I say money strategies, I mean, there’s probably 20 different ways that you could sell to Home Depot or whatever. There’s 20 different ways that you can contact them.

You can sell to the online division. You can sell to the store division. There’re so many different buyers within the retailers, a lot of different opportunities that people miss out on. So if you’re going to go out to the US retail market, I highly recommend getting a coach or somebody in the United States who focuses on the US retail market. You can always work with us or somebody else, but just make sure you got enough data to understand all your different options because that could save you so much time, money, headache.

Because a lot of international companies lose a lot of money because of the simple errors of not knowing the market very well and all the money strategies and all the ways to sell to US retailers. There’re so many different revenue opportunities. We’re going to be placing new videos talking about the different money strategies soon enough in our YouTube channel. So be in the lookout for that. But otherwise, just note that you definitely want to make sure that you understand all the different strategies and all the ways to make money before you launch into the US retail market, because it could be the difference between you making millions of dollars or not.

The final thing that people struggle with in the international market is that you don’t know how to communicate with buyers about your product effectively. It sounds pretty common, but the reality is that in the US retail market, they’re very particular about what you say to them about your particular product. I’m not talking about accents, I’m talking about the words you use to get the buyer to believe that your product will convert for instance in stores. They want to make money. They want to make sales. They have their own language. It’s very complicated to just assume that just because you’re a good salesperson, that things will convert really well for you nicely in the United States.

You definitely want to understand their language in the United States, again, through education, coaching and so forth, and some support. Because ultimately what will happen is the buyer will look at your product and say no to you. And we don’t want that. We want a yes. We want someone to make sure that that product succeeds in stores, and we want to make sure that buyer knows that this product is going to do well. And there are ways to express that to the US retail buyer. And they’re very particular about their words, more so than most industries I’ve ever worked in.

Anyways, those are the five tips to success with selling to chain stores if you live overseas. The big thing here is just to make sure that you understand that there’s so much money to be had in the US retail market. Just get a little education. You’ll be fine. If you want to learn more about how to sell to US retailers, we actually have a 90 minute webinar that’s absolutely free that you can sign up to below. The link is listed below. Just click on that link. You can also go to retailmba.com/free to get access to this as well. Basically, we just walk you through selling to US retailers, we take our time. You can ask questions and so forth. We also have a replay option as well.

Or if you like this information, like us, subscribe, comment below. We’re always adding new content. This is Karen Waksman, founder of Retail MBA, and I hope this helped. Thanks so much.

 

Rocco & Roxie Supply Co. Success Story – Retail MBA Brands

Rocco & Roxie Supply Co – Retail MBA Review Success Story – They Got Their Products into 1560 Petsmart Stores, Walmart, Chewy.com and Costco!

Rocco & Roxie Co. Success Story – Retail MBA Brands

We just want to congratulate and spotlight our Rocco & Roxie Co. client. They got their products into 1560 Petsmart Stores in the U.S. and Canada. They also got their products into Walmart, Chewy.com and Costco Stores. Wow! 

We met Rocco & Roxie Co. in the last year or so. They were interested in getting their pet products out in the world. They had been selling products online for a while and knew that chain stores was the next best step.

During our coaching Q&A calls we discussed how to increase their chances with the success of their products and chain stores. We did this by helping them with the verbiage they needed to use to scale as they were in a very competitive market. 

Since then, they have scaled and we are so thrilled for them! 

We couldn’t be prouder of you and your team!

In such a short period of time, you have excelled. Congrats! Go, go, go! Who’s next?! 🙂

Watch the short video on Rocco & Roxie Co.’s success listed above to learn more! We like to spotlight our clients when they scale fast!

Wishing you so much happiness and success.

Karen Waksman, Founder of Retail MBA Brands

P.S. Want to get your products on retail shelves? Check out our upcoming free 90 minute webinar on ‘How to Sell Your Products to Big Box Retail Chains’ by clicking here: https://retailmba.com/free.

Selling on Walmart Marketplace Vs. Selling on Walmart.com

New training on Selling on Walmart Marketplace

New Quick Training on Selling on Walmart Marketplace

Selling on Walmart Marketplace is not exactly the same as selling on Walmart.com. This is a common misconception that comes up all of the time in my workshops and classes.

So, if you think you have a great product for Walmart.com, I suggest watching my latest training video about Selling on Walmart Marketplace Vs. Selling on Walmart.com! I share some quick tips and strategies that may just be helpful to you when selling to this big box retailer. Just click on the video to watch!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required!

Transcript for this training on “Selling on Walmart Marketplace vs. Selling on Walmart.com”

Hey, everyone. This is Karen Waksman, founder of Retail MBA. Today, I want to talk about selling on Walmart.com versus selling on Walmart Marketplace. The reason I decided to create this particular training is because for the last decade, I’ve taught tens of thousands of product companies across the globe on how to sell to retail chains like Walmart, and a lot of people really want to sell to Walmart, and Walmart Marketplace comes up all the time, and I really wanted to discuss the differences because it could be the difference between you making millions of dollars or maybe not as much. So just really wanted to share this information with you.

Walmart is an amazing retailer, obviously. There’s a lot of reasons why you’d want to sell to them. They have millions of people who know about them. They’re worldwide. They can buy a lot of product. With that said, Walmart.com, a top destination for people to purchase stuff, and so where it gets confusing is there’s a few ways to sell to Walmart on their website.

One of them is selling directly to Walmart.com, and one is to sell to Walmart Marketplace. So let’s walk through the differences. I did an event with Walmart, and the buyers were there reviewing products to purchase, and that’s what we do. We try and help people get in front of buyers and so forth in various ways. Walmart buyer is teaching, educating the class about what they’re looking for in regards to being a supplier and so forth. We have segments of that video in our YouTube channel if you want to take a look at that. But anyways, one of the things that somebody had asked her was, “Hey, I’m selling on Walmart.com.” And when she looked deeper, she said, “No, you’re not. You are actually not a vendor in our system.” And so he says, “Oh, well, I signed up through Walmart Marketplace.”

Now what happened was the Walmart buyer was liking his product. She went back to take a look to see what was going on because he had mentioned he’d already been selling on Walmart.com, but she didn’t find them in the system, and the reason for that was because he went directly to Walmart through Walnut Marketplace, and for her, that wasn’t something that was interesting to her. So if she wanted to work with him, she would actually have him remove himself from Marketplace and place him as a vendor.

Let’s walk through the distinctions here. Walmart Marketplace means that you can go to Walmart Marketplace, and it’s very similar to Amazon, and you can upload your photos and so forth and submit your products to be placed on Walmart.com, just like Amazon. So that is something that anybody can do. They can sign up for an account, get reviewed, get processed, hopefully, and get submitted. And that’s exciting, right? You can be on Walmart.com. Then you can sell on walmart.com and so forth. However, when you’re looking at the listing on Walmart.com, you’ll notice the distinction of the actual fulfillment house, and that would not be Walmart. It would be the company that is submitting their products there.

So when you want to actually sell to Walmart.com as a vendor, you actually need to interact with a human, with a buyer, and convince them that your product is interesting, and then she would give you a purchase order and she would buy a certain quantity of your product. She would get that product placed on Walmart.com with you, obviously, and your support. And ultimately, you then become a vendor of record. Why that matters is because Walmart.com, the buyer, is different than Walmart Stores buyer, which basically means that Walmart Stores is looking for new products. They always like to check what’s going on with Walmart.com. If you’re a vendor of record, you’re in their system and so forth, it’s very easy for them to transition as a vendor already in the system. You’ve done all the paperwork as an actual vendor to transfer them over to Walmart Stores and so forth. So there’s a lot of room for opportunity with Walmart and being a vendor actually makes a big difference.

So when I was mentioning the story of the guy who was at my event who thought he was on Walmart.com, he was, technically, but for the retailer perspective, he needed to resubmit, get interest from the buyer, get submitted all over again, start over, and then become a vendor, and then ultimately, hopefully get into Walmart Stores and so forth. So you can go the quote-unquote ghetto man’s way and submit your product on Walmart Marketplace. There’s nothing wrong with it. I’m just making jokes. But you could literally get your product on Walmart.com right now.

It really is not the optimal way. A lot of Amazon training programs teach you how to sell on Walmart.com. Seems exciting, but honestly, I would rather spend a few more steps learning exactly how to approach, pitch, and sell to Walmart correctly. Then, ultimately, you have this buyer connection, buyer relationship, vendor number. You can go after the corporate buyers. You can do all sorts of really interesting things. There’s a lot of ways to sell into Walmart. We have so many clients that got in Walmart Stores, and some of these strategies just can change your life, can make you millions and millions of dollars.

Anyways, just wanted to share the distinction. If you want to learn more about how to get your products in a Walmart or other chain store similar to that, take a look at the link below. We actually have a webinar that we have often, and that webinar includes information on how to approach, pitch, and sell to Walmart and other chain store retailers. All you have to do is click on the link below. It’s absolutely free. And we can go into detail about how retailers work, how they operate, and some of the nuances that you might not have known.

I’d love the opportunity to support you with retailers. Otherwise, please like this video. If you like it, place a comment below and/or watch our upcoming videos because we’re constantly creating new content and we’ve been doing this for so many years. There’s so much good stuff out there. So take a look at our YouTube channels, social media, Facebook, and so forth. We’d love the opportunity to work with you. Karen Waksman, Retail MBA. Thank you so much for your time.

Empava Success Story – Retail MBA Brands

Empava Success Story – Retail MBA Review – He Got His Products into Walmart, Home Depot, Lowes, Best Buy and More!

Empava Success Story – Retail MBA Brands

We just want to congratulate and spotlight our Empava Stove Top Client. They got their products into Walmart, Wayfair, Home Depot, Lowes, Sears, Best Buy and More. Wow! The video above shows what their product is and does!

We met Empava at one of our recent events. They had been selling online and really wanted to scale into the biggest retail chains.

We walked them through exactly how to contact buyers correctly and what to say to them to get them to buy and success occurred shortly after. Yippee! 

We couldn’t be prouder of you Ricky! 

When you came to our event with your large stove top product in packaging, we knew you were serious about your product. As it’s a very heavy item. And you were really ready to take your business to the next level.

In such a short period of time, you have excelled. Congrats! Go, go, go! Who’s next?! 🙂

Watch the short video on Empava’s success listed above because it’s fun to watch other people’s product successes!

Wishing you so much happiness and success.

Karen Waksman, Founder of Retail MBA Brands

P.S. Want to get your products on retail shelves? Check out our upcoming free 90 minute webinar on ‘How to Sell Your Products to Big Box Retail Chains’ by clicking here: https://retailmba.com/free



BH Photo Video – How to Sell to B&H Photo Video and Become a B&H Photo Video Vendor

BH Photo Video Vendor – How to Sell to B&H Photo Video and Become a B&H Photo Video Vendor. A Few Quick Tips and Strategies to Support!

BH Photo Video Vendor – How to Sell to B&H Photo Video and Become a B&H Photo Video Vendor!

Do you have a product perfect for B&H Photo Video? 

If your product is ideally suited for this retailer, check out our new training video on some quick tips and strategies on ‘B&H Photo Video – How to Sell to  B&H Photo Video Vendor and Become a B&H Photo Video Vendor.’

This is a massive retail chain that can scale your business exponentially! 

Just click on the video to watch!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores or Major Online Retail Outlets in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required! 

 

Transcript for ” B&H Photo Video – How to Sell to  B&H Photo Video and Become a  B&H Photo Video Vendor.” 

 

Karen Waksman, founder of Retail MBA. And today I want to talk about BH Photo and Video. This is a retailer. And the reason I decided to create this training, which sounds strange that I would create a video around a camera store. But there’s some cool things about this retailer that I really want to mention. And it can be a great resource for a lot of you who don’t have camera products, but you might actually want to get your products into that retailer. So let’s talk about BH Photo and Video.

So first of all, they do have retail stores, but they’re mostly online. And the reason why I mention that is because if I’m mentioning this retailer, it means that they probably have a really interesting footprint online because I try to tend to work on the things that will make people the biggest amount of money. And so I focus on retailers that can do that. So BH Photo and Video basically started out as a camera store. But their online site has actually turned into lots of things. I mean, they sell TVs, they sells all sorts of things.

Now, why did I create a video around this? Number one is because they’ve done a really good job online selling products. And now they are like the top 10, at least as of recently, obviously things changed, retailer online. They’re doing phenomenal in terms of, maybe not retailer, but like website based people coming to their site. They are like a top 10 on Alexa, as of now. They did phenomenally well. And so that just means a lot of people are going to their site. So for me, all I care about is sharing information about retailers that make money or could make money. And really that just means that they can get you in front of a lot of people.

So if you have a physical product and you’re trying to create a list of retailers to go after, consider BH Photo and Video, if it makes sense for your products. So go to their website and take a look at the different products that they have, and you’ll see, it’s not cameras and see whether or not your product can fit. So if you have any sort of consumer electronics or any sort of other things, they might actually be selling it. And so then you want to follow protocol and reach out to retailers and the buyers and so forth and go get your product into that retailer. A lot of times, because a lot of your competitors aren’t even thinking about BH Photo and Video. So I always like that, right? If no one else is reaching out to that retailer, that means that there’s more opportunity for me.

So maybe if I have some obscure product that maybe isn’t exactly what they’re selling today, that actually could be okay for me to get into their stores. The other thing is, is that, a lot of people will know about your product because you put it on their website and you’re getting them interested and so forth. Now how you actually get BH Photo and Video to put your product on their site is a whole other conversation. If you want to learn more about how to do that, you can go to my website, retailmba.com. I actually have a free video training that you can just put your email in. And it’s a six part training series on how to go after retailers like BH Photo and Video. Definitely explore that.

If you want to like go after retail stores and get them in the stores in a week, you should definitely go check out my Retail MBA website, because I also have a full training program that in a weekend will walk you through everything you ever want to know about getting your products into stores. And again, that’s my Retail MBA training program. And you can see both of the stuff at retailmba.com.

Either way, I hope this provided value for you. Put them on your list, great opportunity. They’re doing phenomenal online. And anytime a retailer is focused online, it means that they’re speedy. They’re willing to test new products. If you have great pictures of your product and so forth, they’d be more inclined to explore your product and so forth. And so definitely a retailer to put on your list. Who knew a camera store turned powerful? Anyways, this is Karen Waksman, Retail MBA. And please be on the look out for the additional videos that I create. Thanks so much.

 
 

How to Get Your Product into Stores – 5 Things No One Ever Tells You About Selling to Big Box Stores

New Training on How to Get Your Product into Stores – 5 Things No One Ever Tells You About Selling to Big Box Stores

New Training on How to Get Your Product into Stores – 5 Things No One Ever Tells You About Selling to Big Box Stores

Do you have a product perfect for U.S. Retailers such as Macys, Home Depot, Walmart, CVS, Kroger Stores, etc?

And are you nervous about selling to them because you feel like you don’t have enough data? 

Not to worry! Here are 5 tips and suggestions that no one ever discusses to help you get started today with chain stores. Click on the link to watch!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required! 

Transcription for How to Get Your Product into Stores – 5 Things No One Ever Tells You About Selling to Big Box Stores

Transcript – How to Sell Your Products to Stores – 5 Things No One Tells You

Hey everyone, this is Karen Waksman, founder of Retail MBA. Today, I want to talk about the five things no one ever tells you about selling into retail chains. So if you have a great physical product that you think should be on the shelves of say, Home Depot, Macy’s, Kroger Grocery Store, Walmart, CVS, whatever it is for you, this little training will walk you through the five things no one ever tells you about when selling to retail chains. So let’s talk about those five things.

First thing is you want to definitely walk the stores before you talk to a buyer. What does that mean? So say you want to sell to CVS. What’s going to happen is, you’re going to reach out to CVS in a very particular way, and hopefully get her interested in your product, but in that conversation, she’s going to ask you some very specific things. Especially if you have a physical buyer meeting, or she’s having some discussions about your particular product, she’s going to ask you which store you went to. This is for all retail chains. The buyers really want to double-check that you went to their stores, took a look around, and really studied what they’re doing, because she’s going to ask you when you went, which store, what you thought, what was missing and so forth.

The reason she’s doing that, is because she’s so tired of people just trying to sell her stuff, and you never even take a look at the stores or paid attention, or spent a lot of time trying to figure out how it could help her, versus only her buying products from you. She is dealing with people all over the globe contacting her all the time, and when you don’t walk her stores, it offends her. So there have been times where I literally couldn’t go to a store, because maybe the store wasn’t anywhere where I was living, and I would do anything to review those stores right before the meeting. I’d fly in early, whatever it took, because I knew she was going to ask that question.

You just want to honor that buyer, and what you’re looking for really is, okay, why would I put my your product into our stores? And you saw what was there, so give her some insights on what you thought, and so forth. It really will make all the difference for you. It sounds so simple, but so many people just say, “Yeah, yeah, I’ve been to a CVS in the past,” but really, it will make the difference between you getting that chain store order, because she’s going to dig a little bit, and you just can’t lie about it. She’s really going to push a little hard, most of the time. I mean, obviously there’s the exception to the rule, but you get my point.

The next thing is that people never tell you about selling to chain stores, is that you want to check out their resource center. So what happens is, when you’re reaching out and interacting with the buyer, she’s going to need you to have very specific things done before she can buy from you. Right? Makes sense. Like if you sell on Amazon, there’s X number of things that you have to do to put into place, before you can sell on Amazon. The same thing with chain stores, they have a whole system of things that they need to get done, before they can even place you in their stores, or online, and so forth. You need packaging, you need pricing, you need certain things set up, you also need liability insurance. There’s very specific things. It makes sense, right?

So one of the things you can do to help yourself, if you ever interact with a buyer, is before that meeting, you want to ensure that you checked out their vendor portal, so their resource center, essentially. What that means is go to Google, type in “Walmart vendor,” or “Macy’s vendor,” whatever it is, and essentially, take a look at the link that it sends you to, because it’s usually list a whole slew of requirements that they’re looking for, and they’re actually telling you some of the stuff that they need help with. They’re not going to give you specifics on a lot of other stuff, but the core basics, certain software you’re going to need, whatever it is they listed on their website.

Now, if you can start working on that list, that will really help you a lot with buyers, because she can’t buy from you until you set that stuff up. A lot of times people are like, “Well, I’ll reach out to the buyer, see if she’s interested, and then I’ll go for it.” Well, that kind of backfires a lot, because you’re wasting her time, and yours. If you’re going to go after stores, you want to do the prep work in advance. There’s obviously more to do with preparing for chain stores, but that’s a really, really solid start, checking out their resource guide.

The next thing is that you definitely want to make sure that you understand that just because you submitted your product and they reject you, it doesn’t mean that they’re always not interested in your product. It might have just been the time of the year, the date, the mood she was in, whatever, she might’ve gotten in trouble with her boss. There’s a million reasons why she would’ve rejected your product. And the reason I say that is, because I’ve seen some of the greatest products not get into chain stores, and most of the time, it’s some simple tweak that could’ve changed that person’s life, but they took it so personally, and they took it so seriously that when the buyer said no, they kind of ran away. They realized that people weren’t interested in their product, and they moved on, and that really isn’t the way to work with retailers.

You really want to honor them by making sure that you are going back and checking in again, because one thing people don’t realize, is that buyers change jobs all the time with chain stores. So what does that mean? Buyers change jobs every six months or a year, or around there. There’s a whole other video training in our YouTube channel that explains that in detail, but just know that a buyer changes jobs consistently, and so if that buyer said no to you, maybe six months down the line, she might not be there anymore. So just don’t give up, and don’t take it so personally, if she’s rejecting you. So this is really common silliness that people are going through, where they’re just kind of running away from retail, because they think that they’re over. It’s seriously, most of the time, a slight tweak to change your life for the better.

Another thing that I’m realizing over the years, is that you need to make sure that you are interacting with buyers correctly, and a lot of people don’t understand that. This kind of feeds into what we just talked about, which is the buyers reject often, and that slight tweak. Well, in the general case of what people don’t tell you, it’s that retailers actually have their own language, and their language means that if you can share with them what is interesting about your product in a very specific way, they will actually hear you, and if you don’t, if you talk about things that don’t matter to them, they literally, their brain will turn off and they’re not going to pay attention. It sounds so silly and stupid, but you’ve got to learn how to pitch to them correctly.

I have seen people spray and pray, where they buy lists of buyers, contacts, reach out just to see what happens, “Oh, I have enough sales experience in this world, but maybe not retail, but I’m good at this,” and then they get slaughtered by retail. It’s not because it’s hard, it’s not because it’s complicated to sell in the stores, it’s just literally a specific language. I learned this the hard way. When I first got started selling to chain stores back in the early 2000s, I thought I was cool. I had years of sales experience. I knew I could sell to anybody, but when I got to retail, man, they just did not hear anything I had to say, until I really understood who they were and what they wanted, and spoke to them deliberately in a specific way about my particular product I was trying to sell to them.

I literally wasn’t getting anywhere, and that’s when I started teaching people how to get products in the stores. Once I realized the verbiage that mattered to a buyer that ultimately got them to buy, that communication was so important to them, it was literally like I was saying the same thing in my mind, but in their mind, it was completely different. So anyways, get some support, get some coaching, get some help, because again, one chain store order can mean millions of dollars to your business and your bottom line. It behooves you to spend a little bit of time understanding their process and what they care about, to ultimately make that kind of money. And again, I’ve seen the worst products get into stores, I’ve seen the best products not get into stores. It’s not always about your product, it’s about how you can convince them that your product should be on store shelves. And I’ve seen a lot of stuff, and trust me, you can, a lot of times, get a buyer to pay attention to your product, if you’re willing to work at it a little bit. So anyway, that’s something to consider.

The final thing is that if you think someone will love your product as much as you do, you are kind of incorrect. What that means is a lot of times, you guys are bum rushing manufacturers reps, and sales reps, and people to go do the work for you. You want them to go sell, you just want someone else to do it. You’re the business owner, you’re whatever, you’re busy. You don’t want to do the work, I totally get you. The problem with that is that in the rep world, in the retail world, what happens is, is that people don’t care about your business as much as you do, and sometimes it takes a little while to open up that first account in chain stores.

Now, once you open up that first account, like say, Home Depot, whatever it is, then all of a sudden, it becomes so much easier, and it’s that first account, because what happens in the retail space, is the buyers are checking each other out and seeing what they’re buying, and so forth. So they might reject you just based on the fact that you’ve never sold to chain stores before, so you’ve got to work at it a little bit, and get them interested in your product line, someone to say yes to you, and then you go back to the other retailers, and it’s the weirdest industry, they would love to know that you sold your product to their competitors. It actually is a weird thing in this space. A lot of times they really, really want to know that you’ve actually had sales in retail.

Now, you have to start somewhere, and the reps will play around with it a little bit, but if it’s not selling right away, they’re not going to do anything for you, which is why people come to me two years later, a lot of times, when reps didn’t get them anywhere, and they had to figure out how to do the work themselves. So my point is, is that again, educate yourself, understand what’s going on in this space. Maybe help yourself out by opening up one account, and then handing the business over to somebody else, or just don’t have the expectation on day one that these reps are going to rock out, and you’re just going to crush it on day one.

They need to open up that first account, and you really need to do your due diligence on the rep that you’re working with, to ensure that they’re going to do good work for you, and so forth. And so, sometimes people just go for it, grab whoever says that they’re a professional, and then bad things happen, because they didn’t understand the space, they didn’t understand who they hired, and they delay their sales and stuff like that.

And there’s so many little things to discuss there, but anyways, I hope that provided value for you. If you want to learn the exact steps on how to approach, pitch, and sell to retailers, take a look at our webinar that’s coming up. It’s on how to sell your products to big box retail chains, the link to that is listed below. You can also take a look at retailmba.com/free to get more information, to get access to that webinar. We have a replay option as well, but basically, it’s 90 minutes, it’s free, and you can learn in detail how to get your products into stores. It’s really, really powerful stuff, so take a look at that. Otherwise, if you liked this information, please comment below and/or like, subscribe. Keep in touch with us. We are constantly adding new information. This is Karen Waksman, Retail MBA. Thanks so much for your time.

Meijer Vendor – How to Sell to Meijer and Become a Meijer Vendor

New training on How to Sell to Meijer and Become a Meijer Vendor

Meijer is an American supercenter chain located mostly in the Midwest. They currently have over 240 stores they’re responsible for. They sell a variety of different products like groceries, clothing, beauty, electronics, and so much more! As a supercenter with immense buying power, Meijer is definitely a retailer to explore.

Meijer also has a lot of room to test new products so it’s definitely worth selling to them. The key is to know what matters to them and what makes them more inclined to buy!

So, if you think you have a great product for Meijer, I suggest watching my latest training video about selling to Meijer. I also share some quick tips and strategies that may just be helpful to you when selling to this supercenter. Just click on the video to watch!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required! 

Hey everyone this is Karen Waksman, founder of Retail MBA. Today I want to talk about Meijer. Meijer is a supercenter chain store located throughout the Midwest. And I create these training segments just to give you some quick tips and strategies because half the time I realized my customers and people I work with don’t always know about retailers out there that they could sell to. So just by creating this training I hope that you learn a little bit and also get you inspired about selling to retailers such as Meijer. Or if you are already knowing about them and you want to sell to them, just hopefully you’ll walk away knowing some strategies. 

Anyways, let’s talk about Meijer. So basically, this retailer change in terms of the volume of stores. They currently have over 240 stores they are responsible for. It’s 240 locations mostly in Michigan, Illinois, Indiana, Kentucky, Ohio, and Wisconsin. So those people who live in California or wherever you probably didn’t know about them. So that’s something to think about and that’s a lot of buying power. They can buy a lot of products from you. They sell a variety of different products and they’re supercenters. 

So one thing I want to share with you is when someone has stores that are supercenters, it means that they have large locations. And what that ultimately means, is that they have the ability to buy a lot of different types of products and have room to test a lot of products. I love retailers like that. Because the larger the space, the more opportunity to buy things. The smaller the space, the more competition, the harder it gets and so forth. For instance, if you’re trying to sell, I don’t know, to a GameStop or GNC, they have a really small-type location so the competition gets tight because they just can’t put that many products in stores. So something to consider about Meijer is that they’re supercenter large stores and so they can fit more products which means they can sell more products and so forth. 

So that’s the one thing to think about. I love selling to retailers like that because again they’d say no a little bit less because they have more room to test new products. So when I say test it just means that they can try out new products. And because of that, they sell anything from grocery, clothing, footwear, gasoline, sporting clothing, bedding, furniture, jewelry, health and beauty products, toys, sporting equipment, electronics, housewares, pet supplies, you name it. Right? So kind of a big deal especially for those of you who are maybe trying to sell to retailers and you’re getting rejected a lot. But maybe a lot of your competition doesn’t think about Meijer as a retailer to focus on. So again, if I have a consumer electronics product or houseware product, I wouldn’t ignore Meijer. And most people do. 

And so that’s why when you’re getting rejected by a lot of retailers, sometimes regional retailers like that is the superb way. Because even though a lot of your competitors don’t approach them, which is actually a benefit for you, the retailers actually know all about what’s going on in their competitor stores. So all of the supercenters and so forth, trust me they’re all shopping in each other’s stores. So once you start opening a Meijer account as a supplier and so forth, all of sudden the other retailers will start paying attention to you because someone took a risk on your product and so forth. So again, I would never ignore Meijer and so forth in selling to them. And a lot of people do because they don’t think about them as an opportunity. 

Anyways, they have large designs. The thing about them is they were one of the first companies to create hypermarkets which means they combine grocery chains with general merchandise and so forth. So again, I mean, so many different types of products they buy. They’re always looking for diverse suppliers. If you are a woman on business, or a diverse supplier and so forth, they love those types of companies who get certified. And ultimately just wanted to share with you that they exist and definitely explore going after them. They’re also a private company and so they sometimes tend to be a little bit more interesting to work with because they have different ways of purchasing and I will explain that in another training video. 

Anyways, this is Karen Waksman, Retail MBA. I hope that provided value for you. If you want to learn exactly how to approach, pitch, and sell to retailers like Meijer, definitely take a look at my website retailmba.com. That’s retailmba.com. My goal is ultimately to help you expedite the process of making money with your physical product. We have free training. We have advanced training that you can purchase. We have live events. We have all sorts of certification programs and so forth. Basically we teach you step by step proven process on how to make money with physical stores. We’d love to help you with that. Otherwise, please subscribe to this channel and be on the lookout for the next training segment that we provide. Our goal is to ultimately support you in every step of the way in making money. Again, Karen Waksman, Retail MBA, thanks for your time!

How To Wholesale Your Etsy Product To BIG Retailers

New Training on How To Wholesale Your Etsy Product To BIG Retailers!

New Training on How To Wholesale Your Etsy Product To BIG Retailers!

Have you been successfully selling your Etsy product? If so, maybe it’s time to consider selling into retailers as well?

Etsy is definitely a great platform to sell your handmade or vintage items online, but if you want to make more profit, consider wholesaling your Etsy products to big retailers, tool! Whether you’re selling toys, craft supplies, jewelry or clothing, I’m here to tell you that you can get your Etsy product on big retail shelves like Macy’s or in any other department stores or retailer chains. Looking into wholesaling can really help you grow your business sustainably and help build your brand! 

However, there are some new things to think about if you plan on going after stores such as how to mass produce your product, wholesale pricing, packaging and more! 

If you’re interested in learning the answers to these questions, then I suggest checking out my latest training video.  Click on the link to watch!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required! 

So let’s talk about how to wholesale your Etsy product to big retailers. So if you have a great product that you think should be on the shelves of retail chains and you’ve been selling your Etsy product, you’re probably curious about how to make money with it and so forth. So I decided to create this little training segment to support you in helping you figure out Etsy and how to sell them to large retail chains like Macy’s or any other department stores or whatever supports you and your product based on you know, if you have a children’s product then to sell to Buy Buy Baby and so forth. So whatever it is for you, this little training will walk you through how to sell large retail chains if you’re an Etsy company. 

First of all, in order to sell to big retailers, you need to find a way to develop your product for a massive audience. Meaning that the buyer needs to be able to buy your products in quantity. And so you have to figure out how you’re going to mass produce that. So some of you are making stuff by hand and you’re literally going to have to figure out how to make more than a hundred pieces of your product. Big retailers need you to be able to make 10,000 units of your product in a single order or more and in one sitting. So can you do it? Do you have someone who can develop it for you? These are the things that you have to kind of figure out in advance. It will help you with bigger retail chains.

If you’re really serious about those retailers, doesn’t mean that you’re going to get 10,000 units ordered on day one. It just means that they’re eventually going to have to buy your product on a larger scale if your product sells in their store. So they’ll start small by small quantities just for their top 20 or 50 stores. Test out your product and then from there, they’ll buy larger quantities. So you’ll just definitely want to make sure that when that happens, you have the ability to be able to have them buy your product on the spot in larger quantities. So the assumption is that you are working on that currently if you are exploring wholesale for larger retailers. Many of you already know that but just wanted to be clarified. They just can’t buy your handmade product, you know, 10 pieces of your product. That doesn’t make sense. If somebody has 500 stores they’re responsible for, they have to put at least 2 to 5 to 10 pieces of your product per store. I mean that in itself. And then there’s reorders—consistently. So you know, again, you just got to set that up properly. 

So things to consider in terms of wholesaling to big retailers, you got to figure out your packaging situation. With retailers, it depends on what it is. Like jewelries are a little bit different than say a toy product or whatever it is you are creating. But what you got to look at is how are the retailers packaging similar products to yours because they actually care about packaging at retail chains. They do care about how it’s presented. So when you’re selling to boutiques and stuff it’s not as important. You can have a little display and so forth. With retailers, they’re very big sticklers on how much room your product takes and so forth. 

So what you want to do is you want to walk floors and take a look at the retailers that could buy your product. And I try to have people look at as many retailers as possible before they choose their strategy, meaning which retailers you are going to focus on. So you just walk a bunch of stores and you kind of make assessments and see what’s going on, and figure out the pricing and all these different things. Then you kind of put together your plan. Then you approach retailers. This is only a few minutes of training, but you know, that’s the essence of what I teach people. You got to do some prep work before you actually pitch to these guys to make sure you sound smart before you go after them.

But really, packaging is going to show up because they care about what the package is going to look like because we’re speaking up the packaging, not the product itself in a lot of cases. Obviously, jewelry is a little bit different but still there’s some sort of packaging even if it’s a hang tag or some sort of something clipped on to the product. That’s still considered packaging and still does matter to retail. So when you’re walking stores, take a look at similar products to yours. Look at the top 3 competitors similar to your product and you want to copy their packaging exactly. And really, what that will do for you is that it’ll have you approach the buyer appropriately because the buyer’s basically telling you what kind of packaging they want. They’ve already approved the similar products in stores so you just want to copy what’s going on in the stores and just make it look better, more interesting, put some brighter colors. Do whatever you got to do.

But if there is a box on your competitor’s product, then you want to create a box for your product. If they are putting all the similar products on hang tag cards and they have certain designs, you want to do the same. So that’s the other thing to think about. And the final thing I’ll mention today…by the way, packaging—essential to your success with retailers. Walk stores first. Make sure that your packaging matches what’s already in stores. They’re already telling you what they want. So I hope you got that. 

So the final thing I want to say about wholesaling products to big retail chains if you’re an Etsy company is that they definitely are looking for products that are priced accordingly. So, because you’re a smaller company, you’re definitely going to have struggles with manufacturers, the manufacturers that tend to give price breaks to people who are selling products on a larger scale. And if you’re new and you’re not selling that many products and so forth, it does tend to get tricky because your cost per unit costs more than somebody who is already established and so forth. That’s okay. Retailers understand that. The thing that’s working for you is the fact that you have probably more new, interesting, innovative stuff. And the buyers do care about new, interesting, and innovative. So don’t ignore large retailers because you’re worried about cost so much. But you definitely want to find solutions, right?

And the one way you can control your cost is if you consider private labeling your product to retailers. Private label basically means that if you walk into a store and on the packaging, it says the name of the retailer, not your product. It’s their branding, not yours—that’s private label. The retailers actually buying your product like a manufacturer’s product or a wholesaler’s product and they’re making you put their packaging on your product. If you don’t care if your branding is all over it, that is private label and people make many millions of dollars private labeling their products just one retailer. 

So what that essentially means for you is that if you’re trying to wholesale your product to retailers, one thing you might want to consider is private labeling your product to retail chains meaning approaching the private label buyer with your product and being willing to change branding on that. And I explain private label on another video training. But really, the essence is that the reason you’d want to do that is because if they do private label your product, they will buy massive quantities of your product because it’s under their brand name. And they tend to buy a lot of quantities of products under their brand name because there’s an audience that purchases products similar to that. 

And so ultimately what that means for you is that you can get your price down to your manufacturer if you are private labeling your product because when you sell your product in bulk, the manufacturer will suddenly start giving you price breaks. So some people abhor the concept of selling to retail chains and not having their branding on it. But some people are willing to maybe explore that possibility and what that does for you is enables the manufacturer to get a lot of volume. They in turn start giving you price breaks based on that volume. You can turn that into a really successful business because from there you can get your price down and then you could start being competitive. All these big branded companies, they all on some level have to do things that maybe help increase revenue. And private label is very important to their business a lot of times. Not all products make sense for that but a lot of Etsy wholesale products like jewelry. A lot of times it would have to be under the branded name of the retailers. You don’t have the choice with the private label stuff. And then there’s other retailers where literally you can choose whether or not you want to put on their brand name. You know what I mean? And that’s a possibility. 

Not all private label products are accessible to every product type, but a lot of times. So when you’re walking stores, you’re trying to see what’s possible for you and your product, which retail will buy your product. Take a look whether or not a company is selling to that retailer under their branded name or under the retail branded name. That means there’s a private label opportunity there for you. And again, what that does is reduces the cost for you. And by the way, you can sell to one retailer under a private label situation and sell to another retailer with your brand product. So I know a lot of companies who actually sell one product on a massive scale through a private label and then go to another retailer and sell on under their branded name. And it seems to work out really well for them because that private label opportunity actually reduces cost, helps them succeed and so forth. I used to sell millions of units of jewelry and so forth, and accessories, fashion accessories to retailers. I know those very well. There’s a lot of opportunity with private label.

Anyways, I hope that provided value for you. I have other trainings on what private label is and how to explore that and so forth. So definitely take a look at that. Otherwise, be on the lookout for the next training that I create. This is Karen Waksman, Retail MBA. If you want to learn exactly how to approach, pitch, and sell to retailers whether it’s a private label situation or not, whether it’s a high ticket product or not, definitely take a look at Retail MBA and my training systems. We have coaching and training environment for we support people on actually how to get to stores in a fraction of time with minimal cost and so forth. So definitely take a look at retailmba.com. We’re here to help you. Otherwise, please subscribe to this channel and be on the lookout for additional contents that I create. Again, Karen Waksman, Retail MBA. Thanks so much!

Staples Vendor – How to Sell to Staples and Become a Staples Vendor

New Training on How to Sell to Staples and Become a Staples Vendor

Staples is an American office retail company that primarily sells office supplies and related products. But over the years, they have expanded into selling various items such as snacks, health and beauty products, furniture and so much more. With over 1500 stores they are currently responsible for, Staples offers tremendous opportunities to their suppliers! 

Therefore in this training segment I discuss some of the ways you can sell to Staples beyond what most people think about.

So, if you want to learn more about how you can get your products into a retail store like Staples, definitely watch my new training video on  How to Sell to Staples and Become a Staples Vendor!

Just go ahead and click on the video!

(For those of you who prefer to read this content, transcription is included as well below!)

Wishing you so much happiness and success.

Karen Waksman, Retail MBA

P.S. Want to Get Your Products into Chain Stores in a Fraction of the Time? Check out our Retail MBA System! We walk you through exactly how to approach, pitch and sell to chain stores. No sales experience, patents or buyer relationships required! 

Transcript For Video Listed Here…

Hey everyone this Karen Waksman, Founder of Retail MBA. And today I want to talk about selling your products to Staples. So if you have a great physical product and you’re trying to sell to retailers and Staples is on your mind, this whole training segment will just give you some tips and strategies on what to think about in regards to going after them. So with that said, let’s talk about Staples.

They have over 1500 stores they’re responsible for. That is tremendous buying power. One chain store order from Staples can mean millions of dollars to your business and your bottom line. Just think about it. If they buy, say, 30 units of your products per store and they have 1500 stores or so. Again the number of stores vary based on the time you hear this. But ultimately, to say 1500 stores, and they have 30 units for product, I mean that can conceivably be a tremendous amount of opportunity. And I mean, if that’s around 45,000 units of your product, I’m not saying that they’ll buy for all of their stores. But think about how many units that is—45,000 units per sale for these stores. And then what if they reorder the product over and over and over again?

I have clients who have sold to retailers for 10 to 15 years straight. And again, it varies per retailer and so forth. But once the product sells and it converts in their stores, they tend to reorder it and so that could be tremendous business to you. The other thing to think about Staples is they don’t just buy office supplies. They buy consumer electronics. They buy janitorial supplies. They buy furniture. They buy school supplies. They buy food. I mean, they buy so many snacks and all these different things, health and beauty products. I mean stuff you would never think to sell to an office supply store. So my recommendation is to go and to walk their stores and see what stuff is in their stores today.

Retailers have changed. They’re not the way they used to be. Before, it used to be very cut and dried. They would buy the only very specific things that matter to that particular retailer like office supplies and so forth. But not anymore. Now they’re filling up stores with a variety of different things hoping that the customer will not only just buy whatever they typically buy from them but add all sorts of different things. The other thing to think about with Staples is the buyer at Staples is different from the buyer at staples.com.

Those are two different buyers and that happens with most retail chains like Walmart and walmart.com. Those are different buyers. The online buyers are typically different from the physical store buyer. And the way that you sell to them is a little bit different. The reason I mentioned that is because, you know, if you get rejected by Staples you can go after the staples.com buyer. And a lot of people don’t know that. And so you know, the thing to think about, again there’s so many different ways to sell to Staples.

Another thing to think about if you want to sell to Staples is you can sell to them through their corporate buyer which buys products for all their stores. You could sell to their online buyer which buys for their online store. Or maybe you have a private label product that you can put under their brand name. Most retail chains have a private label buyer or a company-owned buyer. And basically what that means, is that it has the Staples name on it but they typically buy from someone like you. So they buy products from a manufacturer and then they just have you package it under their name. And so every retailer has kind of a privately-owned product. And they actually have buyers specifically who buy stuff like that.

So if you’re trying to sell to Staples and they’re not purchasing from you, one thing to think about is do I care whether or not my brand is on the packaging. And if so, maybe I can reach out to a privately-owned buyer, corporate-owned buyer and so forth and see if I could put my product under their brand name. And again, people make millions of dollars with Staples but a lot of times, the private label buyer can really just buy a large volume of your product because again it’s under their brand name. So just something to think about. There’s so many different ways to sell to Staples.

If you want to learn more, definitely take a look at my website retailmba.com. That’s retailmba.com. I walk you through exactly how to approach, pitch, and sell retailers like Staples. If you’re a beginner, if you’re an advanced seller and any other retailer and so forth, we have a very comprehensive program. We have free training, advanced training that you could purchase, live events. We partner with retailers and so forth. Love to support you. Or just subscribe to this channel. 

Be on the lookout for the free content that we create. We’re always here to help. And please comment below if you like this training and or if you want us to answer any question for you. We’re always here to help. This is Karen Waksman, Retail MBA. And we wish you luck. Thanks so much.

How To Get Your Product/Invention Past Idea Stage & Into Retail Stores

New Training on How To Get Your Product/Invention Past Idea Stage & Into Retail Stores!

Do you have a product idea that is smart and innovative? Are you an inventor with great ideas? Are you trying to figure out how to get past idea stage and into retail stores? If so, watch this short training on this topic!

Most inventors are stuck in the idea phase. They have brilliant ideas but don’t go anywhere with them. If you need to get this product into the market, you have to choose how you are going to get started. 

Some things to think about are…will you start a company and launch your new product yourself by investing and creating and launching and selling your product on your own? Or are you going to rent your idea to another company to have them do it? 

There are various options available to you! And you need to assess which option makes most sense to you before you launch this product out into the world and into retail chains. 

In this new training video, I discussed some tips and strategies on what you should do, what steps to take next and which of the options makes the most sense based on your personality and where you are today. So if you want to learn more, you should definitely check out the video!

Wishing you so much happiness and success,

Karen Waksman, Retail MBA

Transcript For Video Listed Here…

So let’s talk about how to get your product or invention past idea stage and into retail stores. There are a few ways to get your products in the stores if you are in the idea phase. You kind of have to choose what you want to do. Option number one is you decide to rent your idea to a manufacturer or someone who will make the product for you, create the product and will sell it. And then you get say a few percentage points of every unit sold. So you don’t get to keep the company. It’s not your company. It’s not your brand. It’s not anything. Someone else is going to develop that product for you. And every time they sell a unit, you get a certain percentage. Usually, you know, a very small percentage. 1 to 5 percent I would say typically for a product that you license. And that’s called licensing. 

So the reason why you want to license your product is maybe you don’t have any money to build out a business or brand. You’re not a manufacturer. You don’t have the time to start a business or whatever. And so licensing or renting your idea to a company can be a great option. The problem with licensing is that manufacturers may not pick up your product for various reasons. And if you get a licensing deal, then you need a lawyer, you need to set stuff up appropriately. You need to make sure that you know, they are doing things reliably. And you have no control. A lot of the times what they do with the product is either change it or tweak it some way. Inventors really love their ideas. Start freaking out over the fact that they literally like created a worst product than they have imagined. And so you definitely want stipulations in there on the quality and all sorts of things. 

So the bottom line is that it can be tricky when you rent your idea to a third party. But that is one way to get the word out about your product. And it’s a licensing, basically renting the idea to a third party, you can handle that. Another way to do it is to build out your brand. And that actually means you selling your product to retailers yourself. And what that means is you will have to start your own company and take it seriously. And you can actually go and create your logo, find a manufacturer, invest some money or get some friends or people to help you invest, get some prototypes done, get some samples and so forth. And then approach retail as yourself or hire somebody to help you with that. It does require a little bit more effort. And some of you, your personality would be you would never rent your idea and that you actually want to start a company and that sounds perfect for you. 

The good news is that if you are an inventor and you’ve decided to develop your product and do the work yourself, I have a training system that explains exactly how to do that. I’ve worked with a lot of inventors. So you are never stuck or alone. Someone can actually explain to you how to package your product, how to price your product, how to actually talk to a buyer if you don’t know how. All sorts of things. So there are resources out there available to you today if you want to develop your product and bring it to life. There’s no wrong way to get your products into the stores whether licensing or building out your product and getting it in your way. The trick here though is that you have to take action. For many years, I’ve been teaching tens of thousands of product companies across the globe on how to make money with their physical product. And for the last 10 years I’ve been teaching with this stuff. And for the first 5 years I’ve only been working with inventors and so forth. 

The hard part with inventors is that a lot don’t take action. They have ideas. They come up with brilliant stuff but the actual moving forward is very complicated for them. They need accountability or something. Something’s doing where they don’t take the action to get their products out to the world. And it’s very, very common in the inventor space which is why there are all these Inventor Help companies out in the world who are willing to take your money to go and try and pitch your product in your behalf and so forth which doesn’t always get you anywhere. It doesn’t mean it’s a bad thing. It’s just another way to go. But generally speaking, accountability and taking action is the number one thing I see why people and inventors, product companies are not getting past idea stage and into retail stores. 

If you’re going to come up with this idea, stick to it. Don’t quit. If you decide to start with licensing and you got rejected by everyone all across the board and you learn how to do it. And or you got someone to help you. Don’t quit. Just keep going until somebody says yes to you. Or switch it over to starting a company, building out yourself until that product gets out into the world. By the way, you can develop a product, start a company, build it out and eventually you can actually license that product to companies after. So there is no one way to do it. You don’t have to be just in the idea phase to get your product licensed. You can actually sell the product, get in on to retailers and then license it afterwards. People do that. You actually make way more money as a person who licensed his product. If you actually show proof of concept and you’re out in the world marketing your product and so forth, they actually give you more money for the licensing deal if you do it that way. 

So there’s no wrong way to do it. But the trick is don’t quit .Keep trying different things until you get the job done and that’s the one thing that I had a lot of struggle with. A lot of inventors I worked with so many years and I love them so much. But they really weren’t taking action. They came up with ideas but they didn’t do anything about it. Don’t be one of those guys. And so if you’re willing to learn how to either of these things, we have training systems for all options for licensing and or for selling your products to retailers. And if you want to learn more about that, you can go to retailmba.com. And again we have training systems on how to license and or how to sell to big companies and so forth and retailers and such. So all of that is listed in retailmba.com if you’re actually ready to get on and take action. 

Otherwise, good luck with your product and invention. And I hope that you please don’t quit and don’t let anybody’s rejection keep you away from making money with your ideas. Somebody brought that idea to life. A lot of people have done that and they’ve made many, many millions of dollars and you deserve the same. So just don’t quit. Again, this is Karen Waksman, Retail MBA. Hope that provided value for you. If you want to learn the exact strategies on how to approach, pitch, and sell to retailers yourself, take a look at retailmba.com. Otherwise, subscribe to this channel. Keep in touch with us. We’d love to hear from you or be on the lookout for the next training we create. Again Karen Waksman, Retail MBA, and hope this helps. Thank you!