Tips for Retail Success

From the Buyer’s Perspective: What Can I Offer Buyers if they are Lukewarm About Taking My Product?

By Vanessa Ting

The incentives Romy suggested are ones I highly recommend.  So rather than repeat what she suggested, I would like to share with you a story about a time I said “no” and how it turned into a “yes” and what that vendor did to convert my answer to “yes”.

Company D presented to me a new item they insisted would sell like hot cakes.  But it was unproven, was too new to have sales history from other stores, and my gut was lukewarm on the item and therefore, I said “no”.  I said “no” probably 3 more times after that.  Truth be told, this will likely be what you encounter when pitching to retailers.

However, I changed my mind after Company D offered to “partner with me on the risk” and provided me with a unique assortment (Romy’s Tip #1), a guaranteed sale (Romy’s Tip #2), and put my trust in them on the line (“Vanessa, you know we are always honest with you; we don’t push a product this hard unless we truly think it will be huge!”).   By offering these incentives, they were not just telling me they were confident, they were showing me how confident they were.

The lesson here is not to keep pushing if the buyer says “no” but to listen to the reasons they are giving.  Let’s review:  I told Company D that their item was unproven.  This inherently meant I felt the risk was too great for me until I had other information that would lower my risk exposure.  That information could have been sales history from other stores (which they didn’t have) so that I would feel confident I wouldn’t lose money by investing in their product.  Or it could be attacking the risk from a different angle…promising that I won’t lose money by offering me a guarantee on unsold inventory.

Company D listened, deconstructed what I said to identify my true concern, tailored a solution to address that concern, and presented me with an incentive that allowed us to “split the risk”.  Brilliant!

Like these tips?  Hear more in Vanessa’s free 60-minute webinar on Friday, October 12 at 12pm Pacific.  Register here

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s