Do you have a product that is perfect for Private Label Brands?
Have you ever wondered what it would take to get a product into their stores? If so, you will love this short training segment on how to sell your product to Private Label Brands!
(For those of you who prefer to read this content, transcripts are included below!)
In this training, I will discuss some of the things to think about when approaching a retailer such as Private Label Brands. Hope it helps! 🙂
To Your Success,
P.S. If you’d like to learn the exact steps on how to sell a product to retailers such as Private Label Brands, then you will love my Retail MBA Program! This is the most comprehensive course available today on the subject of selling to stores.
P.S. I would love your feedback and/or comments, so please share below!
Podcast: Download (Duration:03:24)
Transcript of This Training…
What is Private Label Brands and How Does it Relate to Retail?
Private Label Brand
People constantly ask me about this term called “Private label” or “Private Labeling for Retail” and they are not really sure about what it means but they keep hearing about it. I want to take a minute to explain what it’s all about. Because, I think it is imperative that a lot don’t understand this concept.
There’s a couple of different ways to sell to retailers, right?
To sell your product directly: it’s your brand, it’s your product, it’s your packaging, it’s your whole entire product and you’re selling to the big box doors. But, there’s a whole other section of major retailer where it’s private label.
Let’s look at an analogy: if you go to grocery store like Safeway, you would see everything under the Safeway brand. The products in the shelves are under the Safeway’s brand and yet they were actually produced by someone else. And sometimes people will go and buy the Safeway brand versus a different grocery chain, because Safeway is known to be cheaper. That’s what Private Label essentially means: that a product is being sold under a retailer brand.
The reason why you should know about this is because a lot of retailers have already become a Private Label for a while. They focus on Private Label because it helps them grow their business and they can be versatile in their pricing etc. If you do some research on it, you’ll find that it’s the direction plenty of these retailers are choosing to go.
Retailers commonly prefer not to create their very own brand new products. Rather, they partner up with people like you who would be willing to put your brand aside and have them package your product under their brand and then sold in their stores.
Why would somebody do that?
You might be thinking to yourself, “I don’t want them to take my product and not have my brand all over it.” For some of you, that makes no sense, right? Because you have a great brand and you want your business to increase in exposure. Whereas others would want to take that business opportunity and potentially have your product sold in a mass scale.
And you have that hope to actually sell your product successfully by means of the Private Label channel. There’s also the potential that buyers would purchase a ton of your products and become more compelled to work with you on a larger scale. This can be extremely beneficial and profitable. People make big money in Private Label.
When I first started in the industry, I actually sold jewelry. It was one of my first lines in New York as a manufacturer’s rep and to all the major retailers. And ultimately, we did most of it on Private Label. And we made a killing! Why? Because the more product we could funnel to these retailers (because we were willing to do it), the more profit. But note that in certain industries, it’s more common than others but there is a lot of potential for great profit. So consider exploring the private label option because it may end up really growing your business. I talk about that in my Retail MBA program as well.