5 Things Every Retailer Wants To Hear About New Products
Ordinarily, activation of an idea for a new product takes several months especially a product developed by a fresh entrepreneur – it can be a bit grueling. After months or even years of planning, sketching and sampling, the product is finally ready but how can you turn that idea into a shelf-ready creation. This next phase is usually the dilemma for entrepreneurs that want to make their products available to the public; hence, the need for retailers. These retailers are the salesmen; they make the products available to the potential customers at their stores or even sell directly. So invariably the success of your product is highly dependent on how it resonates with the retailer because they are major influencers of the market.
There are few things that ring in the ears of retailers, which will spur them on to sell new products. These are the things they want to see and hear about your products, why should they sell your product?
Firstly, discussing the benefits and features of your product is one of the sweetest sounds that retailers will want to hear. Telling them how different or better your product is than the competition is music to them. However, you cannot be all talk and no show, your product should be standard and live up to the reputation you have given it. You should respond to the hype around the product whether through videos, pictures and other promotional techniques to show its superiority. It is better to properly scrutinize your product so that you can be comfortable when an opposition comes while pitching the idea to the retailer.
Secondly, retailers will want to know about the pricing of your product. This is where you have to be specific in whatever price you give to the retailer. Suggested retail price, shipping costs, packaging specs are all what you need to consider when negotiating price of the product with the retailer. You can therefore give retailers a discount and allow them to place orders for your product on your website which can save time and stress.
What form of promotional items do you offer with the sale of your product is yet another question retailers will want to ask. Do you give gifts, souvenirs or advertise more products through the sale? Retailers will want to know what they are getting into. How much work do they have to do when they finally get your product? It is therefore important to provide the product information to retailers for them to know all things associated with your new product.
Retailers also want to know your product sales plan. They want to know what type of market your product is targeted at. Identifying the socio-demographic factors attached to the new product will enhance sales. For example, some tobacco products are strictly for adults in fact it is stated on the boxes of cigarettes. Also, understanding how these products are to be sold is what some retailers look out for. Explain properly the sales goals, activities and timelines for your product.
Finally, retailers will want to know what type of packaging your product comes in, because retailers need to know the size of the product and the need to check the aesthetics.
These are some of the things retailers like to know, however for the entrepreneur knowing which retailer is suitable for his product is the first step in making the product available.