Happy Tuesday retailers! I hope you had a relaxing Memorial Day Weekend, but now it is back to all things retail. Last weeks blog was focused on figuring out how to price your product for ultimate success, and all the factors which must be taken into consideration before a price can be decided upon. If you missed it, be sure to check it out below, titled “Priced to Sell”.
So, what really does determine if you are retail ready?
1. Questions About Your Product.
In relation to your product, you should ask yourself many questions. Is it desirable to the a large audience or a small niche? Do you KNOW who your target market is? If you answered no to this question, you automatically are not ready for retail. Retail buyers will know just by talking to you whether or not you are ready for retail, after all, it is their job. Some other questions you should be prepared to answer may take the form of: “who is the competition?”, “where is it manufactured?”, “what is the warranty on this product?” As you can see, no aspect should be left unknown. This reflects unpreparedness to the retail buyer and will automatically harm your chances of striking a successful deal. Also, be sure to follow through with claims made about your product and your company. Keeping promises may bring back memories of your childhood “pinky promise” days, but it can go a long way in establishing a reputation as a trustworthy vendor.
2. Questions About Your Retailers
Overall, in determining if you are retail ready, there are a few things to consider: Do you have a product people will want to buy? Do you have all the logistics figured out? Retailers are much more likely to work with you if you are prepared and trustworthy. Retail buyer’s are employed to detect anything in your presentation which may be false or an overstatement, so make sure that when the time does come to present your product, you have answers to the slew of product related questions which you will be expected and required to answer.
I hope that I managed to keep the dream of your “next level” invention alive, but established awareness of the intricacies which are involved in preparing your product for retail.
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