I wish more vendors/brands were willing to say “no” to retail buyers because the deal didn’t benefit them. For the ones who did say no to me and stated their reasons, I respected and admired it. One reason I would hear would be because the brand was afraid of deteriorating their brand and angering their… Continue reading The Buyer’s Perspective: Be willing to walk away from a deal because it’s not a win/win
It’s not easy to turn away business, especially if it’s from an account you really wanted to land. Been there, done that. But, you have to be willing to walk if it’s not generating some value for you. That doesn’t have to necessarily mean that this account is profitable, as the value could come… Continue reading From the Entrepreneur’s Perspective: Be willing to walk away from a deal because it’s not a win/win
You are responsible, agile, and pro-active. You are not a pain in the butt to work with (i.e. you balance reaching out, but not too often and your buyer enjoys working with you and/or your rep). You have a marketing plan in place and are executing on it so that you are driving sales to… Continue reading From the Entrepreneur’s Perspective: What does it mean to be a good retail partner? Let’s start with: “Do NOT be a pain in the butt.”
First, let’s explain what “retailer marketing” means. Retailer marketing refers to vendor-funded marketing programs specific to a retailer. This includes circulars, advertising on their website or mobile app, price promotions, digital coupons and more. See an article on my website about this to better understand what retailer marketing is. So do all retailers require you… Continue reading From the Buyer’s Perspective: Must I agree to retailer marketing BEFORE they will consider our products?
There is no cookie cutter approach to marketing. There are so many variables that will impact where you put your marketing dollars. Defined objectives, within your budget, must lead the decision making. To add complication to this strategic and creative process, every retailer offers different marketing programs – at a cost that can break the… Continue reading From the Entrepreneur’s Perspective: Must I agree to retailer marketing BEFORE they will consider our products?
The answer to this question is probably that you do not. But, you must be thinking about this topic. It’s about risk management and it has an important place in your upfront considerations on how many skus to launch with a retailer. And here’s why. Backing it up just a second, just in case you… Continue reading From the Entrepreneur’s Perspective: WHEN, if at all, do I approach a buyer about markdowns/discontinued items?
Tip 1: Regularly update your buyer on your sales performance. Provide monthly recaps. Buyers don’t have the time to dig into individual SKU sales regularly so your regular analysis is much appreciated. This also allows you to own the analysis and control the story you are telling. Influencing how the buyer perceives your brand performance… Continue reading From the Buyer’s Perspective: Tips for Being a Good Retail Partner So Your Product Stays On Shelf
So here’s how I got a meeting with a major retailer in an assortment where Psi Bands had been previously booted. I was so inspired by this blog post, “Target Pitch: 3 Ways This Little Brand Turned Moderate Sales Into More Stores,” by former Target buyer, Vanessa Ting, that I took action. Background: Crunching numbers is… Continue reading From the Entrepreneur’s Perspective: How I Got A Second Chance After Getting A “No”
You have heard Vanessa and I preach about being a good retailer partner. Getting on the retail shelf is one accomplishment; staying there is another. Past tips have included the importance of customer service, inventory management, and quality product. http://tinyurl.com/qeyf2ta and http://tinyurl.com/qjvsfax In Vanessa’s most recent blog post, “Target Pitch: 3 Ways This Little Brand Turned… Continue reading From the Entrepreneur’s Perspective: Tips for Being a Good Retail Partner So Your Product Stays On Shelf
You have a vision for how your products will be merchandised and displayed in stores. And it’s a magnificent one. Your SKUs are lined up neatly, shelves are fully stocked, and the packaging is gleaming with crisp edges as if it just came off the production line. You imagine yourself turning down the aisle… Continue reading From the Buyer’s Perspective: In-Store Execution – what you have control over, and what you don’t.