You have a product that you think would be perfect for chain stores, but you want to know how to increase your chances of getting a purchase order. Well, you are not alone! Everyone with a great product is looking for that thing that will tip a buyer’s decision to purchase your product over someone else’s. And although there are obviously a variety of things you can do to get a buyer interested in your product, I will mention one thing that I always focus on when trying to intrigue a buyer to hand me a purchase order.
Here’s what I focus on…
I focus on why my product will make that retailer money. You can hand me any product and I will not do anything with that product until I come up with a story for that buyer that is so compelling that the buyer will have no choice as to buy my product from me. And it’s all about making them money. Let me explain…
Having a new product and pitching it to a chain store buyer can be frustrating. And I’m sure there are plenty of you that can attest to this – the frustrating feeling when a buyer rejects your product even though you have a superior product then what’s out in the marketplace. But I’ll tell you what – I bet you are getting rejected because you haven’t convinced that buyer that your product is going to be a slam dunk decision for them ie the buyer doesn’t really believe your product will sell well enough in their stores. If they really believed it, you would get more purchase orders!
And I see this all of the time. People who come to me with new products always show me their pitch and I can tell exactly why they aren’t making any real money with their product. Their story is not compelling enough. There is no emphasis on the money factor – just features and benefits of the product. A buyer wants to pick products that are going to sell well…they don’t care about your features and benefits. They want results. And so you have to prove to them that your product is going to provide them those results.
Now I know some of you are starting to panic because you don’t have a good story yet as to why your product will make that retailer money. Maybe you don’t have proof of sales or you have some other concern about your product. Well, don’t panic. There’s always a way to come up with that story. There’s an angle everywhere! You just have to focus on what matters to that buyer!
For instance, if you sold thousands of units of your product to smaller retailers over the last few years, tell the buyer! If women between the ages of 35-45 are buying your product and this matters to that retail buyer, tell them! Most people lose out on opportunities with chain stores not because they don’t have a good product, but because they are not saying the right thing to that buyer to get them to buy! There are so many ways to pitch a buyer and the good news is that pitching buyers is a completely learnable skill. Woohoo! 🙂
Either way, stop focusing on the features and benefits of your product and start focusing on how that product will generate revenue for that retailer! Generating revenue is the essence of all retail business – otherwise they wouldn’t be able to survive. So focus on what matters to that retail buyer and you will increase your chances of getting purchase orders from chain stores significantly!
To Your Success,
P.S. If you want to learn EXACTLY how to create a compelling pitch to chain store buyers, then you absolutely must check out my Retail MBA program! This program will shed years off of your learning curve in regards to selling your products to retailers.