Several factors must be considered when establishing your wholesale and retail pricing. You have to price up (make sure you are covering your costs) and price down (what will your target audience bear). There’s no one right answer or easy solution. It takes a lot of research and often trial and error. Minimizing those errors… Continue reading From the Entrepreneur’s Perspective: How to Price Products for Wholesale and Retail
We’re halfway there! Please take 3 seconds and vote for Psi Health Solutions to win a $150K grant so that we may bring nausea relief to so many more deserving people through education and awareness. We need only 125 more votes to qualify for the next round. Simply go here http://bit.ly/1lSbWC8 and click “vote now”.… Continue reading May I have 3 seconds of your time and support?
Your buyers/retailers care about their bottom line, as they should. If that means you are driving sales to their doors, then yes you should consider a show like Shark Tank that has approximately 7 million viewers and can create some amazing brand awareness, thus driving consumers to your retailers’ doors. That said, your chances of… Continue reading From the Entrepreneur’s Perspective: Do retailers want me to do a show like “Shark Tank”?
Retailers lining up at your door. What a great problem to have, right? Maybe. If you are prepared. Let’s start with prioritization and then conclude with some preparation considerations. You can help to prioritize who you do business with by examining a number of key factors. Know your target audience. If you know who you… Continue reading From the Entrepreneur’s Perspective: I have all these retailers who want my product line. How do I prioritize?
Vanessa and Romy are both speaking at Mom 2.0 Summit in Atlanta on Saturday, May 3, 2014. The event is sold out so hopefully you already have a ticket. If you are attending, please let us know so we can meet up during breakfast or lunch.
You bet. We are all human beings and if we like someone, we are far more likely to want to do business with them. Buyers are bombarded with product pitches. You want to stand out as someone they want to do business with – because you have a great product, you are someone who is… Continue reading From the Entrepreneur’s Perspective: Does your personality and experience play into the buyer’s decision making process?
Being informed of what is happening amongst your retailers, or the retailers you wish to do business with, allows you to communicate most effectively with your buyer. The better prepared you are to help the buyer meet his/her objectives, the more confidence the buyer will have in you. Your sales pitch, marketing plan, pricing, packaging,… Continue reading From the Entrepreneur’s Perspective: Why is it helpful to follow the financial performance and read the annual reports of publicly traded retailers like Walmart, Target, and Walgreens?
As more and more consumers shop online these days, I think it would be hard pressed to tell any product-based entrepreneur NOT to sell online whether it’s on our own web site and/or on others’ sites. That said, you can do the following to manage a brick and mortar buyer’s concerns about online retailers by:… Continue reading From the Entrepreneur’s Perspective: What is the best way to manage brick and mortar retailers concerns about online retailers?
By Vanessa Ting In every pitch that came my way, I always posed the question, “Where’s your marketing calendar?” Why did it matter to me so much? Because I would coordinate my buying timeline and in-store promotional activities to piggy-back off the brand’s marketing and media activities. If you don’t give me a marketing calendar,… Continue reading FROM THE BUYER’S PERSPECTIVE: MY BUYER ASKED FOR A MEDIA PLAN AND CALENDAR. WHAT IS THAT?
Your media plan is your marketing plan to drive business to the retailer’s stores. It includes specific marketing strategies and tactics – and timelines (the “calendar”). Your media plan may include past marketing highlights, but it should be heavily focused on what is coming up (what’s in it NOW for the buyer). Ideally the calendar… Continue reading From the Entrepreneur’s Perspective: My buyer asked for a media plan and calendar. What is that?