Driving strong results and company value in consumer goods is my history and expertise.
BEST PRACTICES FOR BROKER-MANAGEMENT:
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 broker that aggressively asked to represent your product.
Let the broker go on the first call without you to “feel out” the buyer.
Negotiate the commission rate on a broker by broker basis.
Ask the buyer if s/he would rather have a broker or a deeper discount instead?
It’s always best to hire a broker that is “best friends” with the buyer.
If you have brokers then you don’t need a company sales person or manager.
It’s always best to have a broker for every account in the country.
The answer to all of the above questions is “false.” Let’s discuss why. Call David Biernbaum at 314-434-6008.
TIPS OF HIRING THE RIGHT BROKERS FOR YOUR COMPANY. ASK GOOD QUESTIONS! HERE ARE A DOZEN COUSIN!
THIS IS THE SHORT VERSION. DO NOT USE THIS PRESCRIPTION WITHOUT A FULL CONSULTATION!
TIP: IT’S USUALLY NOT A GOOD PRACTICE TO HIRE THE FIRST BROKER THAT YOU MEET. THE INTERVIEWING PROCESS IN ITSELF IS A VALUABLE LEARNING EXPERIENCE FOR YOU,AND YOUR BUSINESS.
WHO WILL ACTUALLY BE MAKING THE SALES CALLS ON MY BEHALF AT THE APPOINTMENTS? (ASK FOR BIO, BACKGROUND, AND EXPERIENCE OF THE ACTUAL ACCOUNT REPRESENTATIVE FOR EACH RETAILER TO BE COVERED.)ASK THE RIGHT FOLLOW UP QUESTIONS TO GET THE INFORMATION YOU REALLY NEED – LET’S DISCUSS.
HOW DO YOU GO ABOUT SETTING UP THE APPOINTMENTS? WHAT ARE YOUR PROCEDURES AND WHAT SHOULD BE MY EXPECTATIONS? HOW MUCH LEAD TIME WILL I TYPICALLY RECEIVE IF I NEED TO ATTEND? (WHICH, IN MOST CASES, YOU SHOULD!)
WHAT IS YOUR PLAN FOR INTRODUCING MY PRODUCTS TO THE RETAIL ACCOUNTS; PLEASE EXPLAIN THE STEPS AND PROCEDURE THAT YOU WILL RECOMMEND AND FOLLOW. HOW WILL YOU REACT, OR WHAT ACTIONS WILL YOU TAKE, IF MY ITEMS ARE NOT ACCEPTED AT THE FIRST MEETING? PLEASE GIVE ME EXAMPLES OF OTHER REAL WORLD SCENARIOS WHEN AND WHERE THAT HAPPENED.
WHAT ARE YOUR PHILOSOPHIES ABOUT EACH OF YOUR RETAIL CHAINS IN REGARDS TO THE INFRASTRUCTURE, SYSTEMS, POLITICS, DECISION-MAKING PROCESS, ETC?
WHAT OTHER PRODUCT LINES DO YOU CURRENTLY REPRESENT, IN WHICH CATEGORIES, AND HOW WILL THIS IMPACT THE COMMITMENT, AVAILABILITY, AND TIME ALLOTMENT TO MY PRODUCT AND BRAND?
DO YOU CURRENTLY DO BUSINESS WITH THE SPECIFIC CATEGORY MANGER THAT BUYS MY PRODUCTS AND BRANDS?
HOW LARGE IS YOUR ORGANIZATION AND WHO ARE THE OTHER PLAYERS THAT I WILL COME INTO CONTACT WITH AFTER WE BEGIN THE PROCESS, AND ALSO LATER ON?
HOW DO YOU COMMUNICATE (AND HOW OFTEN) WITH YOUR TOP CLIENTS, YOUR MID-SIZE CLIENTS, AND YOUR SMALL CLIENTS? DO YOU HAVE ANY SYSTEMS IN PLACE? HOW LONG SHOULD I EXPECT TO WAIT BEFORE I GET AN E-MAIL RESPONSE OR A RESPONSE TO MY PHONE CALLS?HOW ARE YOU SET UP ELECTRONICALLY FOR RAPID RESPONSE?
DO YOU DO MOST OF THE RETAILER FORMS AND PAPERWORK FOR YOUR CLIENTS, OR DO YOU ASK THE CLIENT TO FILL OUT THE PAPERWORK AND SEND IT ALL BACK TO YOU, COMPLETED?
WHAT IS YOUR PROCEDURE TO SECURE ADS AND PROMOTIONS AT RETAIL ACCOUNT “A” AND HOW WILL I KNOW THAT I’M NEVER MISSING OUT ON TIMELY OPPORTUNITIES?
WHAT ROLES DO YOU SEE YOUR COMPANY PERFORMING AND BEING HELD RESPONSIBLE, VS. WHICH ROLES DO YOU PERCEIVE THAT WE (THE MANUFACTURER) PLAYS, AND SHOULD BE HELD RESPONSIBLE?
WHAT TYPES OF MANAGEMENT AND PROCESSES DO YOU NEED FROM ME, AND MY COMPANY? WHAT EXAMPLES WILL YOU SHARE WITH ME WITH YOUR OTHER PRINCIPALS OF PARTNERSHIPS THAT WORK WELL FOR YOU AND YOUR MANUFACTURER, AND CAN YOU GIVE ME EXAMPLES OF SITUATIONS THAT DO NOT WORK QUITE AS WELL, AND CAN YOU SPECIFICALLY TELL ME WHY?
AS I SAID – THESE ARE JUST THE TIPS OF THE ICEBERG – LET’S DISCUSS!