Retail Product Sales – 5 Things to Know About Working with Retail Buyers
Are you a small company with a physical product looking to sell to retail chains? In this short video training, we will discuss the five things you need to know when starting a retail business. These insights will help you understand what retail chains are looking for and how to effectively work with them. So, let’s dive in!
1. Size Doesn’t Matter with Retail Product Sales
One common misconception is that retail chains only work with big companies. However, the truth is that they don’t mind if you are a small company. In fact, retail chains are constantly on the lookout for new products from small companies because they know that these companies often have unique and innovative products. So, don’t hesitate to reach out to retail chains just because you think you’re a small company. The key is to show them that you can fulfill orders and meet their requirements.
“A lot of you companies are wanting to sell Walmart or Best Buy or Macy’s or Neiman Marcus, but you may be holding back because you think you’re too small. That’s not the case anymore. Retail chains are open to working with small companies, as long as you can demonstrate that you can handle the orders and meet their expectations. Don’t let your size hold you back from pursuing these opportunities.
2. Approach with Tenacity
When approaching retail buyers, it’s important to be tenacious. Retail chains actually appreciate it when you reach out to them with your product. However, the key is to say the right things that will capture their interest. You can go from being annoying to being magical with retail buyers by understanding what they want to hear. Unsolicited interactions are not a problem for retail chains, as long as they are quality interactions. Make sure your approach is quick, concise, and tailored to their needs. Show them that you understand their business and how your product can benefit them.
“Buyers don’t mind if you approach them even unsolicited interactions. However, it really does come down to how you approach them, the things that you say to them.”
3. Embrace Diversity
Diversity is highly valued by retail chains. If you are a woman-owned company, a minority-owned company, or a veteran-owned company, you have an advantage when it comes to selling to retail chains. Retail chains actively seek out diverse suppliers, and they have specific certifications for women-owned businesses, minority-owned businesses, and other categories. Getting certified as a diverse supplier can give you a competitive edge and put you in the forefront of retail buyers’ minds.
“If you want to sell to any sort of chain store and you go to their vendor website, they’ll explain what they mean by say a diverse supplier. But essentially, what they’re looking for is diverse suppliers.”
4. Be Prepared
Retail chains appreciate it when you have everything set up in advance. Before reaching out to them, make sure your packaging, pricing, and product are all ready for stores. Retail chains want a finished product that they can buy on the spot. So, take the time to ensure that everything is in order before approaching them. This includes having your shipping logistics sorted out as well. By being prepared, you show retail chains that you are serious about working with them and that you have a product that is ready to hit their shelves.
“They love knowing that you set everything up in advance. If you want to reach out to retail chains and you haven’t finished your packaging or pricing or whatever, don’t bother reaching out to them. They want a finished product, a product ready for stores.”
5. Fit for the Shelf
Retail chains are very particular about the products they choose to stock on their shelves. They want products that make sense for their store and that fit appropriately on their shelves. Avoid packaging that is too big, bulky, or requires a whole floor display. Retail chains want products that can fit within their existing store layout and that won’t disrupt their revenue stream. Before reaching out to retailers, take the time to visit their stores and see if your product aligns with their shelf space and packaging requirements.
“Buyers are rejecting products because of packaging that’s too big or too bulky or needs a whole floor display. They’re not going to give you that much room in their stores until they know that the product sells.”
Retail Product Sales
Starting a retail business and selling to retail chains can be a rewarding endeavor. Remember that size doesn’t matter to retail chains, as long as you can fulfill orders and meet their requirements. Approach retail buyers with tenacity and say the right things that capture their interest. Embrace diversity and consider getting certified as a diverse supplier to stand out. Be prepared by having everything set up in advance, and ensure that your product fits appropriately on store shelves. By following these five tips, you’ll be well on your way to success in the retail industry.
To learn more about how to approach, pitch, and sell to retail chains, check out the Retail MBA training program. This program has been helping people for the past 7 years and has generated millions of dollars in sales for retail products. Don’t miss out on this powerful resource!
Remember to stay tuned for more videos and articles on selling products to retail chains and making money with physical products. The retail industry is full of opportunities, and with the right knowledge and strategies, you can achieve great success.
Thank you for reading, and best of luck in your retail business journey!
Click here to learn more about the Retail MBA training program.
Hey everyone! My name is Karen Waksman, the founder of Retail MBA. Today. I’d like to discuss the five essential factors you should be aware of when starting a retail business. If you have a physical product and are considering approaching retail chains its’ crucial to have an understanding of how to successfully work with them and what they value.
Now. Lets’ delve into the five key points you should keep in mind. One key misconception is that retail chains only collaborate with large companies. However this couldn’t be further from the truth. Retailers are open to partnering with small businesses, especially those offering unique and innovative products. In fact many retailers actively seek out smaller brands because they often bring forth the most creative and cutting edge offerings. The primary concern for retailers is whether or not you can fulfill orders and meet their requirements.
Even without a prior sales history. Its still possible for small companies to secure deals with major retailers. Don’t let your company size discourage you from approaching them.
Persistence can play a significant role when reaching out to retail buyers. They appreciate tenacity; however, its crucial that your approach is well crafted and genuinely captures their interest. Unsolicited interactions are acceptable as long as they are high quality and provide valuable information.
Avoid being annoying; instead adopt a strategic approach that demonstrates how your product can benefit their business. Keep in mind that retail buyers receive countless product pitches on a daily basis. So strive to make yours stand out for all the right reasons. Diversity is highly valued within retail chains, who often prioritize working with diverse suppliers. Being a woman owned. Minority owned or veteran owned business can provide you with an advantage when selling to these retailers.
Many retail chains have specific programs and certifications in place for diverse suppliers like yourself. If your business falls into any of these categories obtaining relevant certification may help differentiate you from competitors and increase your chances of securing lucrative deals. When considering diverse suppliers. It is important to research each retailers vendor website to understand their definition of diverse suppliers and explore the certification process. Retail buyers highly value and actively seek out diverse suppliers so taking this aspect into account is worthwhile. Before approaching retail chains.
It is essential to be well prepared. Retailers prefer dealing with suppliers who have their packaging, pricing, and logistics in order. By presenting a finished product that is ready for stores. You demonstrate your professionalism and commitment. Ensure that your product is retail ready by including all necessary barcodes, packaging, and shipping requirements. It is crucial not to approach retailers until you have everything in place.
Store shelf compatibility should also be considered. Retailers carefully curate their store shelves. And every inch of space holds value. When presenting your product to retail buyers make sure it aligns with their store layout and fits appropriately on their shelves. Take note of packaging size, dimensions, and design. Avoid presenting products with bulky or oversized packaging that may not fit well in their store layout.
Remember that retailers want products that make sense for their shelves and enhance the shopping experience for customers. Conduct thorough research to understand each retailers’ store layout and packaging requirements before reaching out to them. These five considerations are crucial when starting a retail business; however. They only scratch the surface of the knowledge and strategies required for success in this field. If you are interested in learning how to effectively approach, pitch and sell to retail chains I invite you to explore my training program called Retail MBA which has been helping entrepreneurs generate millions of dollars in revenue with their retail products over the past seven years. The link to Retail MBA can be found below this video; take a look at how this powerful program can benefit your businesss growth potential. In addition to Retail MBA I will continue creating more videos and content on selling products to retail chains while making money with physical products. Stay tuned for valuable insights and strategies.
Thank you for watching and I hope this information proves helpful to you on your journey.
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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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1-855-Retail-2 (Call or Text)
Email: info@retailmba.com
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2) Masterclass Intensives – Want to Join our Next 4 Week Elite Retail MBA Masterclass Intensive? These Intensives Are EPIC for people who Love Fast Paced Learning – Homework, Retail Coaching, Developing Your Strategy, Buyers Contacts and More! These Events Are Held Every Quarter. Join us by Clicking Here: https://www.retailmbabrands.com/masterclass
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Thanks so much.
And…if you like this training, you will love these new short training sessions as well! Click on the links provided to watch and grow your consumer product business TODAY!
Transcript for this Video:
Retail Product Sales – 5 Things You Need to Know!
Hey everyone. This is Karen Waksman, founder of Retail MBA. And today I want to talk about the five things to know when starting a retail business. So what does that really mean?
If you have a physical product and you want to go after retail chains and increase your retail product sales and you want to know some things about these retail chains and what it’s like working with them, what they care about and so forth, that’s what I’m going to be talking about here today. The five things to know when starting to work with these retailers.
So the first thing to consider when working with retail chains is that they don’t mind if you are a small company. So a lot of you guys are wanting to sell Walmart or Best Buy or Macy’s or Neiman Marcus or whatever. And you’re kind of not reaching out to them because you think you’re a small company and that’s an issue.
It’s actually not an issue. Today, more than ever, these retail chains are still looking at new products from small companies constantly because you guys have the coolest products and they know that. And so they’re fine with that.
And so the only thing that they’re going to look into is to make sure that you’re going to be able to pay for orders and all these things, but ultimately it’s not really about you being a small or big company. They’re okay with… I have clients who’ve actually gotten products in the stores who literally had no sales before and they got into like Walmart and so forth. So it’s possible for anyone across the board.
Another thing to consider when starting this journey down retail chain stores is that they really actually appreciate tenacity when you approaching them with your product. But only if you say the things that are interesting to them.
So you can go from being really annoying, to being really magical with retail buyers. They actually don’t mind hearing from you, but it really does come down to how you approach them, the things that you say to them. So they don’t mind if you approach them even unsolicited interactions.
However, that unsolicited interaction needs to be something quality. Needs to be quick and needs to be the right things that they want to hear and so forth. But they don’t mind it. They are actually… That’s a very common misconception in the retail chain space.
Another thing to consider when getting started with retail product sales is that they love diversity. So diversity is a big thing for them. So if you are a woman owned company or you’re a diversity owned company, and so there’s layers to that, but essentially if you are even a veteran owned company or they kind of slice it up, but essentially what they’re looking for is diverse suppliers.
And if you want to sell to any sort of chain store and you go to their vendor website, they’ll explain what they mean by a diverse supplier. But they love people who have certifications as a diverse supplier.
So if you’re a woman owned business, you can get certified as a woman owned business owner. And it’s actually you receive that through a third party who you pay and you ultimately get certified as a woman owned business and same thing for minority owned company and so forth.
You get the certifications, retail buyers love you. They actually have a whole division for that, that actually gets you in the front of the line of retailers. Love it. Something that you should definitely consider.
Another thing to consider when reaching out to retail chains and working with retail chains as a beginner, is that they love knowing that you set everything up in advance. So what does that mean? Well, if you want to reach out to retail chains and you haven’t finished your packaging or pricing or whatever, don’t bother reaching out to them. They want a finished product. They want a product ready for stores. They want to be able to buy your product on the spot.
So you definitely want to build that out before you reach out to them. So they like it when it’s all fixed and set up for them in advance. The shipping and all that stuff, all of that. They want that done in advance. So definitely do that in advance before you reach out to retail chains.
And the final thing to know when starting a retail business is that they really like products that actually make sense for their store shelf. So what does that mean? Well, you have no idea how many times buyers are rejecting products because you’re creating packaging that’s too big or too bulky or needs a whole floor display or whatever. Because they’re not going to give you that much room in their stores until they know that the product sells.
So they eventually will do full floor displays if your product makes money. And obviously there’s some exceptions to the rule, but generally speaking, you bring them a packaging that’s like way off or doesn’t fit on their store shelves, or doesn’t look right, they’re just going to look at your product as too risky because every square value of that store is accounted for.
So everything is a dollar value for them. So adding an awkward product there is going to mess up their flow, mess up their revenue stream. So don’t even bother reaching out to retailers unless you’ve looked on their store shelves to make sure that your product fit appropriately in packaging and so forth. And definitely don’t bring them a product that’s going to take six feet of their store. They don’t like that at all.
So anyways, I hope that give you some ideas of things to consider when starting a business with retail chains. By the way, if you want to learn exactly how to approach, pitch, and sell to these retail chains, and then all the consideration in regards to working with retailers and then ultimately exactly what to say to them, to get them to buy, I actually have a program called Retail MBA.
I’ve been teaching this program for the last seven years. It’s powerful. It’s made people millions of dollars for their retail products. And it’s just a great program. The link to Retail MBA is listed below this video.
So please take a look at that. Again, it’s called Retail MBA, a training program. It’s very, very powerful. So more information about that is listed in the link below. Otherwise, please be on the lookout for additional videos I create on selling products to retail chains and so forth and how to make money with physical products. This is Karen Waksman with Retail MBA. Thanks so much.
Thanks so much!
And…if you like this training, you will love these new short training sessions as well! Click on the links provided to watch and grow your consumer product business TODAY!
5 Reasons to Sell to Retail Chains! https://www.retailmba.com/how-to-get-your-product-into-stores
Top 10 Tips for Selling into Retail Chains: https://www.retailmba.com/how-to-sell-products-to-stores
Pitching Retail Buyers- What You Need to Know! https://www.retailmba.com/pitching-retail-buyers
