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From the Entrepreneur’s Perspective: What if the retailer says that they are not interested? Then what?

I am a firm believer that when a buyer says “no”, it really means “not now”. I have been politely and professionally persistent over the last several years building the Psi Bands brand. I have received my share of “no’s” and I have not let that stop me from later landing major national accounts that previously said no.

So, what is the secret? Timing + persistence = success

TIMING:  There are numerous reasons why a buyer might have a need to fill a spot on their store shelf that they were not anticipating, including an under-performing product, a recalled product, or maybe it’s because your product just appeared on the Ellen DeGeneres show and now they are willing to take a chance on your product where they previously were not. Other timing factors that could work to your benefit include: a new buyer coming on board (maybe the old one didn’t “get” your product, but the new one does), you have greater sales distribution so you can provide the buyer with key data points that are based on actual performance at other retailers, and/or you are now carrying a product line whereas before you only had one product (this is where the buyer is evaluating sku and vendor rationalization criteria). There are numerous reasons that a buyer could change his/her mind about adding your product to their assortment. As such, you need to keep at it and be persistent in your pursuit of landing the account.

PERSISTENCE: At Psi Bands, we compile a monthly report that includes all press/marketing for the past month and what we anticipate coming up in the coming months. I then, via email, present this to potential new retailers approx. 1x/quarter with the goal being that I remind them that I am here to stay and that I welcome their business. 1x/quarter is often enough yet not bothersome.

Go land those accounts!

3 thoughts on “From the Entrepreneur’s Perspective: What if the retailer says that they are not interested? Then what?

  1. How do you collect all your sales data? Amazon makes it easy with Vendor Central but what if you have small retailers?

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  2. With smaller retailers it is difficult. Often times you will have to ask the retailers for that information. Hence why its important to maintain that relationship and check in with them ever so often. Depending on how they collect their sales data, you may want to ask on a monthly basis (if they are not good record keepers) or on a quarterly and bi-annual basis (if they are better at keeping records).

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  3. Some retailers provide it regularly (weekly or monthly). Some retailers have online systems that you subscribe to/pay for that allow you to check it on a weekly basis (i.e. TRU/BRU). If the retailer does not provide it to you, ask for it. If you have a rep, have them ask for you.

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