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Attracting retailers, whether it be to brick-and-mortar or e-commerce, can be daunting. Retailers, especially the big ones, won’t call you. So how do you get retailer’s attention?
Build a credible brand.
Build a credible brand.
Build a credible brand.
But how does a company build a credible brand?
1. Focus on revenue growth:
We're not saying you don't need an incredible product to offer; you do. But, many companies spend more time refining a product for minimal gains instead of scaling revenue. Big-box retailers look for revenue growth as credibility, more-so than whether or not your bag has a sewn on UPC tag or it's affixed via hang tag. Although having a quality and functional product is important, retailers want to know that the product has an audience and demand. In other words, just having a great product does not prove that there is a market for the product. Ultimately, retailers want to see revenues that will extend to them. Big-box retailers have a fear of missing out on a great product (aka FOMO), and high sales signify a potential successful partnership. A company needs to think like a retailer, which means caring about and understanding what matters to them. For retailers, sales are proof that people want your product. Higher sales are an incentive for retailers to stock your product and purchase more, and give you an edge in negotiating important details like payment terms (because of course, you want to get paid, right?).
2. Go hard at brand awareness:
It's often said you have 30 seconds to make a good first impression - nothing could be more true in this case. Through the branding and marketing of your company, you can prove to retailers that you are credible and worth their business. Retailers want to work with companies that put time and thought into both branding and marketing. General rule - most solid companies allocate around 10% of their gross revenue to proactive marketing campaigns. Whether this is a well-developed website or a consistent and targeted social media presence (or both). A well-marketed brand convinces retailers that you are dedicated to putting in the necessary effort. Being seen, being seen first, and being seen correctly all influence the appearance of a company. Not all attention is positive, and getting attention from the right audience differentiates a highly sought company from an undesirable one. Retailers want to be associated with or involved with desirable companies that will bring them financial success. Companies that place importance on their marketing maintain a loyal customer base as customers can rely on the information being presented. Keeping an updated marketing presence creates a solidified company with a credible existence. An emphasis on marketing also shows you are a true partner with the retailer, who will expect that if it stocks your product, that they are not the only one spending marketing dollars to move your product.
3. Build relationships:
People want to do business with people they like. Relationships that are created within the industry and beyond are what make companies stand out amongst competitors. Behind big-box retailers, there are people, and these people ultimately decide what companies to buy from. The larger Fortune 500 retailers usually call these individuals merchants or buyers. The more connections created the better chance you will have of making a unique relationship that will close the deal. Knowing and being liked by people is necessary for weeding out the competition and being picked over competitors. Retailers will choose the company they know and like over a company they are unaware of and have no relationship with. Sometimes, having a relationship with a jr. buyer, or an analyst that works for the prime decision maker helps make an internal champion within the company, and can be your ace-in-the-hole in the end. Good people are what sells a company and what gets more customers. People matter and relationships with those people matter even more.
Why are we qualified to speak on this? In our small company, we have individuals who have worked in the ranks of these large retail formats and at times were a part of this exact exercise on both sides. If you have questions about how to create a credible brand or need some more details, give us a call! We are here to help. (509)-765-2229.
-Your friends at LuckyBird 🐥