You have some thoughts or maybe an idea for how a new product, but how can you be sure that it will succeed at retail? Consider the following questions about how your product to see if you are prepared to start moving ahead with selling your product(s) to retail.
No, I am still in the brainstorming phase
Yes, I have researched the market and have the perfect product(s) in mind to sell to retailers.
I think so. My (fill in the blank) told me that it's the best product out there and told me that I can make millions by selling it to retailers.
Most definitely! I have spent the time and effort to create a solid business or marketing plan to help me stay on track.
What the heck is an elevator pitch?
Yes, I can express my product sales pitch in 3 minutes or less and can get retail buyers to understand quickly the value that my product has to offer.
Sort of. I have a couple of credit cards…will that work.
Yes, I have sufficient capital in place for inventory, marketing, and sales development.
Of course not! My product(s) is unique and retailers will be jumping over one another to buy my product
Yes, I know the pros and cons of each of my competitors' products, what retailers carry them, what price points the competitors' products are offered at, and what product promotions are out in the marketplace.
I have a dartboard, a magic 8 ball, and a weegie board…what more else do I need?
Yes, I have developed a floor price, a ceiling price, and the final price for each type of retailer segment.
No, I was hoping my good looks and sparkling personality will make up for my lack of sales and marketing skills.
Yes, I have the business skills necessary to work with all types of retailers. For the skill sets I don't have, I know when to hire the necessary talent (i.e. lawyers, accountants, consultants, etc…) to get the particular job done.