How To Increase Business With Your Retail Partners
Before your brand was stocked by a retailer, we bet that you thought it was the magic key to success! Like many others, you probably believed being on those illusive shelves would make running your business pretty plain sailing.
But that was before you had to navigate the buyer-brand relationship!
Getting selected by your dream retailer truly was only the start. If you have your eyes set on unlocking huge sales growth and a boost in customer base, learning how to engage effectively with your buyer - beyond the sales pitch! - is absolutely essential.
And luckily for you, I’m here to spill all of the secrets, as a former Head of Buying who knows a thing or two about retail!
Trading Mistakes That You Don’t Want To Make
There are three errors that I see time and time again when it comes to the brand-buyer relationship:
Brands often believe that they will automatically sell when they launch with retailers: Wrong! Whilst this would be absolutely incredible were it the case, you still need to be putting serious amounts of strategy into your sales. Consider how you’re aligning with retail trends, continue to refine your ideal customer and make sure you’ve got a razor-sharp USP as you are now surrounded by a sea of other brands.
Brands aren’t always proactive enough: buyers are busy. Whilst this is a partnership, a buyer potentially has hundreds of other brands to communicate with, so it’s your job to be proactive! Make sure you’re communicating effectively, so that you can understand all opportunities and respond accordingly. Go to them with suggestions, new ideas and solutions, as well as a clear agenda for each meeting you request so that it remains useful.
Brands can fall into the trap of distributing too widely: Less is often more when it comes to your channel strategy. It’s easy to believe that you should be stocked by as many retailers as possible. However, this can make managing your partnerships harder, thereby meaning your strategy is just not effective enough. For this reason, it can be well worth considering which partnerships are the best performing and which you may want to close.
How To Perfect Your Strategy Meeting
Every brand and buyer will have a strategy meeting each half to plan the season ahead. This is a massive opportunity. So take it with both hands! Present them with what you are going to do to trade the business with them for the six months ahead.
Here’s what your buyer wants to hear…
About your marketing activity: What do you have planned in partnership with them, on behalf of them and independently to drive business to their store? It often comes as a surprise to brands that a retailer won’t just do this for you. However, they’re busy focusing on marketing their store and categories, not your product specifically.
About any new product launches: Consider whether you could offer some exclusivity here. Buyers are having to work harder than ever to create a point of difference to drive customers through their doors. But when they do, it’s in the thousands!
About day-to-day trading: Demonstrate that you know what you’re doing and that you are being quite self-sufficient. Like we said, a buyer is managing multiple brands and you can’t expect them to do all of the work to drive sales for you.
Ultimately, it’s all about giving the buyer confidence that you know how to trade your brand in their store and demonstrating what you’re going to do, how you will execute it and the results that can be expected.
Perhaps most importantly, keep things succinct and focus on engaging conversations in meetings, instead of long, drawn-out presentations. A clear strategy pack can help with this. At WIZZ&CO, I often work on reviewing and refining this part of the brand-buyer relationship, as I have sat through countless meetings that went on way too long!
Tips That Will Make Your Buyer Relationship Even Sweeter
These are simply habit and mindset switches. However, they will make a world of difference. I promise!
Tip one: Don’t contact your buyer on Mondays. It’s full of trading meetings and trust me, you don’t want to be adding to their to-do list.
Tip two: Understand their remit. Try to step into their shoes and understand their role and capacity, so that you can work in unison with them.
Tip three: Help them do their job! For a truly glowing relationship, know what their KPIs are and help them to reach their objectives.
Tip four: Keep communication solid, but short and sweet. Be constructive and proactive in meetings and email communication so that you’re not wasting their time.
Watch the “Trading with Global Retailers” masterclass
Are you maximising the sales potential with your retail partners? Wizz shares how to increase sales and better understand the buyer.
You will learn:
The three mistakes brands make when trading with retailers so you can avoid them
What buyers want to know at strategy meetings
Gain a real insight into how to navigate the buyer relationship
Retail vs DTC, what you should be considering as the landscape is evolving
We can help you achieve tangible transformations. Previous clients have seen results such as:
From declining year-on-year sales in key retailers to pulling back the sales deficit and consistent growth
Negotiating improved terms and marketing support
How to approach tricky conversations with buyers and have a “win-win” solution
Protect the DTC business and please buyers
Pitched and launched with new retailers
Improved wholesale profit by reducing smaller retail partners through a cost analysis
Saved money by spending budget on the right areas
Saved time by making quicker decisions
If you would like support in maximising your retail partnerships get in touch for 1:1 strategy advice at info@wizzandco.com
Not trading with retailers yet? I’ve got something for you. Check out the training where I share more of my knowledge with emerging brands who have set their sights on launching with global retailers:
Written by Wizz Selvey