✅ Pitching Products to Retailers - How to get your product in stores

Summary

Karen Waxman, founder of Retail MBA, outlines five key considerations for pitching products to retail chains like Walmart and Macy's. She emphasizes the importance of a compelling pitch, showcasing past retail successes, understanding that buyers are actively seeking new products, demonstrating reliable systems and processes, and avoiding annoying the buyers with ineffective outreach. Waxman offers insights from her experience and invites interested parties to Retail MBA Live, an event designed to help entrepreneurs successfully pitch and sell to retailers.

Takeaways

• 📚 Focus on creating the best possible pitch for your retail product to make a significant difference in your business.
• 🗓️ Retailers are interested in your past retail successes and want to see that your product has been proven to sell in other stores.
• 🚀 Retail chains are actively seeking new products, so don't assume they aren't interested in what you have to offer.
• 💼 Retail buyers are interested in your business systems and processes to ensure you can deliver products on time and meet their needs.
• 📦 Retailers are concerned about the risk of not being able to deliver, so it's crucial to demonstrate your reliability and capability.
• 🏢 Even if you're a small company or startup, retail chains are open to working with you if you present your product and business effectively.
• 📈 Retailers are looking for the next new product to keep their customers interested and maintain their competitive edge.
• 💡 Retail buyers are busy and don't have time to decipher lengthy or overly detailed information, so keep your pitch concise and impactful.
• 📨 Avoid annoying retail buyers by not sending out long-winded information or overly complex presentations that they won't have time to review.
• 💼 Retail MBA offers live events and trainings that can help you learn exactly how to approach, pitch, and sell to retailers, potentially multiplying your business success.

Q & A

What is the main topic discussed in Karen Waxman's video?

The video covers the five things to consider when pitching retail chain stores with a physical product.

Why is it important to create the best possible pitch for your retail product?

Creating the best possible pitch is crucial because if you don't pitch the buyer correctly, they might skim your information, not reply, or ignore your product, even if it’s amazing.

What do retailers want to know about your product's past performance?

Retailers want to hear about your retail successes and any other retail chains where your product has been sold to ensure your product is not too risky.

What should you do if your product hasn't been sold anywhere before?

You should express your product’s potential to sell and make the retailer money, even if it hasn’t been sold anywhere before. This might require extra handiwork and careful presentation.

Is it true that retail chains are not interested in looking for new products?

No, that is a misconception. Retail chains are hungry for the next new product and are actively looking for innovative items to satisfy their customers.

How should you present yourself as a business to retail chains?

You should demonstrate reliable systems and processes, including your ability to deliver on time, manage shipping and manufacturing, and handle funding to reassure retailers that you are a dependable partner.

What is a common mistake people make when reaching out to retail chains?

A common mistake is reaching out in a way that annoys buyers, such as providing long-winded, overly detailed information or complicated graphics, which buyers don’t have time to decipher.

What can happen if you annoy retail chain buyers?

If you annoy retail chain buyers, they may not be interested in your product despite its potential, as they don’t have time to go through lengthy or complex information.

What is the benefit of attending the 'Retail MBA Live' event?

Attending the 'Retail MBA Live' event provides a full day of guidance on how to make money with your physical product, create a pitch, develop a strategy, and get your products reviewed by retailers.

How often does the 'Retail MBA Live' event take place?

The 'Retail MBA Live' event takes place almost quarterly.

What is Karen Waxman's primary goal in offering additional trainings?

Karen Waxman's primary goal is to support individuals in actualizing their dream of getting their products into retailers.

Outlines

00:00

🛍️ Pitching to Retail Chains: Key Considerations

Karen Waxman, founder of retail MBA, discusses the critical factors to consider when pitching to retail chains like Walmart or Macy's. She emphasizes that often, retailers can't cure you, meaning that without a proper pitch, your product may be overlooked. Waxman advises focusing on creating an effective pitch that resonates with buyers. She also highlights the importance of showcasing past retail successes to demonstrate product viability and reduce perceived risk. Retailers are actively seeking new products, so it's a misconception that they are not interested. However, they require assurance of a supplier's ability to deliver on time and meet demands, which involves scrutinizing the supplier's systems and processes. Waxman encourages learning about these aspects to make a successful pitch.

05:00

📈 Systems and Processes: A Retailer's Perspective

In the second paragraph, Waxman delves into the importance of demonstrating robust systems and processes when pitching to retail chains. Retailers are meticulous about their supply chain and want to ensure that potential partners can deliver products on time and meet the high standards of retail operations. They are particularly concerned about the availability of products on their shelves, as every square footage is crucial for their business. Waxman points out that understanding and presenting one's capabilities in this regard is essential for securing a retail partnership. She also warns against annoying retailers with ineffective communication, urging instead for a clear, concise, and compelling approach. Waxman invites interested individuals to attend 'retail MBA live' events for further guidance on pitching and selling to retailers, promising an enriching experience that can significantly boost one's business.

Keywords

💡Retail MBA

Retail MBA is the organization founded by Karen Waxman, which focuses on educating entrepreneurs on how to get their products into retail stores. In the video, Retail MBA is the context for the discussion on pitching to retail chains, indicating the expertise and resources provided by the founder for such endeavors.

💡Pitching

Pitching, in the context of this video, refers to the process of presenting a product to retail buyers with the aim of getting it stocked in their stores. The script emphasizes the importance of a well-crafted pitch, as it can significantly impact whether a product is accepted by retailers like Walmart or Macy's.

💡Retail Chains

Retail Chains are large-scale retail stores that operate multiple locations under the same brand. The script discusses strategies for pitching to these chains, such as Walmart, Macy's, and Home Depot, highlighting the potential for significant business growth through their wide reach.

💡Buyer

A buyer in the retail industry is a professional who selects and purchases products for a store or retail chain. The script points out the importance of knowing how to effectively pitch to buyers, as they are the gatekeepers to getting products into retail stores.

💡Product

The term 'product' in this video refers to the physical goods that entrepreneurs wish to sell in retail stores. The script provides insights on how to successfully pitch these products to retail chains, emphasizing the need for a compelling presentation.

💡Retail Successes

Retail Successes refer to a product's previous sales achievements in retail environments. The script mentions that retailers are more inclined to take a risk on a new product if it has a history of successful sales in other retail chains.

💡Risk

In the context of retail, 'risk' is associated with the uncertainty of whether a new product will sell well in stores. The script explains that demonstrating past retail successes can mitigate this risk in the eyes of buyers.

💡Systems and Processes

Systems and processes refer to the operational infrastructure of a business, including manufacturing, shipping, and deliverability. The script highlights that retail chains are interested in these aspects to ensure that a business can reliably supply their products.

💡Annoy

To 'annoy' in this context means to irritate or frustrate the retail buyer with an ineffective approach or excessive information. The script advises against this by suggesting a clear and concise method of communication when pitching products.

💡Retail MBA Live

Retail MBA Live is an event organized by Karen Waxman's company, which provides intensive training and networking opportunities for entrepreneurs looking to pitch their products to retailers. The script mentions this event as a resource for those seeking to improve their pitching skills.

💡Partnering

Partnering in the video refers to the process of establishing a business relationship with retailers. The script suggests that Retail MBA Live can facilitate these partnerships by providing a platform for entrepreneurs to get their products reviewed by retailers.

Highlights

Karen Waxman, founder of retail MBA, discusses five key considerations when pitching to retail chains.

Retail chains often can't 'cure' you, meaning they may not respond if the pitch isn't tailored correctly.

The importance of using the right language and understanding what matters to buyers in a pitch.

Retailers are interested in your past successes and retail experiences to gauge product viability.

Strategies for pitching to retailers even if you have no previous sales.

Retail buyers are actively seeking new products, contrary to common misconceptions.

Retailers are open to working with small companies and startups if the presentation is appropriate.

The necessity for retailers to understand your systems and processes to ensure timely delivery.

Retailers are concerned about the reliability of new suppliers to maintain their inventory.

Avoid annoying retailers with ineffective communication; learn the right approach.

The potential for a single retail chain order to exponentially grow your business.

retail MBA offers live events, retail MBA live, for in-depth training on pitching to retailers.

retail MBA live events provide a full day of learning and opportunities for product reviews by retailers.

The importance of creating a compelling pitch to stand out to retail buyers.

Retailers are hungry for the next new product, indicating a shift from reliance on big manufacturers.

The role of customer demand in driving retailers to seek out new products from small businesses.

The value of attending retail MBA live events for networking and gaining insights into retail strategies.

Karen Waxman's commitment to supporting entrepreneurs in realizing their dream of retail success.

Transcripts

[Music]

hey everyone this is Karen Waxman

founder of retail MBA and today we're

going to be covering the five things to

consider when pitching retail chain

stores so if you have a great product

that you think would be perfect for

Walmart or Macy's Home Depot Kroger

grocery store or whatever it is for you

we're going to be covering the five

things to think about when you're

pitching them when you're reaching out

to them with your physical product so

let's talk about those five things so

the first thing I want you to consider

is that most the time they can't cure

you so what does that mean it means that

a lot of times people are reaching out

to retail chains maybe they got a buyers

list and they paid for it or maybe they

submitted their product online to

retailers or whatever they're just

following their own strategies you're

trying to cut corners and save on cost

and and they're just going out to

retailers themselves but what happens is

if you don't know how to pitch the buyer

correctly they're actually going to look

at your information kind of skim it and

either not reply or you're just not

gonna get your products in the stores

because a lot of times you're not saying

the words the things that matter to them

correctly and so they just kind of

ignore you so I've seen some of the most

amazing products not get into retail

chains simply because they are not being

heard by the retailer because they just

didn't take the time to really consider

finessing the verbage and setting it up

correctly learning about how to do that

and so forth before they pitch retailers

so a lot of times just can't cure you

and that's too bad because you know you

deserve to get your products in the

retail chain so bottom line

focus on creating the best possible

pitch for your retail product it will

make a huge difference for your business

next thing to consider is they want more

info about what you've done in the past

and so what does that mean so a lot of

retailers pretty much every retailer

would love to hear about your retail

successes if you've sold anywhere before

let's say you're trying to sell the

Walmart they'd love to hear about any

other retail chains that you've sold

into why because they love to hear that

your product is not so risky you see if

you've never sold your product anywhere

before

they may get concerns that your product

works sell in stores so what do you do

if you haven't sold your product

anywhere before

well there's ways to express that in

such a way to get the buyer to believe

that your product will sell that your

product will make them money even if

you've never sold anywhere before how

can I say that I've taught tens of

thousands of people across the globe on

how to get products in the retail chains

I have so many clients who got in the

world's largest retail chains without

any you know sales they haven't gotten

their products the stores anywhere they

went from selling nothing to getting

into the majors and so forth so I know

it's possible but it does require a

little extra handy work and so forth but

generally speaking they want to hear you

know what's been done and so forth

because they want to make sure the

products going to sell once they put it

in stores again all this is learning but

you know you just have to consider that

the next thing that most people don't

realize when they are thinking about

things to consider before or when

pitching retail chains is that these

buyers can't ignore you what does that

mean well most people have the common

misconception that the retail chains

don't care about you and have so many

products and stores that they're not

really going to pay attention to you and

the answer to that is absolutely

ridiculous today more than ever you

chain stores are hungry for the next new

product I have friends who are Walmart

buyers trust me I talk to all sorts of

retailers all the time I do large events

and so forth and we partner with buyers

and everything so I know that these

buyers are scouring the web going to

trade shows you know excited about when

people approach them in very specific

ways but trust me they are looking for

that next food product and the reason

that's important for you to note is

number one do not not consider retail

because they're not interested in

looking for new products it's not true

the other thing is they don't mind if

you're a small company if your startup

or whatever as long as you present

appropriately it would be very

interested in the product and the reason

for that is because their customers are

looking for that next new product and

these retailers know that they will lose

clients if they do not get new products

in those stores it's a very different

game today than when I first got started

back in the day it was very not a big

deal if the big

manufacturers ran everything today small

companies are basically able to get the

source of fairly easily and that's

because these customers want that next

to product and the custom the retailer's

know that the small guys have that

product so definitely our hungry for new

products next thing to consider is they

want more insights today than ever about

your systems and your processes so what

does that mean these retail chains are

really curious about who you are as a

business because they are really afraid

that if they do business with you that

you might not deliver right because if

you don't deliver they lose they have

nothing on the shelves every square

footage is accounted for so what that

means is they're going to look into what

you're up to make sure that you're gonna

be able to deliver on time they're going

to look at your shipping your

deliverability sometimes explore your

manufacturing make sure that you got

everything figured out they're going to

explore you know you and funding and

whatnot you be able to pay for these

orders because they just cannot afford

for people to mess up when they're

working with them and so the good news

is all the stuff is learn about all this

stuff can be cost effective it doesn't

have to cost a lot and so forth but it

is something that you have to think

through before you reach out to these

guys or when you're pitching up to them

because they actually are going to care

about your systems and processes because

they want to make sure again that they

are having a great partner it's worth

their effort to work with you the next

thing is and the final thing is that

they wish you wouldn't annoy them that's

pretty funny to say but a lot of people

reach out to retail chains and they

reach out directly the buyers are so

forth but they do in a way that's really

infuriating to a buyer and so the buyer

is not interested in their products now

that doesn't mean that the buyer doesn't

want to hear from you now if you

approach them in a way that's effective

that's interesting to them that you're

saying the right words trust me they

would be happy to know about your

product is happy to know about you but

the problem is a lot of people are

sending out information to the

retailer's

long-winded information lots of detail

lots of words these buyers don't have

the time to kind of decipher code

because you may think that you have

explained your product perfectly but for

a retailer you know they don't have time

to read through everything to figure

stuff out and where they don't have time

to open 3d graphics or whatever people

get

very creative when they're very excited

about their products so my point is

sharing that with you is that they would

love to know about you but a lot of

times you annoy them so you definitely

want to learn how to actually approach

them correctly because if one chain

store order could be you know 10x or

100x tons your business I mean it can

grow your business exponentially so I

hope that helps the five things to

consider when pitching retail chains and

again this is care wax and retail MBA if

you are interested in learning exactly

how to approach pitch and sell the

retailers we actually do a live event

almost quarterly our events are called

retail MBA live you can take a look at

the link below the website for that

event is retail MBA live.com and

basically not only do we spend a full

day with you walking you through exactly

how to make money with your physical

product we help you create a pitch your

strategy everything we also help you

partner and get your products reviewed

by retailers and so forth so definitely

want to come to one of our events

because they're amazing and magical and

people love them so anyways hope this

helped and by the way please be on the

lookout for additional trainings that I

create because I'm here to support you

and actualizing a dream of getting your

retailers thanks so much

you