How can I find the right retail chains for my product?
Finding the right retail chain for your product can be a crucial step in getting your consumer product into stores. In this article, we will discuss some strategies to help you identify the right retail chains for your particular product.
Consider Your Product, Category, and Pricing
When it comes to retail chains, the first thing to consider is your product, category, and pricing. If you have a very cheap product, it may be best to target low-price leaders like Walmart. On the other hand, if you have a high-end or more expensive product, starting with Walmart may not be the best option as they tend to focus on lower prices. It’s important to find a retailer that aligns with your product and pricing.
Think Like a Retailer
One common mistake that many Amazon sellers make when transitioning to retail chains is not thinking like a retailer. Retail chains buy products in large quantities, which can significantly reduce your manufacturing costs. Unlike selling on Amazon where you sell one unit at a time, selling to a retail chain means selling in bulk. This means that you can strategize and negotiate better pricing with manufacturers by buying larger quantities. It’s important to understand the difference in selling strategies between Amazon and retail chains.
Assess Affordability and Pricing
Another challenge in finding the right retail chain for your product is determining which retailers can afford your product at the price you need. It’s important to consider the pricing of your product and whether it aligns with the retailer’s pricing expectations. Sometimes, sellers get in their own way by setting prices that are too high for certain retailers. It’s crucial to find a balance between affordability and profitability.
Explore Beyond Your Dream Retailers
While it’s natural to have dream retailers in mind, it’s important to explore beyond those top choices. Many of your competitors may be targeting the same retailers, making it more difficult to sell into those stores. Instead, consider finding retail chains that can buy your product and that your competitors may not be targeting. For example, if you have a pet product, instead of solely focusing on PetSmart, explore other retailers that sell pet products, such as Sears or Target. By targeting less obvious retailers, you may have a better chance of getting a purchase order and proving your product’s success.
Scale Up by Going in a Different Direction
Instead of solely focusing on your top retailers, consider going in a different direction and then scaling up. By targeting retailers that your competitors may not be considering, you can gain traction and sales. Once you have proof of sales from these retailers, you can then approach your dream retailers with confidence. This approach allows you to build credibility and increase your chances of getting into your preferred retail chains.
How to Sell a Product
Finding the right retail chain for your product requires careful consideration of your product, category, pricing, and competitors. It’s important to think like a retailer and understand the differences between selling on Amazon and selling to retail chains. Exploring beyond your dream retailers can open up new opportunities and increase your chances of success. Remember to assess affordability and pricing, and don’t be afraid to scale up by targeting less obvious retailers. By following these strategies, you can find the right retail chain for your product and increase your chances of getting your consumer product into stores.
If you want to learn more about approaching, pitching, and selling to retailers, as well as how to have a coach review your products for success, consider checking out our Retail MBA Advanced Training and Coaching System on retailmba.com. We offer a powerful program, master classes, live events, and done-for-you services to help you scale your business.
Remember, finding the right retail chain is just the first step. With the right strategies and approach, you can successfully navigate the retail landscape and achieve your goals. Good luck!
Here are a few other blog posts you might be interested in:
- Pitching Retail Buyers – How to Get Your Product in Stores Today!
- How Much Quantity Does a Chain Store Buyer Buy?
- Private Label Brands – How to Sell Private Label Brands to Stores!
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In this training, I will discuss some of the things to think about when approaching a retailer to sell your products and become a vendor. Hope it helps! 🙂
Karen Waksman,
Retail MBA
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