How do I start selling wholesale to retailers?
Selling your product to retail chains can be a lucrative opportunity for your business. However, before you can approach these retail giants, there are a few important steps you need to take to ensure that you are “retail ready.” In this article, we will discuss the key considerations and preparations you need to make before you start selling to retail chains.
Getting Retail Ready
The first and most crucial step in selling to retail chains is ensuring that your product is retail ready. This means that your pricing, packaging, and other aspects of your product are aligned with the requirements of retail stores. Retail chains have specific standards and expectations, and you need to meet them in order to be considered as a potential supplier.
To illustrate this point, let me share an example. At Retail MBA, we offer a service where we reach out to retailers on behalf of our clients. However, before we can even consider approaching these stores, we require our clients to fill out a form providing us with essential information about their product. This includes imagery, product pricing, and other details that help us assess whether they are retail ready. If we determine that they meet the necessary criteria, we can proceed with selling to retail chains.
It’s important to understand that retail chains don’t have time to entertain products that are still in the idea stage. They want products that are ready to be purchased and stocked on their shelves. Therefore, it is crucial that you have all the necessary elements in place before approaching them.
Preparing Your Product for Retail
Preparing your product for retail can be a time-consuming process, but it is essential for success. This involves ensuring that your packaging is attractive and informative, your pricing is competitive, and you have all the necessary software and insurance in place. These are just a few examples of the many things you need to consider when getting retail ready.
If you’re unsure about what needs to be done, consider investing in a training and coaching system like Retail MBA. This program will guide you through the entire process of selling to retail chains, from preparation to pitching to buyers. It covers all the details and provides you with the knowledge and tools you need to succeed.
The Importance of Preparation
When it comes to selling to retail chains, preparation is key. In fact, it accounts for about 80% of the work involved. The remaining 20% is the actual outreach and closing of deals with retailers. This highlights the significance of properly preparing your product and all the associated marketing collateral.
Pitching to a buyer requires careful planning and execution. You need to have a clear understanding of your numbers and be able to answer any questions a buyer may have. By doing your homework and being well-prepared, you increase your chances of success when approaching retail chains.
The Rise of Marketplaces
In recent years, there has been a rise in retailers creating marketplaces to compete with giants like Amazon. These marketplaces allow sellers to list their products on the retailer’s website, reaching millions of potential customers. While it’s not the same as getting a purchase order from the retailer, it is a great way to get your product in front of a larger audience.
For example, Walmart has created a marketplace to compete with Amazon. By filling out a form and getting approved, you can list your products on Walmart’s website. This gives you the opportunity to reach the millions of people who visit their site each month. Other retailers, such as Home Depot, have also started their own marketplaces.
While selling through a marketplace is not the same as getting a purchase order from a retail chain, it can be a great first step. It allows you to start generating sales and getting your product out there. However, keep in mind that if you want to scale your business and make real money with retail chains, your ultimate goal should be to secure a purchase order.
Selling your product to retail chains can be a game-changer for your business. However, before you can approach these retail giants, it’s crucial to ensure that you are “retail ready.” This means having the right pricing, packaging, and other elements in place. Preparation is key, and it accounts for about 80% of the work involved in selling to retail chains.
Consider investing in a training and coaching system like Retail MBA to guide you through the process. Additionally, keep an eye out for the rise of marketplaces created by retailers. While it’s not the same as getting a purchase order, it can be a great way to get your product in front of a larger audience.
Remember, selling to retail chains requires careful planning and execution. By being well-prepared and having all the necessary elements in place, you increase your chances of success. So, take the time to get retail ready and start your journey towards selling to retail chains.
To learn more about Retail MBA’s training and coaching systems, as well as their live events, visit their website at Retailmba.com.
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Step-by-step training on how to sell to major retailers
We explain exactly how to do that and how to get started today. I’ve taught tens of thousands of companies on how to get your products to the stores. And so we’re here to support you. Or please subscribe to our Youtube channel and or be on the lookout for additional training that we create.
We are here to expedite the process of making money with your physical products and that’s what we’re all about. Take a look at our advanced training, live events, certification programs and so much more.
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! 🙂
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Retail MBA provides a step-by-step formula on How to Sell to Major Retailers, Online Retailers, Smaller Retailers, Catalogs and More. No Experience Required! These solutions continue to convert for clients year-over-year! These are Time-Tested and Proven Strategies that we utilize ourselves when going after stores! Everything we teach, we test. Want access to these formulas? ANY one of our programs and coaching systems gives you access to them now. With that said…
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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!