You know the drill – you’ve got a big meeting coming up, and you want to shine. Well, we’ve got another one of those approaching, this time with one of the largest home improvement stores (I’m not in a position to drop names, but I can say it’s a player big enough to have its own Nascar racing team). And this meeting is indeed a biggie – they liked a bunch of things we showed them earlier, and want to go deeper on them… and see some new products too.
So how do we prepare… to give you a sense of how you too should prepare? A few of the basics from Bill Feroe, head of our retail team that will make this next meeting a big success:
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“Ask all the hard questions now”: Re-visit your product over and over again. Look at it from all angles with a critical eye, then refine it. Also, find fresh pairs of eyes – ask people you know and trust for their input too. This preparation is essential because you want to anticipate what the retailers will think, ask and press you on… and prepare ahead to address them all.
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Prepare a product sales sheet with the product’s name, features and benefits, pricing per unit (which encompasses all shipping and production costs), timeline of when the product can ship, marketing theme, and much more. This will serve to clearly and concisely lay out all the details in advance of the discussion to come. It can also be a handy “leave behind” after the meeting.
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“The products pretty much speak for themselves”: Retailers will quickly know a good product when they see it. This is the case because they’ve seen a ton of products, and know which were successful in their stores. They also know their shoppers very well. So your goal isn’t to devote a lot of time to convincing them that your product’s functionality is THE next best thing. Rather, it’s to be ready for the stream of questions and expectations once they have shown interest in your product. Most notably, this includes being prepared to negotiate on a range of variables from cost and shipping methods to colors and case counts. Retailers will also sometimes ask for specific changes or upgrades, so it’s ideal to know what you can and cannot change before you get there.
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Keep in mind that a good first impression can be a gateway to an ongoing relationship. So even if you’re unsuccessful in your first attempt to sell a particular retailer, keep it positive for the next time you meet… and then make sure you make that next time a reality.
