Markdowns are when retailers discount a product to help move the product off the shelf and/or from their DCs. Most big retailers ask the supplier to help support a markdown when/if they discontinue the product from their assortment. Markdowns are one of those necessary evils in the retail sector. Consumers love them (they get merchandise… Continue reading From the Entrepreneur’s Perspective: Markdowns. What they are, why you need to consider them, and strategies for minimizing your risk
By Vanessa Ting The momentum of your brand is important, especially for large retailers. Brand awareness does not build overnight, not even with an aggressive marketing budget. Awareness takes time to build. And without it, your product is less likely to sell at shelf. In most cases, a brand less than 2 years old lacks… Continue reading From the Buyer’s perspective: How do I find a branding/PR/media firm to market my product line?
Marketing is a learned science, just like any other discipline. And it’s comprised of many components (social media, direct mail, public relations, advertising, telemarketing, and the list goes on). Each sub category requires a learned set of skills. Just like you would not hire an intellectual patent attorney to defend a bankruptcy, you would not… Continue reading From the Entrepreneur’s Perspective: How do I find a branding/PR/media firm to market my product line?
By Vanessa Ting Some retailers give you their purchase orders (POs) with plenty of lead time for you to turn around and place your orders with factories. For those of you who manufacture overseas AND sell to national retailers, you probably do not have the luxury of waiting for retailer POs before placing your production… Continue reading FROM THE BUYER’S PERSPECTIVE: WHAT TO CONSIDER WHEN RETAILERS INCREASE/DECREASE INVENTORY QUANTITIES AFTER PLACING AN ORDER
Let’s play out this scenario: You receive word that your product will be launching at Retailer XYZ. You are told by your buyer that you will be going into 1000 stores. Awesome/congrats. And, by the way, your PO has not been officially issued. It won’t be issued until approx. 1 month before you must deliver… Continue reading From the Entrepreneur’s Perspective: What to consider when retailers increase/decrease inventory quantities after placing an order
By Vanessa Ting Exclusives is a tactic retailers use to gain (and defend) market share from their competitors. It’s a distant-relative of channel management. Both concepts endeavor to minimize sales cannibalization, fuel category growth, and grow market share. All retail buyers love exclusives – whether it is in the form of exclusive brands, exclusive SKUs, exclusive designs or… Continue reading From the Buyer’s Perspective: Exclusivity – How to Respond When Retailers Ask for It
Can’t blame a buyer for asking for an exclusive. Whether you give it to them is a different story. Ask yourself the following questions to determine if this is the right opportunity for you. Is this the only option for landing the deal? Probably not. Explore other options first. When you offer an exclusive, you… Continue reading From the Entrepreneur’s Perspective: Exclusivity – How to Respond When Retailers Ask for It