You know your product is the “next big thing”. You can feel it your bones. But before you take the big boxes by storm, you need to survive the buyer meetings.
As you obsess about meeting with buyers, your palms sweat. You dread the idea of the shark tank and all the sharks in it, all too ready to say “no”.
But guess what? You can get through it. With a little forethought and careful planning, you’re going to feel as ready as you’ve ever felt for anything. Following are some tips on how to win your next chain store buyer meeting, get your product in the door and make it a household name that flies off the shelves.
Vendor portals.
All the large chains have them and you need to explore them because, at vendor portals, you’ll find out exactly what buyers are looking for.
Conduct a search for the chain you’re going to be meeting with, adding the word “vendor”. You’ll find a whole new perspective on your potential partner. The information that you’ll have access to through vendor portals will demonstrate to buyers that you’re serious about working with the chain. Let them know you mean business by combing through the portal.
On-the-ground research.
One of the most important preparation tools at your disposal is a simple one – go to the nearest outlet and look around. Take notes. Buyers are going to ask you when your last visit to their brick-and-mortar was and what you thought.
Be sure to look at the outlet from the perspective of your “next big thing” product. Ask yourself how your product is filling a niche in the store’s offerings and why it’s going to answer consumer need. You’ll sound like a serious, diligent partner if you’re ready and able to provide fresh perspective that the buyer’s interested in hearing.
What’s in it for them?
The only reason any chain is going to be interested in what you’re selling is that it’s going to make them money. That means you need to go into your buyer meeting prepared to make a fiscal case for your product in the context of the outlet you’re pitching.
Even if your product isn’t on anyone’s shelves yet, you’ll have fresh insight after a visit to the chain’s outlet. You’ll know exactly where your product fits into the buyer’s scheme of things. On reflection, giving a chain the first crack at it offers numerous opportunities.
You’re giving buyers something new and fresh. It’s not offered anywhere else and that’s an attractive proposition, with the right pitch from you. If you’re already selling, be ready with a one-pager on how well your product is doing elsewhere. What’s in it for them is that your product is going to bring in money by being attractive to the chain’s customers.
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