Getting your product or service picked by big retailers can an intimidating proposition. In this article, we are going to share with you 3 tricks on how to pitch your product so that you can increase your odds and successfully win over the investors.
When your products are off the production line, the next step is to sell them to retailers. However, where do you start? Also, your product or brand is very successful locally but you cannot seem to get entry into big-box retailers. Truthfully, it is not only enough to have a great product. You will also need to have a professionally built business plan to present to potential customers or retailers.
I’m writing this article to help empower the entrepreneur to get into bigger or national-based retail locations. Here are the three product pitching secrets that we have found that hit the sweetest spots of retailers and investors everywhere.
1. Mitigate Risks
Investors want to know where their money will be going and to make sure it’s used wisely. They also want to know there’s a concrete plan to pay it back! —Kevin Harrington
Buyers are risk-averse. Most often, they worry a lot about your product not arriving in time, competitors taking the market share, unproductive inventory when the product does not sell, leaving sales on tables, etc. When approaching buyers, it is significant that you have projected possible risks to the buyers and have a good viable solution to lessen or mitigate their fears or concerns.
The most common type of fear is a financial risk. You can offset this type of fear by suggesting a consignment deal or program in exchange for trying the product. Likewise, another idea to mitigate the buyer’s risk of trying your company’s product is to offer a promotional or marking program to incentivize clients to purchase your product.
Being one step ahead and prepared to stop any worries or concerns, will not only put the buyer at ease but will also start the process of gaining trust and stability. Once you have the first of the three tricks that will change the way you pitch your product, you can start building this trust into a relationship.
2. Build A Relationship
Focus on building a good relationship with the retailer or buyer first. Once you get the buyer’s attention, ask him/her how you can support them and do not expect anything in return. Also, do your research and investigation ahead of time, determine what your client’s needs are and give that to them even before they ask for it.
On the other hand, if you don’t know the answer to certain questions or concerns of the retailers, simply let them know that you will try to find the answer and present the solution soon. If you are able to demonstrate the key negotiation skills, the buyer is very likely to want to work with your company because you have listened or heard to their concerns and then demonstrated that you are well-prepared to meet their needs.
3. Be Prepared
Put in the time on the front end before making your pitch and you will reap the success on the back end. —Kevin Harrington
Now that you have managed to organize a meeting with the retailer or buyer, this is the time where the real work begins. You should prepare yourself for this meeting. You need to do your homework by understanding the deal mechanisms, approaches, and in what way you will present your product to the retailer or buyer. Learn how to prepare and deliver the perfect pitch HERE.
You must know how to present your product uniquely. Likewise, it is important that your pitch deck or a PowerPoint presentation includes numerous components such as wholesale and retail prices, marketing plans, and testimonials etc.
Once you’ve planned and completed the three tricks that will change the way you pitch your product, you will confidently and successfully be able to win over the buyer/investor.
Want to Make the Perfect Pitch?
I’ve created a simple cheat sheet to help you craft your best pitch to potential investors. If you follow this proven process, you’ll position yourself to get the money you need for your business.