You have developed a great product, tested and refined it, received fantastic feedback from your test users and are ready to take it to a retailer to put on their store shelves. This in and of itself deserves a hearty congratulation as you have stayed the course where many others have given up and not seen a great idea through to this point. Now the question is, how do you get it onto a retailer’s shelves? TACK10 has defined our five step process to successfully securing a retail relationship.
- Define the ideal channel
Specialty or mass retail? Bricks and mortar or e-commerce? Direct response? Which channel is best suited to successfully sell your product? Answer this question by going back to your target customer and identifying their purchasing behaviours and therefore where they are most likely to purchase the product you have developed.
- Identify the target retailers
Create a target list of the retailers that operate in your ideal sales channel. Tier these retailers based on their likelihood to generate the greatest sales volumes for your product. Not only will you be happier, but higher sales volumes mean you will receive prominent placement from the retailer.
- Do your homework
Research the company you are approaching and the individual who is best positioned to review the opportunity with your product. Develop an understanding of what they focus on and how your product might fit within their overarching strategy and direction.
- Position your product for success
When you reach out to your target partners, don’t only talk about your product. Ensure your outreach positions why you are reaching out to them specifically and why the product you have developed could be a fit to help achieve their business objectives.
- Ensure you have a win-win-win opportunity
If your product, delivered through the right retail channel offers a win for the consumer, a win for the retailer and a win for you, the opportunity will be set up for success. If you’re concerned that the retailer you have engaged won’t help you to deliver a win for your target consumer, keep working to find the right partner.
Finding the right retail partner takes time and commitment to the process. Retailers are approached with hundreds of new products all claiming to be game changing. To break through the clutter you need to demonstrate true value to the retailer and the customer you are both trying to reach.