Is your product right for the retailer?
A question that rolls around in buyers minds is whether or not your product is right for the retailer. To clarify, a retail buyer is a professional who plans, manages, and selects goods to be sold in retail stores to ensure their own company remains competitive with other retailers. A buyer is the person you are communicating with when pitching your product for a retail store.
This is where determining your unique selling proposition, otherwise known as a USP, becomes important. The key to identifying who your product is for and which store it belongs to greatly depends on the unique selling proposition you have. Buyers will be looking for how your product compares to other competitors in your industry, as well as if the retailer is already carrying something similar to your product.
Why should they displace a competitor and put you on the shelf?
Knowing what the retailer already has on the shelf can inform who you pitch to. Buyers searching for products will also look for price differences between you and your competitors. If your price point is lower and more compelling, then they may be more likely to consider you.
Another point to consider is whether you are fulfilling specialty niches like organic products, or reaching an entirely new audience that the retailer is trying to get into their stores. Considering these points can help you narrow down your dream list of retailers.
How to contact retailers
You might be asking yourself, when should I even start reaching out to potential retailers? Are there better times of the year than others to contact buyers?
Luckily I have the answer to those questions! A secret, that’s perhaps not so secret, is that mass retailers have specific buying calendars. Some retailers will only accept new brands once a year, where they are often reviewing pitches in February or March. The best advice I can give you is to not wait until the last minute to start your preparations. Being on the retailer’s radar before the official buying period can significantly improve your chances of being accepted.
When I approached Target with RobeCurls the buyer meeting was originally set for March, but my product was not accepted until September! It took much longer than I expected, and even after acceptance, RobeCurls did not make it on the shelves in Target until January. That is nearly a full year later that my invention made it to an important mass retailer on my dream list.
To start the process of contacting your dream retailers, you will want to look for their buying calendar, which can be found on the retailer’s website or other websites like RangeMe. The other option is to go completely old school and email the buyer directly to ask this question.
Retail timelines can be long, but don’t let these requirements hold you back from initially reaching out. You can always build the plane while you’re flying. For smaller retailers, or online wholesale, you may need less materials to start with when compared to reaching out to mass retailers.
How to pitch to mass retailers
When pitching to mass retailers, you will need to have a strong grasp on foundational elements such as certifications, packaging, and samples available. Depending on your product category and the retailer you choose, there may be certain industry standards and compliances required that you have to meet. Buyers are always looking for ways to reduce risk. By knowing what their requirements and concerns are initially, it can help you stand out amongst your competitors.
While each product category is different, this can include safety certifications, quality testing, and specific regulations. These are all aspects you can ask the buyer directly or look up on the retailer’s website. The factory you are working with may also have the answer to these questions.
When deciding what factory to produce RobeCurls at, I looked at factories that were already working with products for the mass retailers I was interested in connecting with. That advantage ensured that I was already well-versed with the requirements the buyers were looking for.
How to know what retailers are a good fit
Finding the right fit for your product can feel challenging, but by understanding how buyers assess products and when to apply, you can be better prepared to bring your product to market.