Top Tips on How to Get Your Brand Into a Retailer
For many brand owners and founders, getting your brand into a major retailer is a really frustrating process as there are only a limited number of opportunities each season.
Retail100 Consulting are often asked about how you get your product into retailers or even just how to get buyers to respond. So if you have created a brand or a product range that you would like to get into a retailer, you’re in luck — below they have shared their key pieces of advice before you make those approaches.
Understanding your numbers is key
If you're an avid watcher of Dragons Den, you will know the interrogation given to a brand's numbers and profitability. So if you are going to approach a retailer, you will need to work out your wholesale pricing and be aware of the likely margin requirements, typically ranging from 2.5 to 3 times the cost to the recommended retail price (RRP). Additionally, there might be other business-related expenses like rebates or marketing funds, so ensure you have a clear understanding of any requirements before submitting your cost proposal.
Is the retailer right for your products?
Understandably many brand owners have high aspirations for their products, however, when targeting retailers it’s important to maintain objectivity and be really honest about whether your brand is a suitable fit for your desired retailer. Take the time to visit the retailer and familiarise yourself with their existing product range in your category. Consider whether your brand aligns with their style, whether your price points are in line with their current offerings, and if there's a clear gap or role your range could fill if added to their assortment.
Having this understanding will help you to articulate your pitch to the retailer. But remember, being truly honest and objective is crucial. It's not uncommon for brands to desire placement in prestigious retailers like Selfridges, only to find that their products are better suited for a different retailer like M&S.
Are you ready for retail?
Many great brands and products have faced challenges in retail because they embarked on that step too early in their journey. It's important to recognize that, for most larger retailers, your products will need to be properly barcoded, packed, and delivered in a way that allows for seamless movement through their automated warehousing systems. Effective stock management is also key as you are unlikely to get any level of stock commitment, however, they will expect good availability from you when they place orders.
The best way to approach a retail buyer
If our previous suggestions haven't given you pause for thought, you may wonder about the best way to approach a buyer. In all honesty, there isn't a definitive answer, as the diverse nature of individuals means that buyers can react differently based on various factors such as their personal preferences, the nature of their business, or even within different categories of the same business.
Each buyer is unique, and their responses can vary greatly from one business to another. Therefore, it is essential to approach each buyer with flexibility and adaptability. However, you can increase your chances of success by following some general guidelines.
Firstly, clearly articulate why your brand is the right fit for the buyer based on the research you have conducted. Use high-quality photos or provide the best samples to showcase your product in the best light. Remember that buyers are often inundated with new inquiries, so find a way to stand out without crossing the line between persistence and annoyance. If a buyer responds and indicates that your product isn't suitable for them at the moment, you may not receive further feedback. In such cases, take a step back, reconsider your approach, and consider reconnecting in a few months when you may have launched new products and they might be in a new buying cycle.
Having a clear retail strategy for your business will put you in the best position to navigate the opportunities and challenges of launching your brand into the market. There is a wealth of help and advice available from trade associations and many retailers themselves, who often operate brand launchpads and "meet the buyer" events.
Your journey into retail can be a significant milestone for your business, and seeing your product displayed in a shop can be a proud moment for any founder.
If, after reading this, you realise you need further support to get your brand retail ready, browse through our retail consulting services or follow us on LinkedIn for a behind-the-scenes glimpse. At Retail100 Consulting, our team have over 100 years of combined retail experience at senior levels, including Head of Buying, Senior Buyers, and Senior Merchandiser. With expertise spanning homeware, gifting, seasonal and beauty, we offer a wealth of insights to share. We are dedicated to assisting others in learning and thriving in the dynamic realm of retail.
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