AVOIDING 7 COMMON “MISSTEPS!”
1.MIS-MANAGEMENT OF BROKERS by failing to keep a highly experienced razor sharp eye on everything brokers do from the minute they receive samples. Also it is often “fatal” to send a broker alone to show your product to a buyer without adequate preparation, detail, and without a skilled master broker or highly seasoned sales executive to represent the brand in a comprehensive way.
2.INCOMPLETE RETAIL PRESENTATION without the essential elements of a comprehensive proposal.
3.BAD PACKAGE DESIGN for retail store shelf environment, consumer comprehension, target audience, etc.
4.WASTING YOUR FIRST MEETING with a retail buyer at a trade show or in his or her office.
5.NOT UNDERSTANDING THE TRUE COST and commitment to do business with retail.
6.BEING PRESSED INTO AN UNFAVORABLE DEAL by a retailer or broker that you will never overcome.
7.YOUR PRODUCT HITS THE SHELVES WITHOUT AN ACTION PLAN to drive sufficient velocity, and therefore the product is delisted after just a few months.
Basic needs for a New Consumer Goods Brand: David Biernbaum Funding in place including for: Retail fees and cost to do business with retailers. Basic Marketing, Promotion, and Advertising. Manufacturing, Inventory, Warehousing, Distribution Cash flow Most Common Reasons for Disaster in the first Year: Lack of adequate and proper funding…Read more
The Product In this age of SKU-rationalization, it’s critical your product has a defined market need, point of differentiation and good timing. The Right People The CPG retail industry is complex and unforgiving, with hundreds of hidden details and nuances. Experience PAYS! The Right Appointments Retailers operate with specific category…Read more
If your broker can be at a meeting with an account he or she has a relationship with, take him or her with you! Don’t ask buyers, “Where are you located and how many stores do you have?” This indicates you have not done your homework and don’t know the industry. …Read more
Your brand must sustain the company's or store's image. Store brands should be viewed as more than margin boosters and serve as reinstatement of the store’s identification. It's important to note that true value-oriented brands build customer loyalty, even through economic downturns and recoveries. The quality of the merchandise should be…Read more
Failing to do proper due diligence on the viability of your business idea. Miscalculating market size, timing, ease of entry and potential market share. Underestimating financial requirements and timing. Hiring for convenience, rather than skill requirements. Caution: Friends and relatives might be less expensive, but they probably do not have the…Read more
While these tips are great, this list is NOT exhaustive. Before using these tips call us for a consultation, which will provide the full picture and scope. Special Note: It’s usually not a good practice to hire the first broker you meet. The interviewing process itself is a valuable learning…Read more
True or false? The best way to identify the right broker is to ask the buyer for a recommendation. Hire the “hungriest” broker you can find that is in need of more lines to carry. Show your presentation to several brokers in the market before hiring one. Only hire a…Read more