Note: “Brands” and “Vendors” are used interchangeably in this post. Markdowns are what happens when inventory goes on discount. You’ll find 4 major types of markdowns in retail: 1) Promotional markdowns These are discounts that derive from any type of promotional sale such as a temporary price reduction, circular promotion, coupons, endcap promotions and more. 2) Clearance… Continue reading From the Buyer’s Perspective: Markdowns. What they are, why you need to consider them, and strategies for minimizing your risk.
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
It’s that time of the year when many people feel added pressure due to the holidays. Whether the additional stress is compounded by health issues, meeting or achieving personal and/or professional year-end expectations, or getting ready for upcoming visitors or travels, it’s a good time to remind ourselves that someone else likely has it worse… Continue reading From the Entrepreneur’s Perspective: Ways to show Gratitude ALL YEAR and Why This is Important In the Retail Setting (or Any Setting)
By Vanessa Ting Product testing is a biggie. Here are some things to know about product testing: Virtually all big retailers require product testing. Even if you have done your own independent testing already or tested with other retailers, you will still have to undergo each and every big retailer’s product testing process that you… Continue reading From the Buyer’s Perspective: What product safety testing do I need to conduct for retailers?
There is no easy and straight forward answer to this question. This is largely dictated by the product type and retailer. So, it’s time to start asking questions, and the earlier you start asking, the better so that it saves you time and resources to determine if the product is one you even want to… Continue reading From the Entrepreneur’s Perspective: What product safety testing do I need to conduct for retailers?
By Vanessa Ting Going global is great for younger companies because it helps grow your sales and creates cash flow. But one risk in going global is the inability to control your brand reputation. And brand is what creates value for your line and company financials, your retailers, investors and potential acquirers. Overseas, you may… Continue reading FROM THE BUYER’S PERSPECTIVE: DOES IT PAY TO GO GLOBAL?
By Vanessa Ting Without angering my clients who pay me for this valuable advice, I’ll offer this one valuable tip, plus a few example questions to get your juices flowing. Valuable tip: Make sure the sales rep you are interviewing is grilling YOU. He/she should be asking you the tough questions a retail buyer will… Continue reading FROM THE BUYER’S PERSPECTIVE: Q’S TO ASK WHEN INTERVIEWING A SALES REP
If you are going to hire a sales rep, following are some questions to ask: 1. Which companies and products do they currently represent? Why: because you want to make sure they are representing credible companies/product lines. Ask for references, and call those references and find out how long they have been working together. You… Continue reading From the Entrepreneur’s Perspective: Questions to ask when interviewing a sales rep
First things first. Yes, that is me. As entrepreneurs we are all selling something, a product or a service or both. Don’t you wish you could bottle up a good belly laugh and sell it? You’d get top dollar because a good guffaw makes everyone feel…well, AWESOME. As entrepreneurs we are often entrenched in the… Continue reading From the Entrepreneur’s Perspective: Does it pay to have a belly laugh? What does it have to do with running a business, you ask?!
Tune in to MSNBC this Sunday at 7:30 AM Eastern to watch “Your Business” hosted by JJ Ramberg as JJ interviews Vanessa Ting on the importance of retail buyers to small businesses. Vanessa Ting, the guest expert, joins a panel including David Meerman Scott (best selling author of “The New Rules Of Marketing & PR”)… Continue reading Watch Vanessa Ting this Sunday: MSNBC “Your Business” with JJ Ramberg at 7:30 AM Eastern