09: How to sell into more retailers - step by step training episode

The key principle in selling wholesale to retailers is to invest time upfront in planning your approach and sales materials. This will allow you to prioritize and focus so that you can go deep into a few areas that will deliver the highest return on your time investment, rather than spreading yourself too thin and getting frustrated.

 

STEP ONE: Determine your Retail Category Focus

While it’s tempting to pursue every retail category for which your products may be eligible when selling wholesale to retailers, it’s best to focus on one at a time in order to make your efforts more efficient and targeted. You can always change things up as you learn more. This means setting up a criteria for determining the best fit for your business.   

Create a list of categories you could target

Depending on your product, you may be very clear that you’re simply going to target a specific category of store. However some products will appeal to several categories. For Instance, SoYoung’s bags have been sold through gift shops, baby stores, kids gear stores and natural grocers, among others. Simply make an exhaustive list of the possibilities based on your current knowledge and best guesses.

Determine the top 1 or 2 categories that you will target.

To find your category focus, I suggest using a multi-attribute model spreadsheet. This approach allows you to apply a disciplined approach to choosing your initial target category.

How to use the Spreadsheet

1. Plug in the categories you are considering down the left hand “LEAD” column (replace the title “Lead 1” etc.)
2. Determine the 3-4 criteria you feel are most relevant to creating an optimal environment for presenting and selling your products. Criteria  examples include: Price Sensitivity, Similar products, Alignment with core audience.
3. Plug them into the Attribute row (replace the title “Criteria 1” etc)
4. Assign a weight to each criteria as it relates to your decision. The total weights you assign amongst the various criteria should add up to 100
5. Rank each lead category out of 10 as it applies to the specific criteria.
6. This will give you a total score in the far right hand column

>>Download the resource pack, including the Multi Attribute Model Spreadsheet STEP TWO: Determine your Top Retail Targets

The retailers that carry your products reflect strongly on what kind of brand you are, so be intentional about who you target when selling wholesale to retailers. In this step you will determine the key criteria that you will use to target specific retailers. For instance, SoYoung, while not a luxury brand, does price its products at a premium, so discount stores are not a good fit for us.

Again, focus is the key to remaining productive. Once again use the multi attribute model to determine which retailers you will focus on.

How to use the Spreadsheet

1. Plug in the retailers you are considering down the left hand LEADS column.
2. Determine the 3-4 criteria you feel are most relevant to creating an optimal environment for presenting and selling your products. Criteria examples include: Eco-friendliness, Urban Locations, Boutique feel etc.
3. Plug them into the Criteria row. The total weights you assign amongst the various criteria should add up to 100
4. Rank each lead category out of 10 as it applies to the specific criteria.
5. This will give you a total score in the far right hand column

  STEP THREE: Determine the Specific Buyer for your Category

This is by far the most time-consuming aspect of the process of selling wholesale to retailers. There are companies that offer lists of specific roles that you can purchase, but they’re expensive and I have found that often they are out of date or missing key data. To compound the issue,