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From the Entrepreneur’s Perspective: Do retailers want to see market research I have conducted? Is this important?

Having a good product is not enough. You need to demonstrate compelling reasons that this buyer must have your product. Market research helps to reinforce a buying decision and minimize risk on the buyer’s part. Following are some ways that you can show this need:

1. Trending

  1. how is your product performing over time – provide the buyer with data points from existing accounts that show an increase over time (month over month, year over year, season over season – whatever  you have that helps to reinforce that your sales are growing)
  2. what is the overall category doing – show the buyer current studies/articles that demonstrate that your product category is expanding

2. Testimonials – while only anecdotal, supply the buyer with some of your testimonials, especially those that favorably compare your product to a similar product they carry to illustrate how your product is innovative and superior.

  1. If you do not already have testimonials, you can obtain some by conducting one-on-one interviews, doing in-store demos, and/or asking current customers to provide some.

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