✅ 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.