tag:blogger.com,1999:blog-5259540882994952952024-03-04T20:12:41.996-08:00How to sell your products to Costco and other big retailersTimothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-525954088299495295.post-41280060309655287132015-03-26T18:53:00.000-07:002015-03-26T18:53:20.817-07:00Top 5 Things You Should Never Sell to a Retail Buyer<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjI3M8ndROejARVbD2DL_5twdCGv9onLpIhUeS8ayyqTsT7szA2Q_qaufIMa6goCa-c_gE9Bl19MtzizVrIfM0_HYuvyIxBMLYUYAxJVFG9mGomwphs3lcRJMEygYnioiAacEA_V7dERZc/s1600/bad-presentation.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjI3M8ndROejARVbD2DL_5twdCGv9onLpIhUeS8ayyqTsT7szA2Q_qaufIMa6goCa-c_gE9Bl19MtzizVrIfM0_HYuvyIxBMLYUYAxJVFG9mGomwphs3lcRJMEygYnioiAacEA_V7dERZc/s1600/bad-presentation.jpg" height="214" width="320" /></a>There is nothing quite like it for a retail product
vendor!<span style="mso-spacerun: yes;"> </span>That moment you walk into the
tiny room filled mostly with a table and too many chairs.<span style="mso-spacerun: yes;"> </span>You’re a bit early, as the last thing you
want to be is late for your big meeting with the retailer who is going to put
your product on the map.<span style="mso-spacerun: yes;"> </span>You lay out
your presentations, go through some last minute prep in your mind and look at
your watch about 50 times.<span style="mso-spacerun: yes;"> </span>Once your
meeting time has come and the buyer’s arrival is eminent, the last thing to go
through your mind is, <i style="mso-bidi-font-style: normal;">“don’t screw this
up!”<o:p></o:p></i></div>
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<br /></div>
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How much control do you really have in a Big Box buyer
meeting?<span style="mso-spacerun: yes;"> </span>Can that meeting really make or
break your product’s chances?<span style="mso-spacerun: yes;"> </span>What about
your product?<span style="mso-spacerun: yes;"> </span>Surely the buyer is going
to see how amazing it is and no matter what you say or don’t say the product’s
merits will shine through.<span style="mso-spacerun: yes;"> </span>Right?<span style="mso-spacerun: yes;"> </span>The true answer here is that YOU are the only
one who has any control in a Big Box buyer meeting and YES that meeting can
make or break your product’s chances.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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I know!<span style="mso-spacerun: yes;"> </span>The buyer is
the one who makes the ultimate decision so how can you have all the
control?<span style="mso-spacerun: yes;"> </span>What the buyer learns about
you, your company and your products comes from only one person, YOU!<span style="mso-spacerun: yes;"> </span>What you say, teach, demonstrate and offer
matters and can make the difference between getting a commitment to go to the
next step, or getting a <i style="mso-bidi-font-style: normal;">“follow up with
me in a few months.”</i><span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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After participating in over 100 buyer pitch meetings in
multiple countries, I have some definite do’s and don’ts that I find critical
to my clients’ success.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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Today we will focus on 5 things you never want to sell to a
buyer in a pitch meeting:<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
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<ol>
<li><b>Never sell yourself</b> – Unless you are a $20 million dollar per movie
celebrity sell your company or product instead.
Retailers want to do business with companies, not a single person; so
present to them your company and product, not you or what “you” have done. Companies are far more stable than people and
better for retailers to partner with. If
you invented your product by all means discuss that during your demonstration
of the product, but don’t make the pitch about you.</li>
<li><b>Never sell your future marketing spend </b>– Instead sell what you are
doing right now with regard to marketing.
Retailers cannot force you to make good on the millions you said you
would spend if they buy your product and for that reason they don’t base many decisions
on what you say you will do and more on what you have done or are currently
doing.</li>
<li><b>Never sell your product’s sales potential </b>– Instead sell what your
product is currently trending right now.
Buyers have no shortage of products that have potential, but what they
are really looking for are products that are showing potential based on current
sales history. If you have a limited
history that is ok, simply speak to what your product is doing, not what it
might do in the future.</li>
<li><b>Never sell your product’s future look </b>– Instead, if possible, have a
production-ready product and packaging to show.
If a production-ready product is not possible, at the very least have a
professional rendering of your product and packaging.</li>
<li><b>Never sell your friends’ opinions of the product </b>– Instead, be
ready to present real consumer feedback and testimonials. If you don’t have this, you need to get
it. Your product is not viable until it
has independent, consumer validation.</li>
</ol>
<o:p></o:p><br />
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
At its core, a retail buyer meeting is really just a
conversation between people with a common goal.<span style="mso-spacerun: yes;">
</span>That goal is to provide that retailer’s customer with the best products
at the best prices.<span style="mso-spacerun: yes;"> </span>Don’t freak yourself
out, breathe and:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
</div>
<ol>
<li>Come prepared</li>
<li>Know your market</li>
<li>Know your product</li>
<li>Know your competition</li>
<li>Know the retailer</li>
<li>Anticipate their questions</li>
<li>Don’t waste their time</li>
</ol>
<o:p></o:p><br />
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .25in;">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Don’t worry, you will do great!!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
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We would like to hear from you.<span style="mso-spacerun: yes;"> </span>Tell us about your experiences in the buyer
meeting trenches.<o:p></o:p></div>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-40564271556186512392015-01-25T10:44:00.001-08:002015-01-27T17:11:35.885-08:00Why “You” Should Always be the First Person to Sell Your Product!<div class="MsoNormal">
Selling products online today is a given.<span style="mso-spacerun: yes;"> </span>In fact, I would go so far as to say it is a
prerequisite for launching or selling any product in today’s market.<span style="mso-spacerun: yes;"> </span>If your product is not online in some way,
shape or form, your company is simply not in the game.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Of the many different ways to get started in ecommerce the
one we place 1<sup>st</sup> in our clients strategy is getting their own site up
and running and beginning the process of interacting face to face with their customers.<span style="mso-spacerun: yes;"> </span>It is very common for clients to want to go
big right out of the gate.<span style="mso-spacerun: yes;"> </span>After all,
they have put so much time, money, energy, sweat, tears and more into the
making of their product, moving slow and methodical doesn’t always sound sexy
as they are more than ready to hit the big time.<span style="mso-spacerun: yes;"> </span>No matter how quickly they want to get
rolling our recommendation is always not to skip this key step.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Below are the 4 reasons we suggest getting your own site up
and running first:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
</div>
<ol>
<li><b>Face time with your
customers: </b> The fastest way to learn the
maximum pros and cons of your product is to sell it yourself and have no one
between your company and the customer. Understanding your product inside and out before you take it to mass is critical to your
companies overall success. </li>
<li><b>Establish price:</b> Establishing your product's pricing strategy is key to
your long-term strategy. Although many
factors go into pricing your product, typically your company’s website will set
the price that all other retailers will look to when establishing their
price. (<a href="http://www.tlbconsulting.com/Do-It-Yourself.html">click here</a>, if you need help
establishing your product's pricing).</li>
<li><b>Product and company
information:</b> Your website will act as
the main go to place for both wholesalers and consumers wanting to know more
about your product and company.</li>
<li><b>Work out the kinks</b>: Before you take your product to the main
stage in mass retail or on Amazon you must first work out all the kinks in a
more personal setting. Selling one or
two units per day on your own site will allow you to move through your initial
buy of inventory and then make any necessary alterations to the product before
placing your second order. You certainly
don’t want to sell 40,000 products on Amazon only to find there is a
fundamental issue with your item.</li>
</ol>
<br />
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<o:p></o:p></div>
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<br /></div>
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<i style="mso-bidi-font-style: normal;">Case study:<span style="mso-spacerun: yes;"> </span>We have a client who sells a dental
product.<span style="mso-spacerun: yes;"> </span>Prior to taking this product to
mass retail it was sold on it’s own website and Doctor to patient in the dentist
office.<span style="mso-spacerun: yes;"> </span>Although we had huge interest
from Bed Bath and Beyond, Costco and HSN the owners noticed a flaw in the floss
that was being used.<span style="mso-spacerun: yes;"> </span>This flaw caused
the floss to break quickly and was causing some customer issues.<span style="mso-spacerun: yes;"> </span>Because they had started small these issues
were researched and resolved resulting in a design change.<span style="mso-spacerun: yes;"> </span>The product now being sold in Costco and on
HSN is better as a result of the identification of this issue.<span style="mso-spacerun: yes;"> </span>Had they bypassed the first steps this issue
would have been caught long after 100’s of units had already been sold
jeopardizing future relationships with these retailers and consumers, not to mention virtually killing their "Customer Lifetime Value".</i><span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-88861616132222151492014-07-18T11:57:00.000-07:002014-10-11T06:26:46.823-07:00How To Get Your Products into Big Box Retail: A Spreecast Event!<a href="http://www.spreecast.com/events/what-do-retail-buyers-want">http://www.spreecast.com/events/what-do-retail-buyers-want</a><br />
<br />
<div>
Don't forget to Follow us on Spreecast to find out about our next event!</div>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-85533924096886125852014-05-06T09:15:00.000-07:002014-06-26T08:42:43.528-07:00What do Costco Buyers Want? The 3 Key Must Haves of a Successful Costco Product!<div class="MsoNormal">
<span style="font-size: 14.0pt;">Is your product too big, too small, too short or too tall?<span style="mso-spacerun: yes;"> </span>Is it too expensive, too cheap, too old or too new?<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><u>What exactly are Costco buyers looking
for in the next big product?<o:p></o:p></u></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh130nVWTkpmlowJYwyygTUPU0cX4cx4xjN0yPOsVHhBr3nd2r4u2MmpqM31xCAfhQyNEtKT6gV1zuvKMXGQRp5Kbt08CXeEbF-U_y1aX9TD0PzSlQc2K9BSl0FcXGxeKv8Xao2VcO3hSY/s1600/user_frustration.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh130nVWTkpmlowJYwyygTUPU0cX4cx4xjN0yPOsVHhBr3nd2r4u2MmpqM31xCAfhQyNEtKT6gV1zuvKMXGQRp5Kbt08CXeEbF-U_y1aX9TD0PzSlQc2K9BSl0FcXGxeKv8Xao2VcO3hSY/s1600/user_frustration.jpg" /></a><span style="font-size: 14.0pt;">If there was one exact
formula that answered this question, one that would guarantee success, you can
bet I would package and sell it all day long.<span style="mso-spacerun: yes;">
</span>If we could simply say, “do these things and you will get in” you can
rest assured I would be shouting it from the rooftops. <span style="mso-spacerun: yes;"> </span>The real answer, the honest answer is that
there is no exact formula, no magic bullet that will guarantee your immediate
success when it comes to one of the worlds biggest and best run retailers.<span style="mso-spacerun: yes;"> </span>Every day 1000s of products are rejected
while only a select few make it past the front door and over the years I have
noticed that those select few have a couple things in common.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt;">Below are, what I believe to
be, 3 key aspects that can help any products chances of success at Costco.<span style="mso-spacerun: yes;"> </span>If all three of these aspects exist in one
product, they have a much better chance of gaining the interest of buyers and a
possible test.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
</div>
<ol>
<li><b><span style="font-size: 14.0pt;">Flexibility</span></b><span style="font-size: 14pt;"> – With just fewer than 4000 skus in any one Costco
(compared to over 45,000, in some of it’s competitors) the company does not
have the ability to service extremely segmented niche markets. Could every member walking through the doors
of a Costco purchase your product? Not
that every member would, but could they?
Before you answer yes, consider this example. <i>If the
product were an Electric Food Composter that could compost kitchen food scraps
in just a couple hours, this would be interesting to Costco, as every family in
Costco will have food scraps. Not that
all families would buy this product, but they all could, as food scraps is the
common thread. Contrast this with a Beer
Pong Table. Let’s forget for a moment
that Costco would probably not sell a game that promotes heavy drinking and
instead look at the very segmented population this would appeal to. Because this item would primarily appeal to
college students it would not generate enough revenue to pay for the space it
takes up.</i></span></li>
<li><b><span style="font-size: 14.0pt;">Product Value –</span></b><span style="font-size: 14pt;"> Product value can be a deceiving factor when vendors
are bringing products to Costco or any club store. As value to the member is the driving force
behind the success of Costco, vendors often believe that offering a better deal
on their product is just what Costco is after, however they would be only partially
correct. Costco does want to offer a
value to the millions of members who pay an annual fee to shop there, however
value is only partially shown in price.
If not price, then what you ask?
The other half of the value proposition is comparison. Costco wants it’s members to have the pleasant
shopping experience of buying a product at Costco that they have seen at a
different retailer for more. Let me give
you an example: <i>While in the market for a new printer I had narrowed my search to a
specific HP Photo ink jet unit. This
particular printer sold at Office Depot for $179.99, which I thought was a good
deal and almost purchased it on the spot.
Later that week I came across the exact same printer at Costco for $149
that also included a set of full size ink cartridges. I was delighted and thus had no issue
renewing my membership that year as the savings on that one purchase more that
covered my membership.</i> Now, contrast
that experience with the following hypothetical scenario. I am in the market for the same printer and
come across a printer at Costco I am not familiar with. The price seems good, but I have nothing
concrete to compare it to. The value
proposition to the member is there, however it is much less tangible and does
not create the same emotional response as knowing I received a great value. </span></li>
<li><b><span style="font-size: 14.0pt;">Uniqueness –</span></b><span style="font-size: 14pt;">In order to get placement in Costco and be part of an
exclusive 4000 sku assortment your product must have a uniqueness that can be
quantified. In today’s competitive
market it is not enough to say your
product is cool or different, you must be able to speak to why it is different
and how it’s differences make it attractive.
Remember, Costco doesn’t have a hard time finding products to sell, so
if you are going to go after them you had better be loaded with why they should
consider your product, why the category is trending and what puts your product
at the top of it’s category today.</span></li>
</ol>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt;">The right product at the
right time with the right preparation can have a shot at getting into Costco or
any other large retailer irrespective of how big or small the vendor is.<span style="mso-spacerun: yes;"> </span>The above is simply my opinion on ways to
improve your odds of success.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt;">For more information, tips or
to contact me, visit my website at </span><a href="http://www.tlbconsulting.com/"><span style="font-size: 14.0pt;">www.tlbconsulting.com</span></a><span style="font-size: 14.0pt;">.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt;">Happy Selling.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
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Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-6975884997660763112014-03-26T09:38:00.000-07:002014-03-26T09:38:04.491-07:003 Key Factors to Consider when Launching a Foreign Product in the USA!<div style="font-family: Helvetica; font-size: 11px;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJeSoW9W4dceRxAL4w0SIHxKH14w2E3VgGnuyDoeR1YVfEm4nfW_HgJ01NKhd5pTbHfoP6ygk9lQIaCiP2P-yVxSFdo9kCWIceV2WK8wTBVqYqSMkCnI8HsUzloQMQgLsdhKcTFvVX0_0/s1600/big+container.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJeSoW9W4dceRxAL4w0SIHxKH14w2E3VgGnuyDoeR1YVfEm4nfW_HgJ01NKhd5pTbHfoP6ygk9lQIaCiP2P-yVxSFdo9kCWIceV2WK8wTBVqYqSMkCnI8HsUzloQMQgLsdhKcTFvVX0_0/s1600/big+container.png" height="248" width="320" /></a><span style="letter-spacing: 0.0px;">It is no secret that the US is the largest consumer market in the world gobbling up almost 29% of the total market. To put that in perspective, total household spending in the US is a whopping 3.4 times more than households of the next closest country.</span></div>
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<span style="letter-spacing: 0.0px;"></span><br /></div>
<div style="font-family: Helvetica; font-size: 11px;">
<span style="letter-spacing: 0.0px;">It is this mass consumption of goods and services that beckons to manufactures the all over the world to bring their products to the US. Thoughts of doubling or even tripling their current sales efforts run rampant and expectations skyrocket.</span></div>
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<span style="letter-spacing: 0.0px;">Although the right product sold in the US, in the right way can surely be a company game changer, there are several factors that should be considered before beginning your US product invasion.</span></div>
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<ol>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;">Market Experience</b><span style="letter-spacing: 0px;"> - The first thing any manufacture should do when looking to expand into the US is find someone who has hands on, “real world” product sales experience. I cannot stress this enough! Every market is different, from packaging and product copy, to websites and social media, to buyers and logistics, the strategies you are accustomed to may not work on your new battlefield and your company will need guidance before, during and after your launch to be successful.</span></li>
<li style="font-family: Helvetica; font-size: 11px;"><span style="letter-spacing: 0px;"><b>Commit to the Long Term </b>- If you are considering launching your product in the US, it is important to understand the process will be a </span><span style="letter-spacing: 0px; text-decoration: underline;">marathon</span><span style="letter-spacing: 0px;">, not a sprint. From manpower to capital, you must prepare to “slug” it out for at least 24 months before any significant, recurring sales will begin to flow. Can it happen sooner than 24 months? Of course! However, strategically your company will be better positioned if your expectation is 24 months and the process goes a bit faster.</span></li>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;">Open a US Based Company </b><span style="letter-spacing: 0px;">- Once you have a qualified consultant and you have created a long term strategy, it will be time to open a US registered company. Although this is not required to do business with US based retailers, the process of set up, payment, credit card processing and logistics will be vastly more efficient if you do. I understand this takes some commitment and a huge leap of faith, however, it is very difficult to “kind-of” do business in the US. The commitment is either there or it is not.</span></li>
</ol>
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<span style="letter-spacing: 0.0px;"></span><br /></div>
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<span style="letter-spacing: 0.0px;">The US consumer market is the Holy Grail of product sales and as such is not tamed easily. Much experience, patience and determination is needed to master this market. However, once mastered, it will take you for the ride of your life!</span></div>
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<span style="letter-spacing: 0.0px;"><i>As a retail product consultant and Costco expert, I am often asked about bringing products to the US. Over the years, I have helped multiple companies prepare, launch and manage their US retail product business. Below are some of the most common questions I receive during my free consultations. I hope you find them helpful.</i></span></div>
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<span style="letter-spacing: 0.0px;"><i></i></span><br /></div>
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<ol>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;"><i>Will US retailers buy full containers?</i></b><i style="letter-spacing: 0px;"> - </i><span style="letter-spacing: 0px;">The easiest answer is yes, but not at the beginning. All US retailers will want to test products to ensure they will sell prior to making a large commitment. Once a successful test is complete, most large US retailers will be open to buying full containers FOB if there is a significant price advantage for doing so. Please note: Even if the retailer is buying full containers from overseas, you may still be required to maintain some domestic inventory for emergencies and quicker fulfillment.</span></li>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;"><i>How many samples will I need to shop my product? </i></b><span style="letter-spacing: 0px;">Depending on the product, I would recommend at least 50-100 production quality samples when introducing your product to the market. These samples should not be “hand made” (if at all possible) and you must be prepared that in some cases you will not get the samples back, even if the retailers chooses not to carry your product.</span></li>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;"><i>Will retailers prepay for product? </i></b><span style="letter-spacing: 0px;">No! Once your product is established and selling well, you may be able to request a retailer provide an LC on large shipments, however; unless your product is the new Cabbage Patch Doll or Power Ranger toy, you must be able to finance product and terms of up to 90 days to be competitive. </span></li>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;"><i>Does my product need a UPC or EAN? </i></b><span style="letter-spacing: 0px;">Yes. All products sold through mainstream retail must either have an EAN or UPC.</span></li>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;"><i>Does my company need to have a US website? </i></b><span style="letter-spacing: 0px;">The answer to this question is more of an opinion on my part. Yes, I believe in order for your product to be competitive and have a real chance, it must be represented and sold on a website designed and written for the US consumer.</span></li>
<li style="font-family: Helvetica; font-size: 11px;"><b style="letter-spacing: 0px;"><i>Will I have to pay duty on my product when importing it to the US?</i> </b><span style="letter-spacing: 0px;">This is a product specific question as products are treated differently depending on what category the fall into. I recommend contacting a US customs broker to help you with all importing product questions and fees. Western Overseas Corporation out of Long Beach is a good one. </span><a href="http://www.westernoverseas.com/" style="letter-spacing: 0px;"><span style="letter-spacing: 0px;"><b><i>www.westernoverseas.com</i></b></span></a><span style="letter-spacing: 0px;">. </span></li>
<li><b style="font-family: Helvetica; font-size: 11px; letter-spacing: 0px;"><i>Is Product Liability Insurance required? </i></b><span style="font-family: Helvetica; font-size: 11px; letter-spacing: 0px;">Yes. All major retailers require you to carry PLI (Product Liability Insurance) with the specific retailer named in the policy. A minimum of $2M per occurrence and $4M aggregate is generally required.</span></li>
</ol>
</div>
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Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-79890074658269289262014-03-05T12:04:00.002-08:002014-03-25T09:16:38.341-07:00What do Trade Shows and SEO have in common?A great trade show booth is like a great website. No matter how much time, money and effort you put into building them, without promotion, no one will come!<br />
<br />
Many first time show attendees believe that if they build a great booth or have a great product, buyers will magically come. The problem with this strategy is that most major retail buyers have already pre-scheduled their time and are running a very tight schedule. These buyers are running from one appointment to another and are not simply browsing down each aisle to see if something catches their eye. Having a great booth with no list is like having a great website and not doing any SEO. Building your list begins well before the first day of the show and is crucial to your shows success. <br />
<br />
I am sure you are asking, “What the heck is My List?” Your list should consist of the people you have reached out to prior to the show and let them know who you are, where your booth is and why you would like them to come by. Remember, this is a numbers game, the more people you reach out to and introduce to your company; the more buyers will make time in their schedule to come visit you.<br />
<br />
You might be saying "isn't the entire reason for having a booth at a show to capitalize on the buyers and media that are walking the show?" Perhaps! However, do you really want to spend upwards of $5,000-$6,000 for the mere possibility someone will wonder into your booth? If so call me, I have some property in Florida I want you to look at. In all seriousness preplanning is the key to trade show success. Below are 3 hints to get your started on your list.<br />
<br />
<br />
<ol>
<li><b>Gather your key contacts</b> - Who is it you really want to see at the show? Gather your contact list together and make it as thorough as possible. Names, addresses, phone numbers and emails.</li>
<li><b>Create an invite</b> - Put together a simple, emailable postcard inviting your key contacts to come visit your booth. This postcard should be professionally done as it will serve as your first impression. It should be short and to the point, no one wants to read through a long paragraph to find out what you could have told them in one line. "Come see what is new in American Made Cookware"! Call for an appointment or come by booth 1234. This simple sentence tells your buyer a couple of key facts about your company. 1. You sell cookware, 2. You have something new, 3. Your product is American Made and 4. You are busy enough to be setting appointments.</li>
<li><b>Don't wait to the last minute</b> - Do your best to get on buyers schedules early as they will fill up quickly. Start sending out your information 3-4 weeks prior to the show. </li>
</ol>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-31099414343832695242014-03-02T07:10:00.000-08:002014-03-05T10:46:51.758-08:004 Program Costs you should always factor into your product pricing!<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;">Program costs can be considered any additional cost a retailer is going to ask you to be responsible for paying. These costs should be built into your cost structure prior to quoting. Not building in these costs prior to quoting a retailer is a a recipe for disaster. Your company must be able to incur these costs and still produce a healthy margin for your overall long term retail strategy to work. </span><br />
<span style="letter-spacing: 0.0px;"><br /></span>
<span style="letter-spacing: 0.0px;">Some common program costs that must be considered are:</span></div>
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<ol>
<li><b style="letter-spacing: 0px;">Returns</b><span style="letter-spacing: 0px;"> - A retailer might ask for a % off invoice to cover any returns.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">This % can range from 2%+ depending on the product and as an allowance can be agreed upon up front. An allowance allows a retailer to deduct the same amount from all invoices irrespective of the actual returns percentage. At times this may be a win for the retailer as the returns could come in lower than the agreed upon amount or at times this can be a win for the vendor as at times the returns can come in higher than the agreed upon amount. If an allowance is not possible the retailer will generally ask the vendor to be responsible for all returns. If this is the case you must accrue an amount on your own to ensure you are not left short when the retailer takes this deduction.</span></li>
<li><b style="letter-spacing: 0px;">Freight </b><span style="letter-spacing: 0px;">- At times retailers will ask for a “Delivered Cost”.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">Delivered cost means that you will have to pay to deliver the product to the retailer therefor you must factor this cost into your pricing structure. </span><span style="letter-spacing: 0px;"> </span></li>
<li><b style="letter-spacing: 0px;">MDF</b><span style="letter-spacing: 0px;"> - MDF stands for Marketing Development Fund.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">This would be money your company would accrue for future promotional opportunities or a retailer will require that you contribute to a fund. </span><span style="letter-spacing: 0px;"> For example, when working with Amazon they will ask for 12% coop or MDF.</span></li>
<li><b style="letter-spacing: 0px;">Mark Downs - </b><span style="letter-spacing: 0px;">This is a fund you would accrue for use in liquidating slow moving inventory from a retailer.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">Many times retailers will not mention this, but will come to you later asking for money to help move stagnate product.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">It is best to accrue for this on your own so you have money when the time comes.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">For example; some club stores do not transfer merchandise from warehouse to warehouse which means you might get an order from warehouse A, while getting a markdown request from warehouse B only 5 miles away. So at the same time your product is growing nicely in one warehouse you are marking it down and clearing it out of another.</span></li>
</ol>
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<span style="letter-spacing: 0px;">It is important to note that some retailers will negotiate program costs with you upfront and will deduct the negotiated percentage direct from the invoice when paying you. Other retailers will not negotiate this upfront, but will still make deductions from your invoice when paying. It is always the vendors responsibility to ensure the proper program costs are factored into pricing prior to quoting as it is very hard to go back to a retailer and increase their costs simply because this was missed the first time.</span><span style="letter-spacing: 0.0px;"></span></div>
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<span style="letter-spacing: 0.0px;"><br /></span></div>
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<span style="letter-spacing: 0.0px;">TLB Consulting has created several easy to use pricing templates for all types of retail. These templates are completely fomulated and offer recommended program cost percentages for different retailer types. Simply plug in your unique numbers and let the template price your product for you. Click <a href="http://www.tlbconsulting.com/Do-It-Yourself.html">here</a> for more information on the pricing templates.</span></div>
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<span style="letter-spacing: 0.0px;"><br /></span></div>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com2tag:blogger.com,1999:blog-525954088299495295.post-39110416879529827052014-02-25T08:17:00.000-08:002014-02-25T08:17:22.971-08:005 Easy ways to improve your follow up after a trade show<div class="MsoNormal">
<span style="font-size: 16.0pt;">Would
you be shocked to learn that over 75% of trade show exhibiters will never fully
follow up with all the leads they gather at the show.<span style="mso-spacerun: yes;"> </span></span></div>
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<span style="font-size: 16.0pt;"><br /></span></div>
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<span style="font-size: 16pt;">Why is this? Is it because they think buyers lied to them and are not as interested as they let on? Is it because they took poor notes or misplaced </span><span style="font-size: 21px;">information? Maybe they are simply lazy or overwhelmed. </span><span style="font-size: 16pt;"> </span></div>
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<span style="font-size: 16pt;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 16pt;">I have wondered and pondered this statistic for years. There is really one reason and one reason only for attending a trade show, leads. Yes, of course, branding is part of the over all goal, but leads that turn into sales is the #1 purpose of any trade show, right? If this is true then why the disconnect? Why do so many exibitors fall down here? I believe planning and allocation of time is the real issue. Having either attended or consulted on 100s of trade shows myself over the years I have seen lack of planning and time allocation result in poor trade show performance time and again. If
you are attending a trade show where you could potentially gather more than 100
leads you need to plan for and clear a certain amount of time following the show to do nothing
but follow up. </span></div>
<div class="MsoNormal">
<span style="font-size: 16pt;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 16pt;">Below are 5 suggestions
for a stellar follow up routine after any trade show.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
</div>
<ol>
<li><span style="text-indent: -0.25in;"><span style="font-size: 16pt;"><span style="font-family: Symbol;"> </span><b>Clear your
schedule</b></span></span><span style="font-size: 16pt; text-indent: -0.25in;"> – Prior to the trade show
beginning you must clear 2-4 days after the show ends to complete your follow
up. Many sales people either take time off or go back to their daily routines directly after a trade show. If the trade show is 3 days you should allocate 1-2 days before for preparation and 2-3 days after for follow up.</span></li>
<li><span style="text-indent: -0.25in;"><span style="font-size: 16pt;"><span style="font-family: Symbol;"> </span><b>Don’t follow
up during the show </b></span></span><span style="font-size: 16pt; text-indent: -0.25in;">– I have known sales
people that feel if they follow up each night of the show they will stay on top
of their leads. Although this may be
true, their follow is falling of deaf ears as their prospects are still
at the show and overloaded with information.
You should always begin your follow up 2-4 days after the show ends depending on how big
the show was.</span></li>
<li><span style="text-indent: -0.25in;"><span style="font-size: 16pt;"><span style="font-family: Symbol;"> </span><b>Don’t stop
working </b></span></span><span style="font-size: 16pt; text-indent: -0.25in;">– Instead of spending time
each night following up during the show, use this time to complete the normal
work piling up in your inbox. Doing this
will allow you the time you need after the show to focus on follow up.</span></li>
<li><span style="text-indent: -0.25in;"><span style="font-size: 16pt;"><span style="font-family: Symbol;"> </span><b>FOLLOW
THROUGH </b></span></span><span style="font-size: 16pt; text-indent: -0.25in;">– I cannot yell this loud
enough. If you promise something at the
show you <u>must</u> follow through on what you said you would do, when you said
you would do it. I know this sounds like
a no brainer, but I have spoken to many buyers who say sales people at a show
said they would call or send samples and never did. <b>Don’t
be one of those sales people; follow through!</b></span></li>
<li><span style="text-indent: -0.25in;"><span style="font-size: 16pt;"><span style="font-family: Symbol;"> </span><b>Everybody
counts – </b></span></span><span style="font-size: 16pt; text-indent: -0.25in;">Don’t follow up with some
and not with others. There will always
be large, small and medium sized opportunities, they all deserve to hear from
you after the show.</span></li>
</ol>
<div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Quick Tip: </span></b><span style="font-size: 16.0pt;">When
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card that will help you remember the person and what you promised to do for
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<!--StartFragment-->
<!--EndFragment-->Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-73632491312230263712014-02-24T08:41:00.000-08:002014-02-24T08:41:48.765-08:00Pricing your Product for Retail: What not to do!<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;"><b>Case Study “</b></span><span style="letter-spacing: 0.0px; text-decoration: underline;"><b>Great</b></span><span style="letter-spacing: 0.0px;"><b> sales, </b></span><span style="letter-spacing: 0.0px; text-decoration: underline;"><b>no</b></span><span style="letter-spacing: 0.0px;"><b> money”:</b></span></div>
<div style="font-family: Helvetica; font-size: 14px; min-height: 17px;">
<span style="letter-spacing: 0.0px;"></span><br /></div>
<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;"><i>Last year a food company came to me and asked if I could help them with their pricing. As with all my potential clients I asked them a couple of clarifying questions to get a handle on if I could help or not. As it turned out this company was already in a large club store and was doing quite well. There was only one issue, they were not making any money. Like so many before them they had been blinded by the allure of a Club store only requiring a 14% or less margin on their item. They had wild visions of how they would spend the extra margin coming their way. Boats, cars, the sky was the limit, or so they thought. It wasn’t to long before they received their first check and noted a % had been taken out for returns, which was an area they had not counted on. Next there was the business of markdowns in the underperforming warehouses, this was money they had not counted on either. Finally, in an effort to stimulate sales, they were asked to promote their product by placing in on an end cap and were paralyzed by the price tag. These items are not the retailer sticking it to the little guy, it is simply the cost to do business in mass retail and must be factored in before any pricing is offered. </i></span></div>
<div style="font-family: Helvetica; font-size: 14px; min-height: 17px;">
<span style="letter-spacing: 0.0px;"><i></i></span><br /></div>
<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;"><i>Ultimately we were able to find some efficiencies in their logistics and packaging which freed up some short term margin. We also worked with their manufacturing to create a broader, longer term solution which made sense. </i></span></div>
<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;"><i><br /></i></span></div>
<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;"><i>It's tough enough to gain retail distribution in today's market, the last thing any manufacture wants is to find out they quoted incorrectly. </i></span></div>
<div style="font-family: Helvetica; font-size: 14px; min-height: 17px;">
<span style="letter-spacing: 0.0px;"></span><br /></div>
<br />
<div style="font-family: Helvetica; font-size: 14px;">
<span style="font-size: 18px; letter-spacing: 0px;"><b>Lesson: </b></span><span style="letter-spacing: 0.0px;"> </span><span style="letter-spacing: 0.0px; text-decoration: underline;">Never simply assume your pricing will work. Know your back end costs and ensure you feel good about your bottom line prior to quoting any pricing to any retailer.</span></div>
<div>
<span style="letter-spacing: 0.0px; text-decoration: underline;"><br /></span></div>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-8959328674955388782014-02-19T04:19:00.000-08:002014-02-19T04:19:05.469-08:009 Strategies to a successful Trade Show<div class="MsoNormal">
<span style="font-size: 16.0pt;">As I help my clients prepare
for this years International Housewares show, coming up in March, I noticed
that I have been a bit more insistent regarding preparation than in years
past.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>It is not that I don’t always yell <b style="mso-bidi-font-weight: normal;"><u>preparation</u></b> from the rooftops;
it’s just that this year seems a bit different.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;">I know what your thinking, if
I tell them to wear comfortable shoes and take good notes all will be
well.<span style="mso-spacerun: yes;"> </span>But the truth is, YOU NEED MORE
THAN COMFORTABLE SHOES AND A NOTEPAD TO HAVE A SUCCESSFUL TRADE SHOW.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;">Over the years I have
followed a specific trade show regiment, a regiment that has lead to many
successful and lucrative trade shows.<span style="mso-spacerun: yes;"> </span>It
is this set of simple, perfected guidelines that I have shared with my clients
this year, and the very same I am going to share with you now.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;">Please understand I am not
reinventing the wheel here.<span style="mso-spacerun: yes;"> </span>I don’t have
the recipe to Coke or a map to buried treasure.<span style="mso-spacerun: yes;">
</span>What I do have, what I have used in the past to create trade show
success are the following guidelines.</span></div>
<div class="MsoNormal">
<span style="font-size: 16pt; text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal">
</div>
<ol>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Set a goal</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Do your homework</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Build your list</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Set appointments</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Have an offer, no
really, a good offer</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Capture leads</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Know your
differentiator</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Learn to Re-adjust</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Follow up</span></li>
</ol>
<br />
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Setting a Goal:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;">I am sure, as a professional
or entrepreneur, your first thought was “dah”, of course you should set a
goal.<span style="mso-spacerun: yes;"> </span>However, you may be shocked to
find that less than 10% of exhibitors at any given trade show have actually set
a tangible goal and keep that goal in front of them daily at the show.<span style="mso-spacerun: yes;"> </span>Here are a couple of guidelines to remember
when creating and setting your trade show goals.</span></div>
<div class="MsoNormal">
<b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;"><br /></span></b></div>
<div class="MsoNormal">
</div>
<ul>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Be specific</span></b><span style="font-size: 16pt; text-indent: -0.25in;"> – I want to generate 150 quality leads. From those leads I want to close $$$ of sales
over the next 6 months.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Write them
down </span></b><span style="font-size: 16pt; text-indent: -0.25in;">– Ensure your goals are written down
and with you at all times.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">View your
goals – </span></b><span style="font-size: 16pt; text-indent: -0.25in;">Reviewing your goals each day
prior to the show opening will help you stay focused as the long day wears on.</span></li>
</ul>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Do your homework:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;">There is a tremendous amount
of opportunity and unseen expense that goes along with every trade show.<span style="mso-spacerun: yes;"> </span>In order to be fully prepare in advance for
your show you must read, not skim, read through all of your show
paperwork.<span style="mso-spacerun: yes;"> </span>Not informing yourself can
leave you on the sideline for great, free opportunities that can showcase your
product <u>and</u> can leave you holding the bag on costs you were not prepared
for.<span style="mso-spacerun: yes;"> </span>Don’t be afraid to ask for what you
want even if the deadline has passed, you will be surprised at how
accommodating the promoters can be if you are professional.<span style="mso-spacerun: yes;"> </span>Just last week one of my clients submitted
their product to be part of the Green products display at the Housewares Show.<span style="mso-spacerun: yes;"> </span>Even though the deadline had pasted they were
accepted.<span style="mso-spacerun: yes;"> </span>Never hurts to ask.<span style="mso-spacerun: yes;"> </span>Below are a couple must do’s for every trade
show attendee.</span></div>
<div class="MsoNormal">
<span style="font-size: 16pt; text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal">
</div>
<ul>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Fill out your online profile completely.</span><span style="font-size: 16pt; text-indent: -0.25in;"> </span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Don’t leave any area unfinished unless it
simply does not apply.</span><span style="font-size: 16pt; text-indent: -0.25in;"> </span><span style="font-size: 16pt; text-indent: -0.25in;">Upload quality images of your product and logo.</span><span style="font-size: 16pt; text-indent: -0.25in;"> </span><span style="font-size: 16pt; text-indent: -0.25in;">No iPhone pics here.</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Apply to every award or special venue that your
product qualifies for.</span></li>
<li><span style="font-size: 16pt; text-indent: -0.25in;">Keep hard copies of everything you have done and paid
for in a file that will go with you to the show.</span></li>
</ul>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Build your list</span></b><span style="font-size: 16.0pt;">
– Many first time show attendees believe that if they build a great booth or
have a great product, buyers will magically come.<span style="mso-spacerun: yes;"> </span>The problem with this strategy is that most
major retail buyers have already prescheduled their time and are running a very
tight schedule.<span style="mso-spacerun: yes;"> </span>These buyers are running
from one appointment to another and are not simply browsing down each aisle to
see if something catches their eye.<span style="mso-spacerun: yes;"> </span>Having
a great booth with no list is like having a great website and not doing any
SEO.<span style="mso-spacerun: yes;"> </span>Building your list begins well
before the first day of the show.<span style="mso-spacerun: yes;"> </span>I am
sure you are asking, “What the heck is My List?”<span style="mso-spacerun: yes;"> </span>Your list is the people you have reached out
to prior to the show and let them know who you are, where your booth is and why
you would like them to come by.<span style="mso-spacerun: yes;">
</span>Remember, this is a numbers game, the more people you reach out to and
introduce to your company; the more buyers will make time in their schedule to
come visit you.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Set Appointments – </span></b><span style="font-size: 16.0pt;">Once you have reached out to as many current and future customers as
possible, you should begin to set appointments.<span style="mso-spacerun: yes;">
</span>I recommend creating an appointment sheet for each day of the show.<span style="mso-spacerun: yes;"> </span>The appointment sheet should be broken down
into 15-minute increments beginning 1 hour after the show opens and ending 1
hour before the show closes.<span style="mso-spacerun: yes;"> </span>This will
give you time in the morning to prepare and time in the evening to recap.<span style="mso-spacerun: yes;"> </span>It is conceivable that certain appointments
will take longer than 15 minutes and if this is the case simply mark off 2 or
more sections for that particular customer.<span style="mso-spacerun: yes;">
</span><span style="mso-spacerun: yes;"> </span>Not every buyer will set an
appointment with you, however you should do your best to set appointments with
the buyers you are most interested in doing business with.<span style="mso-spacerun: yes;"> </span>This will ensure you are available when those
buyers come to your booth.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Have a really good show special – </span></b><span style="font-size: 16.0pt;">It is extremely rare for buyers of any large retailer
to commit, on the spot, to an order.<span style="mso-spacerun: yes;">
</span>With that said, it is possible to write orders for specialty, online and
single store owners on the spot if you have a great show special.<span style="mso-spacerun: yes;"> </span>Below are some specials that can turn the
heads of smaller retailers.</span></div>
<div class="MsoNormal">
<b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;"><br /></span></b></div>
<div class="MsoNormal">
</div>
<ul>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Extended
terms</span></b><span style="font-size: 16pt; text-indent: -0.25in;"> – Privately owned specialty
retailers will jump at the chance to purchase goods net 60 or net 90.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Free launch
kits </span></b><span style="font-size: 16pt; text-indent: -0.25in;">– Offer free POP kits to
retailers writing orders at the show.</span></li>
<li><span style="font-family: 'Courier New'; font-size: 16pt; text-indent: -0.25in;"><span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Free
Shipping</span></b><span style="font-size: 16pt; text-indent: -0.25in;"> – Offer free shipping on any
order written at the show or free shipping on orders over a certain amount
written at the show.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">For more
ideas contact me at </span></b><a href="http://www.tlbconsulting.com/" style="text-indent: -0.25in;"><b><span style="font-size: 16.0pt;">www</span></b><span style="font-size: 16.0pt;">.tlbconsulting.com</span></a></li>
</ul>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Capture Leads – </span></b><span style="font-size: 16.0pt;">If you are wondering if it is worth it to spend the money on a lead
capturing machine wonder no more.<span style="mso-spacerun: yes;"> </span><u>It
is worth it!</u><span style="mso-spacerun: yes;"> </span>Once the show is over
these leads can be converted into a CSV file and downloaded directly into
Salesforce or whatever CRM you are using.<span style="mso-spacerun: yes;">
</span><b style="mso-bidi-font-weight: normal;">Quick Tip: </b>When taking
business cards always write something identifying on the back of the card that
will help you remember the person and what you promised to do for them.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Know your differentiator – </span></b><span style="font-size: 16.0pt;">Identify the one or two things about your product or
service that sets you apart and work it into an opening one-line pitch.<span style="mso-spacerun: yes;"> </span>You will only have a few seconds to grab the
attention of potential customers, make the most of it with a great one-line
opening.<span style="mso-spacerun: yes;"> </span>I have a client who sells a
compact, electric, composter that can turn kitchen scraps into grade A compost
in less than 3 hours, with no smell or mess.<span style="mso-spacerun: yes;">
</span>My opening line for this client was <i style="mso-bidi-font-style: normal;">“Did
you know that composting can now take less than 3 hours?”</i><span style="mso-spacerun: yes;"> </span>Anyone that knows anything about composting
knows that it takes weeks for food to decompose into compost, which made the
above statement an attention getter.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;"><b>For help preparing for your
next trade show contact me at </b></span><a href="http://www.tlbconsulting.com/"><span style="font-size: 16.0pt;">www.tlbconsulting.com</span></a><span style="font-size: 16.0pt;"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Learn to Re-Adjust – </span></b><span style="font-size: 16.0pt;">Now that you have your goals, your plan, your
appointments, your offer and your pitch line what happens if nothing
works?<span style="mso-spacerun: yes;"> </span>Last year I was at a trade show
for dieticians selling them a program for offering a certain type of cookware
to their clients that would help their clients eat healthier.<span style="mso-spacerun: yes;"> </span>The program made sense, the offer was great,
the product was superb but every single dietician said no the first day.<span style="mso-spacerun: yes;"> </span>What was their reason?<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">“How
can I offer cookware to my clients that I myself have not even tried?”</i><span style="mso-spacerun: yes;"> </span>This hit us like a ton of bricks!<span style="mso-spacerun: yes;"> </span>Of course they wouldn’t offer a product to
their clients they had not tried themselves, their credibility would be on the
line.<span style="mso-spacerun: yes;"> </span>After a powwow the evening after
the first day we decided to create a 1 pan try me offer.<span style="mso-spacerun: yes;"> </span>Instead of offering the program, the next day
we explained the program, but offered a try me pan at a great price so they
could fall in love with the product first.<span style="mso-spacerun: yes;">
</span>This was a huge success and we generated over 140 leads in the final 2
days of the show.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Lesson:</i> </b><i style="mso-bidi-font-style: normal;">Don’t keep doing something that is not
working.<span style="mso-spacerun: yes;"> </span>Listen to your prospects and
make adjustments if needed.<o:p></o:p></i></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Follow up - </span></b><span style="font-size: 16.0pt;">Would
you be shocked to learn that over 60% of trade show exhibiters will never fully
follow up with all the leads they gathered at the show.<span style="mso-spacerun: yes;"> </span>Why is this?<span style="mso-spacerun: yes;">
</span>I have wondered and pondered this statistic for years and what I have
come up with is simply a time issue.<span style="mso-spacerun: yes;"> </span>If
you are attending a trade show where you could potentially gather more than 100
leads you need to clear a certain amount of time following the show to do
nothing but follow up.<span style="mso-spacerun: yes;"> </span>Below are some
suggestions for a stellar follow up routine after any trade show.</span></div>
<div class="MsoNormal">
<b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;"><br /></span></b></div>
<div class="MsoNormal">
</div>
<ul>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Clear your
schedule</span></b><span style="font-size: 16pt; text-indent: -0.25in;"> – Prior to the trade show
beginning you must clear 2-4 days after the show ends to complete your follow
up.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Don’t follow
up during the show </span></b><span style="font-size: 16pt; text-indent: -0.25in;">– Some sales
people feel that if they follow up each night of the show they will stay on top
of their leads. Although this may be
true, your follow up will be falling of deaf ears as your prospects are still
at the show and overloaded with information.
Begin your follow up 2-4 days after the show ends depending on how big
the show was.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Don’t stop
working </span></b><span style="font-size: 16pt; text-indent: -0.25in;">– Instead of spending time
each night following up during the show, use this time to complete the normal
work piling up in your inbox. Doing this
will allow you the time you need after the show to focus on follow up.</span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">FOLLOW
THROUGH </span></b><span style="font-size: 16pt; text-indent: -0.25in;">– I cannot yell this loud
enough. If you promise something at the
show you <u>must</u> follow through on what you said you would do when you said
you would do it. I know this sounds like
a no brainer, but I have spoken to many buyers who say sales people at a show
said they would call or send samples and never did. <b>Don’t
be one of those sales people; follow through!</b></span></li>
<li><b style="text-indent: -0.25in;"><span style="font-size: 16.0pt;">Everybody
counts – </span></b><span style="font-size: 16pt; text-indent: -0.25in;">Don’t follow up with some
and not with others. There will always
be large, small and medium sized opportunities, they all deserve to hear from
you after the show.</span></li>
</ul>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 16.0pt;">As you can see there are many
aspects to a successful and lucrative trade show.<span style="mso-spacerun: yes;"> </span>To maximize your opportunities none of the
above 9 areas can be left out.<span style="mso-spacerun: yes;"> </span>I hope
the above information has been helpful and to close this article out I will
leave you with one final thought.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 16.0pt;">If someone took the time to visit your booth, speak to
you, take your information and leave theirs they have, at the very least, some
interest in what you have to offer.<span style="mso-spacerun: yes;">
</span>Don’t ever discard a lead, you may have to inactivate them for a while,
but never stop following up<b style="mso-bidi-font-weight: normal;">. <u><span style="mso-spacerun: yes;"> </span>No doesn’t necessarily mean Never!<o:p></o:p></u></b></span></i></div>
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<span style="font-size: 16.0pt;">I would love to hear some of
your strategies for a successful trade show, please leave me a comment below.<o:p></o:p></span></div>
Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-47968665732609870812014-01-27T19:13:00.000-08:002014-01-27T19:14:55.872-08:00How to Price Your Products for Retail<div style="font-family: Helvetica; font-size: 14px;">
<span style="letter-spacing: 0.0px;"><i>I am often asked as a consultant, “what is the first thing you will do after I hire you, what’s your plan of attack?”. The answer is simple, </i></span><span style="letter-spacing: 0.0px; text-decoration: underline;"><b><i>pricing</i></b></span><span style="letter-spacing: 0.0px;"><i>. This might seem strange to most people as I am sure you can think of a plethora of other things you would rather have me working on than pricing, however the simple fact is, if your pricing does not work we are finished before even beginning. </i> </span></div>
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<span style="letter-spacing: 0.0px;">Product pricing should be an essential first part of your overall go to market product strategy, however again and again I see companies leaving this to the end and in some cases simply guessing. There seems to be a mystique around pricing a product that often scares companies into a panic and this is where mistakes get made that can cost thousands of dollars down the road. The mystery of margin, program, net, gross, delivered, FOB etc can leave you feeling overwhelmed and therefor uninterested. </span></div>
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<span style="letter-spacing: 0.0px;">Well; not to worry. You can put away your taro cards and cancel your appointment at the physic. We are going to take the mystery out of pricing by showing you:</span></div>
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<li><span style="letter-spacing: 0px;">How to determine MSRP (Manufactures Suggested Retail Price)</span></li>
<li><span style="letter-spacing: 0px;">How to determine your raw cost</span></li>
<li><span style="letter-spacing: 0px;">How to determine your raw landed cost</span></li>
<li><span style="letter-spacing: 0px;">What is MAP pricing and should you use is?</span></li>
<li><span style="letter-spacing: 0px;">What is gross margin and how to determine it?</span></li>
<li><span style="letter-spacing: 0px;">What is “Program” and how does it affect your price structure?</span></li>
<li><span style="letter-spacing: 0px;">What is net margin?</span></li>
<li><span style="letter-spacing: 0px;">What is adjusted net margin and what should this number be to keep your business moving forward?</span></li>
<li><span style="letter-spacing: 0px;">How to price your product to best avoid knock offs.</span></li>
<li><span style="letter-spacing: 0px;">The difference between pricing your product online and pricing it for a retailer.</span></li>
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<span style="letter-spacing: 0.0px;">Alright, let’s get right to it!</span></div>
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<span style="letter-spacing: 0.0px;"><b>MSRP</b> - Determining your manufactures suggested retail price is critical to the rest of your pricing strategy. Every retailer, buyer, distributor and etailer will want to know this number as they want to remain competitive with the market. Before simply applying a 6 or 7 multiple to your cost in order to gain your retail I suggest you do some due diligence on your competition. What are the other items in this category selling for? Is your product better, worse or the same as what is on the market. Does your product have features that separate it from the competition and can bring a premium retail price or is it a value offering from the competition and needs to be priced lower. To bring a bit of clarity to this subject let’s create a scenario. Let’s say your company has created a new smart phone case and you need to establish a base MSRP. Your Raw Landed Cost(you will learn this below) on this item is $7. If you times your cost by a 7 multiple to gain your retail you end up with a $49.99 MSRP. On the surface this MRSP seems to work, however after some research you find the competition has this type of product retailing at $39.99. This is where you will have to decide if your product (an unknown) can bring a $10 premium to known brands already on the market. If not you will have to bring your retail down to $39.99 and rerun it through our proprietary pricing worksheet to see how this new retail affects your over all profit number. At the end of the day please remember this one truth, MSRP is created by the customer. To be more specific your product is really only worth what customers are willing to pay for it and not a penny more which is why pricing is such an important part of the process.</span></div>
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<span style="letter-spacing: 0.0px;"><b>Raw Cost</b> - This is the number your company pays for a fully packaged, production quality product at the manufacture. Please note that a production product is not a hand made sample or one of a few sample products run from your factory. A production product is a product pulled directly off the production line ready to go to a retailer. It is this cost you are after.</span></div>
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<span style="letter-spacing: 0.0px;"><b>Raw landed cost</b> - This is the number your company pays for a fully packaged, production quality product including the cost of bringing the product to the US if it is manufactured overseas or to your warehouse if it is manufactured somewhere different then where you will be warehousing it. How much should you factor into your product cost to land your product here in the US from overseas? As a rough estimate only, you can take $4700 / the units of product that fit into a 40ft container. This will give you a rough idea of how much you should add to your unit cost to have a complete landed raw cost. Please keep in mind this is for rough estimates only, you should replace $4700 with your actual cost when you are receiving logistics quotes. Ex. If your the raw cost of your product at the port in China is $1.47 and you can fit 10,000 units in a 40ft container your cost per unit to flow the product to the US would be $.47. This would make your Raw Landed Cost on this item $1.94. If your product is manufactured in Wisconsin and your are bringing them to your warehouse in Texas you would simply substitute the $4700 for the cost of shipping the product from WI to TX.</span></div>
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<span style="letter-spacing: 0.0px;"><b>MAP Pricing </b>- MAP or Minimum Advertised Price is a policy used by some manufactures to create stability in advertised pricing of their product. It means that no retailer or etailer can list or advertise a MAP’d product under the MAP price set by the manufacture. Brick and Mortar stores can sell these items or even list these items in store for any price they choose as long as they do not advertise them for less than MAP. This sound like a pretty good deal and you are probably saying to yourself, “Why wouldn’t I create a MAP policy?” Here are a couple things to consider when making this decision; 1. Once you establish a MAP policy and distribute it to your retailers you must treat each retailer the same irrespective of their volume. This means if you stop supplying a small retailer because they violated your MAP 3 times and this is clearly stated in your policy then you would also have to stop supplying a large big box chain if they did the same or risk a huge law suit, 2. Some retailers simply don’t want to do business with products that are MAP priced as it creates issues with their marketing plans.</span></div>
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<span style="letter-spacing: 0.0px;"><b>What is gross margin and how to determine it</b> - Gross margin is the difference between your selling price and your raw, landed product cost. It is generally expressed as both a percentage and a dollar amount. To determine the dollar amount the formula is SP-Cost. To gain your gross margin % you would use the following formula formula: (SP-Cost)/SP. SP = sell price. If your selling price is $79.99 and your raw landed cost is $27.5 the equation for gross margin dollars would look like ($79.99-$27.5). Your gross margin dollars would be $52.49. To gain your gross margin percent the equation would look like this ($79.99-$27.50)/$79.99. Your gross margin for this item is 65.62%. </span></div>
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<span style="letter-spacing: 0.0px;"><b>What are program costs</b> - Program costs can be considered any additional cost the retailer is going to ask you to be responsible for paying. These costs should be built into your cost structure prior to quoting. Not taking the time to understand these costs of build them into your cost structure prior to quoting pricing to a retailer is a recipe for disaster. Your company must be able to incur these costs and still produce a healthy margin. Some common program costs are:</span></div>
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<li><b style="letter-spacing: 0px;">Returns allowance</b><span style="letter-spacing: 0px;"> - A retailer might ask for a % off invoice to cover any returns.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">This % can range from 2%-10% depending on the product.</span><span style="letter-spacing: 0px;"> </span></li>
<li><b style="letter-spacing: 0px;">Freight </b><span style="letter-spacing: 0px;">- At times retailers will ask for a “Delivered Cost”.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">Delivered cost means that you will have to pay to deliver the product to the retailer therefor you must factor this cost into your pricing structure. </span><span style="letter-spacing: 0px;"> </span></li>
<li><b style="letter-spacing: 0px;">MDF</b><span style="letter-spacing: 0px;"> - MDF stands for Marketing Development Fund.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">This would be money that your company would accrue for future promotional opportunities or a retailer will require that you contribute to a fund. </span><span style="letter-spacing: 0px;"> </span></li>
<li><b style="letter-spacing: 0px;">Mark Downs - </b><span style="letter-spacing: 0px;">This is a fund you would accrue for use in liquidating slow moving inventory from a retailer.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">Many times retailers will not mention this, but will come to you later asking for money to help move stagnate product.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">It is best to accrue for this on your own so you have money when the time comes.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">For example; some club stores do not transfer merchandise from warehouse to warehouse which means you might get an order from warehouse A, while getting a markdown request from warehouse B only 5 miles away.</span></li>
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<span style="letter-spacing: 0.0px;">It is important to note that some retailers will negotiate program costs with you upfront and will deduct the negotiated percentage direct from the invoice when paying you. Other retailers will not negotiate this upfront, but will still make deductions from your invoice when paying. </span></div>
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<span style="letter-spacing: 0.0px;"><b>What is Net Margin - </b>I calculate Net Margin is your “Gross Margin” minus all of your program costs. </span></div>
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<span style="letter-spacing: 0.0px;"><b>What is adjusted net margin and what should this number be to keep your business moving forward - </b>Adjusted net margin is your “Net Margin” minus any rep or broker commissions. If possible always insist that you pay commissions on net margin. In some cases the broker or rep will be the one negotiating the program costs and he or she will be more likely to negotiate better on your behalf if their commission is affected. Achieving the best ANM will depend on several factors including your business structure and volume. Generally I like to see Club Store ANM above 25%, regular Big Box above 35% and Specialty retail above 45% if possible.</span></div>
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<span style="letter-spacing: 0.0px;"><b>How to guard against knock offs by pricing your product correct the first time - </b>Today’s manufacturing is much different then in years past. It is very common for companies to have product produced overseas, a world away from where their company resides. It can be costly to spend the needed time overseas to manage the manufacturing process and as a result companies send their product ideas to overseas factories in an effort to get product produced cheaper and more efficiently. The most common fear I hear when companies are shopping for a factory to produce their goods is they do not want to get knocked off. While this is a legitimate concern it cannot keep you from moving forward. There are two strategies, I believe, will give you the best protection against knock off product if it shows up.</span></div>
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<li style="font-family: Helvetica; font-size: 14px;"><span style="letter-spacing: 0px;">If at all possible be first to market and establish your product brand as the authority as quickly as possible.</span><span style="letter-spacing: 0px;"> </span><span style="letter-spacing: 0px;">In the bedding market there are plenty of competitors to Tempurpedic, however customers still prefer the Tempurpedic brand over the competition as they were first to really bring memory foam mattresses to market in a big way.</span></li>
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<li><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;">Price your product to be competitive right from the beginning.</span><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;"> </span><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;">Gouging the customer simply because there is no current competition will not serve you in the long term.</span><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;"> </span><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;">When the knock offs come calling, and they will, the buyers who carry your product will be reluctant to change if the difference in price is not more than 15%.</span><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;"> </span><span style="font-family: Helvetica; font-size: 14px; letter-spacing: 0px;">However, if you went out with high cost and the competition is now knocking at a much lower cost and retail, the buyers will be more likely to seriously consider it.</span></li>
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<span style="letter-spacing: 0.0px;"><b>The difference between pricing your product on your website and pricing it for a retailer. - </b>Many retailers will begin by selling their products on their own retail website, which I encourage with all my clients. I am always reluctant to work with clients who are not willing to sell their own products directly to the customer. When selling online the pricing formula is simple. It costs X to make my product, I sell it for Y and get to keep the difference. Once you establish this retail online it becomes known and can be difficult to adjust later. When you begin selling your product to retailers they will want to use your current online retail or lower as their go to market retail. Now you must take your retail and deduct 40-65% margin that the retailer will want, program costs they will want your company to pay and then finally your cost of goods. What is left over, at this point, can be to little to run a company and in some cases flat out in the negative. Because of the above it is important to establish your entire pricing structure right from the beginning. Below are some categories to consider when creating your pricing structure.</span></div>
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<li><span style="letter-spacing: 0px;">Big Box retail</span></li>
<li><span style="letter-spacing: 0px;">Specialty retail</span></li>
<li><span style="letter-spacing: 0px;">Club store retail</span></li>
<li><span style="letter-spacing: 0px;">E-tailers</span></li>
<li><span style="letter-spacing: 0px;">Department store retail</span><span style="letter-spacing: 0px;"> </span></li>
<li><span style="letter-spacing: 0px;">Your website</span></li>
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<span style="letter-spacing: 0.0px;"><b>Getting ready - </b>To recap, below is a list of the items you will need to create the cost structure you will quote to the retailers you are wanting to carry your product. Have fun and good luck.</span></div>
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<span style="letter-spacing: 0.0px;"><b>MSRP</b> - You must have an idea of what your product will retail for (see MSRP noted earlier in this article). </span></div>
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<span style="letter-spacing: 0.0px;"><b>Margin</b> - If you don’t yet know what margin your target retailers are looking for you can obtain help with one of our pricing <a href="http://www.tlbconsulting.com/do-it-yourself.html">worksheets</a>.</span></div>
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<span style="letter-spacing: 0.0px;"><b>Program costs</b> - If you don’t yet know these numbers check out one of our pricing <a href="http://www.tlbconsulting.com/do-it-yourself.html">worksheets</a>.</span></div>
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<span style="letter-spacing: 0.0px;"><b>Raw landed product cost</b> - We can’t help you here. In order to finish your pricing you will need to have this number.</span></div>
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<span style="letter-spacing: 0.0px;"><b>Rep or broker commissions</b> - If you will be using a rep or broker and have negotiated their commission rate you will need to have this number handy.</span></div>
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<span style="letter-spacing: 0.0px;"><b>Units sold</b> - This section is where you will estimate your units sold to this retailer for a 12 month period. Creating this number will also help you with your volume projections and production planning.</span></div>
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For additonal help with your pricing please visit my <a href="http://www.tlbconsulting.com/">website</a>. We have several step by step, easy to use pricing templates that will help walk you through the entire process.</div>
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Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com2tag:blogger.com,1999:blog-525954088299495295.post-41756457808397875492011-07-10T02:50:00.000-07:002011-07-19T13:31:33.359-07:00How long will it take to place my product into a retail store!Under the frequently asked questions category <b><u>"How long will it take"</u></b> is by far the most prolific question asked. <br />
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This is not surprising as vendors are anxious to see their products on the shelves of big retail and finally be rewarded for the long hours it takes to conceive, create, produce and market a retail item. No one in the final stages of bringing a product to market is without significant battle scars, however in the foxholes of product development there are no pessimists.<br />
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There is no exact science when it comes to determining how long it will take to sell product into retail, however items generally fall into one of two categories. 1. Products that have a clear category and dedicated shelf space already in a retailer. An example of this could be flash drives. Perhaps your company has developed a new type of flash drive that will blow the market wide open. In a case like this we would only have to convince the buyer to purchase our new and innovative product not to create brand new space on the shelf as they are already selling like items. 2. Products that are brand new to the market and have never been sold before. Items like this create double the work, not only do you have to sell the benefits of the new item you have to help the buyer understand where they would merchandise this new product and why taking a risk on it will pay off.<br />
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Although the newer items to market will generally take more time and work you can expect the process to take 3-18 months or longer. I know this seems like a long time, however unless you are Sony, Campbell's, Johnson & Johnson or like companies the process will be lengthy and the sooner you begin the faster you will see results. <br />
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Below I have created a best case scenario to help illuminate the process. For the purpose of this example we are going to say that the buyer loves the product out of the gate, they don't go to China, get sick or go on vacation during the process. This example begins during the preparation phase.<br />
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<ol><li>Sample evaluation, pricing strategy and presentation prep - 30 Days</li>
<li>Sending the presentation to the buyer and receiving a response - 30 days </li>
<li>If requested sending samples to the buyer - 15 days.</li>
<li>Review of the samples by the buyer 15 days.</li>
<li>Filling out of vendor paperwork, negotiating the contract, receiving all necessary signatures, being approved and receiving your vendor # -30 days.</li>
<li>QA testing on the product or 3rd party audit on the manufacturing facility - 30-90 days if required</li>
<li>Cutting a PO - 14 days.</li>
<li>Lead time to manufacture the product - 60 days.</li>
<li>Delivery time to the retail warehouse - 15-30 days depending on where it is coming from.</li>
<li>Distribution time to the stores - 15 days.</li>
<li>Time to get paid - 60 days.</li>
</ol><div>Remember the above is best case and even if we take out #6 above we are still looking at 91/2 months to complete the process with one retailer. There could also be the scheduling of a face to face meeting required which will add time.</div><div><br />
</div><div>The idea of the above example is not to discourage, but to encourage. The sooner you start this process the faster you will achieve your goals. </div><div><br />
</div><div>At <a href="http://www.blogger.com/goog_1479382065">TLB</a><a href="http://www.tlbconsulting.com/"> Consulting</a> we can help you through every step of this process. We can help you maximize your time, effort and results. Let us help you prepare for success. </div><div><br />
</div><div>Visit out website or contact us now at Tim@tlbconsulting.com.</div><div><br />
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</div>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-53014363530004781662010-03-03T09:52:00.000-08:002011-07-10T01:35:45.783-07:00Installment #5: 5 common mistakes companies make when selling their products to Costco#5 Hoping Costco will drop their current product for your product.<br />
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All to often when thinking about how to get product on the shelves of the best retailers in the country most manufactures think of better pricing, better cost and a better made product. Confident, they march off to their local retailer headquarters armed with these three elements and believing this alone will get them placement and remove their competition.<br />
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Before you make this mistake, a mistake made by many who came before you, please remember this: <strong><em>"You must be able to provide more than a great product at a better price to unseat the incumbent vendor."</em></strong><br />
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What could be more important to Costco than better pricing and a better product? Listed below are three main factors that will hold Costco back from making a vendor switch even in the face of better cost.<br />
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1. <strong>Shipping and Logistics</strong>: Your Company’s ability to ship to all of Costco’s depots on time and with consistency is of great importance to Costco. Their floor plans are ever changing and if your product is late it could lose placement. They will also look at your ability to flow product to your own warehouse for them to pull from. Costco will not do transfers from location to location, therefore it is important for them to be able to flow goods to certain locations in smaller quantities from your warehouse. <br />
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2. <strong>Defect rate:</strong> New members and membership retention are the two engines that keep Costco moving and they will protect these like angry pirates on a treasure ship. A key factor in Costco’s image is the quality and durability of their products. Although your company will be paying for returns and defects Costco will not maintain an item with a large defect rate.<br />
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<strong>3.</strong> <strong>Depth of product line:</strong> Costco is interested in the vendors they partner with doing well. To this end they will work with current vendors on a multitude of products if they are available. This reduces their need to set up and train new vendors, obtain hard to get signatures and take chances on untested companies.<br />
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Costco is always looking for great products at tremendous value. If your company has such an item and you wish to replace a product currently in Costco please take into account and nail down the above items first. For a complete strategy on creating a partnership with Costco please visit my website <a href="http://www.tlbconsulting.com/">TLB Consulting</a> or <a href="mailto:tim@tlbconsulting.com">contact me</a> directly.<br />
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Here's to Conecting your product with the right people.<br />
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<strong><em></em></strong>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-37609766393882639122009-11-19T10:14:00.000-08:002011-07-10T01:36:10.613-07:00Installment #4: 5 common mistakes companies make when selling their products to Costco!Installment #4 “Thinking you should take your product to Costco first”<br />
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I am old enough to remember shopping at Costco or even Price Club back at the beginning. The value available was tremendous, as is true today; however the brands carried were not as recognizable. Back then we had to take Costco’s word they were as good as or better than what we were used to. This is not true in today’s Costco as top brands are begging to get into one of the world’s top retailers. The days are far gone when brands like Tumi, Sony, Panasonic and Calvin Klein would turn up their noses at the thought of selling to a club store. Today, not only are they selling Costco, but Costco is a large part of their overall business. Costco’s business model has shifted from selling items at a value to selling top brands at a value. It is exactly this brand name value statement which is the cornerstone of Costco’s business model and something they protect at all cost.<br />
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How is the above relevant to you and your pursuit to sell your product to Costco? Today Costco is looking for products with current distribution in mainstream retail. It is very rare today for Costco to be first to bring products to market in any category. Costco maintains their value statement by selling products or variations of products for less which are currently in other retailers. It is hard for Costco to show a value on a product that is not sold anywhere but Costco.<br />
So the question shifts from how to sell your products to Costco to, how to gain distribution on your product in preparation for selling it to Costco. <a href="http://www.tlbconsulting.com/">TLB Consulting </a>specializes in creating a strategy for your product with the end result being placement in Costco. When taking your product to Costco you want to be able to answer the below questions:<br />
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1. Where is this product currently sold? <br />
2. How long has it been on the market?<br />
3. What is the average retail price point of this product?<br />
4. Can your pricing structure and distribution model support a 20% discounted retail.<br />
5. What is the sell through of your current retailers?<br />
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Each circumstance is different as is each product which is precisely why preparation must be a key factor in your overall retail plan. There is no substitute for firsthand knowledge when creating your strategy.<br />
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<a href="http://www.tlbconsulting.com/">TLB Consulting </a>can help you identify your company’s short and long terms goals, increase your brand awareness and open up multiple lines of distribution. <br />
Let us build a strategy for you.<br />
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Feel free to email me directly at <a href="mailto:Tim@tlbconsulting.com">Tim@tlbconsulting.com</a><br />
Or visit my website at <a href="http://www.tlbconsulting.com/">http://www.tlbconsulting.com/</a><br />
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Happy selling<br />
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Sign up to follow this blog and don’t miss the final installment in this series:<br />
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#5: Hoping Costco will drop their current product for your product.Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-47071133588175755272009-09-29T15:27:00.000-07:002009-09-29T15:44:42.202-07:00Installment #3 – Thinking you can leave logistics to the endAs a company Costco has made it their business to perfect the movement of merchandise. If you have ever been fortunate enough to be in a warehouse prior to opening you know exactly what I mean. It is like a freeway in there, forklifts going 20 MPH, pallet jacks rumbling by and scaffolding towering above you. They even have a designated area for you to stand so you do not get hit. Costco works on the cross dock system meaning everything that hits their backroom is staged to go out the next morning, there is nothing permanently stored in the backroom. The end result to all of this movement is increased value to their member. The faster and more cost effective they can be at bringing products to the selling floor the more money they save and pass on to the member.<br /><br />How does Costco manage this process and continue to move it forward? They make it a requirement to become a vendor. There is significant cost related to logistics (<a href="http://www.tlbconsulting.com/forms.html">see routing guide</a>) and should be evaluated prior to giving Costco final pricing.<br /><br />Below are some of the logistical items related to doing business with Costco:<br /><br /><ol><li><strong>EDI </strong>– Electronic Data Interchange is required by Costco warehouse in order to launch a full campaign. If you are not yet EDI compatible and starting from scratch this can be quite expensive. If you need help getting set up on EDI feel free to <a href="mailto:tim@tlbconsulting.com">email me</a>, <a href="http://www.tlbconsulting.com/">TLB Consulting </a>can offer you very competitive pricing on EDI set up. </li><li><strong>Delivered pricing</strong> – Costco will usually require delivered pricing to their Depot. This means whatever price you quote them should include shipping to all of their facilities. Costco has Depots all over the country and you will need to cost average shipping to all of them in order to know how much to build into the price. </li><li><strong>Display cost</strong> – Will your product have a display? If so Costco usually wants this for free. Build this into your cost to ensure you are covered. </li><li><strong>Packaging</strong> – Remember there are no sales people pushing your product at Costco. Your packaging and copy is there to be your silent sales person, don’t skimp on this area it can make or break you. </li><li><strong>Pallets</strong> – Costco usually requires a special pallet as product will probably be sold on the pallet you send your product on. CHEP pallets are most common at Costco and can be costly.</li></ol><p>I am not trying to scare you away from Costco by giving you this information, just the opposite. Costco can be the best retail partner you have ever had, however if you are unprepared and provide them with a cost that does not take into account the cost of doing business with Costco you could end up making far less than anticipated.<br /><br />Don’t hesitate to visit my <a href="http://www.tlbconsulting.com/">website</a> or contact <a href="mailto:tim@tlbconsulting.com">me</a> directly to learn how TLB Consulting can help you successfully navigate this process.</p><p><strong><em>Press "Follow" at the top of this page to recieve updates when new articles are posted.</em></strong><br /><br />Here is to your sales.</p><p><br />Installment 4 - Thinking you should take your product to Costco first.</p>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-7499351665585942022009-06-28T10:12:00.000-07:002014-02-13T04:35:32.195-08:00Installment #2: 5 common mistakes companies can make when selling their products to Costco! Installment #2.<strong><em>#2 - Believing Costco will change their business model for your item</em></strong><br />
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<span class="Apple-style-span" style="background-color: white;"> I</span><span style="background-color: white;"><span class="Apple-style-span">t is no s</span><span class="Apple-style-span">e</span><span class="Apple-style-span">cret at this time of year the wholesale and retail business is crazy. One unique characteristic of Costco is they will accept product all year round as long as it fits into their business model while most business retailers are already finished with their merchandising plan for the rest of this year and are already working on 2010.<br />
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Costco has been successful over the years by sticking to what works and not compromising their formula. It would be a mistake to think they are going to alter their long standing and time tested business model for any one item.<br />
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When deciding whether your product is right for Costco, it is imperative to put your product into Costco’s model to see if it will work and if you can live with the result. Preparation is the key here! If you do not know how to prepare for a meeting with Costco and how to see if your product will work in their model, then feel free to contact me via my </span> <span class="Apple-style-span"> </span><a href="http://www.tlbconsulting.com/contact.html"><span class="Apple-style-span">website</span></a><span class="Apple-style-span">. <br />
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Outlined below are a couple of main features to their business model that will get you started. </span> <span class="Apple-style-span"> </span><strong><span class="Apple-style-span">Brand –</span></strong><span class="Apple-style-span"> Costco is generally looking for items with an established brand image although there are some limited exceptions to this rule. If your product is new to the market then you may want to gain some distribution and brand awareness prior to taking it to Costco. TLB Consulting can help you create an overall marketing strategy for your product prior to taking it to Costco.</span></span><br />
<span style="background-color: white;"><strong><span class="Apple-style-span">Value –</span></strong><span class="Apple-style-span"> Costco must be the lowest price or offer the most value in the market, no exceptions. Costco’s members pay a premium to shop at Costco therefore Costco will not bend on offering value. As a rule they generally like to be a minimum 20% below any advertised price. It will be important to look at your current distribution and evaluate how selling to Costco may disrupt your current sales.</span></span><br />
<span style="background-color: white;"><strong><span class="Apple-style-span">Packaging –</span></strong><span class="Apple-style-span"> Costco has made their packaging and pallet displays an integral part of their overall value statement. The faster Costco can take a pallet display from the truck to the sales floor the more value they are able to offer their members by keeping their overhead low. Be prepared to understand and adhere to their packaging requirements. Note: Costco moves product around the sales floor daily and the more mobile your product, then the easier they will be able move it without damaging the display.</span><span class="Apple-style-span"><br />
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If companies are lucky, they get one chance to sell their products to Costco. Doesn’t it make more sense to be prepared and know their business? You will go a lot faster and farther if you are in the same boat rowing with Costco and not against them.<br />
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Happy selling. </span> <span class="Apple-style-span"> </span></span><br />
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<span class="Apple-style-span" style="background-color: white;">Stay tuned for installment #3 – Thinking you can figure out the logistics later.</span>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-62336679960518983962009-05-21T20:19:00.000-07:002014-02-13T04:36:30.100-08:00Installment #1: 5 common mistakes companies can make when selling their products to Costco!<span style="background-color: white;"><strong><span class="Apple-style-span">Installment #1 - Item Value</span></strong><span class="Apple-style-span"><br />
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Having the opportunity to sell your products to Costco is an exciting proposition and could be a huge game changer for your business.<br />
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With over 400 warehouses in the US </span> <strong><span class="Apple-style-span">alone </span></strong><span class="Apple-style-span">which cater to an average 30,000 members per week it would not take long for the right item to make a </span><strong><span class="Apple-style-span">HUGE</span></strong><span class="Apple-style-span"> impact on your bottom line.<br />
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However; before you go making down payments on foreign property, there are a few common misconceptions to be avoided which make a major difference between who goes "On Vacation" and who has a "Staycation".<br />
</span> <strong><span class="Apple-style-span">Misconception #1:</span></strong><span class="Apple-style-span"><br />
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<li><span style="background-color: white;"><strong><em><span class="Apple-style-span">Believing Costco's #1 goal is making money off your item:</span></em></strong><span class="Apple-style-span"> If you are in sales, the phrase "you are going to make SO much money off this item" has escaped your mouth more than once. We have all been there at one time or another. You want so much to convey how viable of a product you are offering, you may get over zealous with the aforementioned phrase. Although there may be retail companies out there that are very interested in how much money they will make on any item, Costco is not necessarily one of them . Of course, everyone is in the game to make money, but even more important to Costco than money is </span><strong><em><span class="Apple-style-span">"Member Value".</span></em></strong><span class="Apple-style-span"> Offering their members </span><strong><span class="Apple-style-span">Significant Value</span></strong><span class="Apple-style-span"> is the mantra that marches through every buyers head! </span><strong><span class="Apple-style-span">Memorize this!</span></strong><span class="Apple-style-span"> Not violating the member's trust with items that do not offer value is the foundation Costco is built on and it is what keeps their membership renewal rate </span><strong><span class="Apple-style-span">Over 85%! </span></strong><span class="Apple-style-span">When items have value, they sell! Members spread the word and they sell even more! Eventually the word will reach a non-Costco customer who will then buy a membership to take advantage of the value, and so on and so on. </span><strong><em><span class="Apple-style-span">Are you getting this? Value drives sales!</span></em></strong><span class="Apple-style-span"> When speaking to Costco, speak about the </span><strong><span class="Apple-style-span">Value</span></strong><span class="Apple-style-span"> your product will offer, either in </span><strong><span class="Apple-style-span">$'s</span></strong><span class="Apple-style-span"> off or </span><strong><span class="Apple-style-span">More</span></strong><span class="Apple-style-span"> in the box. Buyers always appreciate when you know their business model!</span> </span></li>
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<span class="Apple-style-span" style="background-color: white;">Happy Selling!</span><br />
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<span class="Apple-style-span" style="background-color: white;">Sign up to follow this blog so you don't miss the next installment! </span><br />
<strong><em><span class="Apple-style-span" style="background-color: white;">#2 - Believing Costco will change their business model for your item</span></em></strong><br />
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<span style="background-color: white;"><span class="Apple-style-span">For more information on me or my company visit </span><a href="http://www.sell2costco.com/"><span class="Apple-style-span">my website</span></a></span><span style="color: black;"><span class="Apple-style-span" style="background-color: white;">!</span><br />
</span>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-17114654250885222662009-05-06T13:48:00.000-07:002009-05-06T14:08:51.469-07:00How to sell your products to Costco, part 3<span style="color:#cc33cc;">Hi all you Costco loving product sellers. </span><br /><span style="color:#cc33cc;"></span><br /><span style="color:#cc33cc;">This will be the final post on the subject: </span><br /><span style="color:#cc33cc;"></span><br /><div align="center"><em><strong><span style="color:#cc33cc;">"The 11 crucial steps that should be followed before meeting with a Costco buyer."</span></strong></em></div><div align="center"><strong><em><span style="color:#cc33cc;"></span></em></strong> </div><div align="left"><span style="color:#cc33cc;">If you recall we left off at step 6 which was "Other Costs", I hope these steps have been helpful let's finish it off starting with step 7.</span></div><div align="left"><span style="color:#cc33cc;"></span> </div><ul><li><div align="left"><span style="color:#cc33cc;"><strong>Potential sell through quantities:</strong> : Based on what divisions of Costco you are going after create some scenarios that show potential quantity sales. Costco has 3 divisions in the US and an international division. 1. Costco warehouse, 2. Costco.com, 3. Costco Road Show, 4. Costco Canada (Canada is Costco's second largest market with over 70 locations), 5. Costco.com Canada, 6. Costco UK, 7. Costco Mexico, 8. Costco Japan, 9. Costco Taiwan, 10. Costco Korea.</span></div></li><li><div align="left"><span style="color:#cc33cc;"><strong>PNL:</strong> Create an item PNL using all of the preceding information in the other Blog posts to determine viability of program. You never want to do this after the deal has been made. Entering into a program and finding out, after you are having success, that you are loosing money will be devastating. </span></div></li><li><div align="left"><span style="color:#cc33cc;"><strong>Costco:</strong> Decide which division of Costco you should contact first. Make initial contact with Costco buyer and gauge interest. You will probably need help here as getting through to Costco buyers can be very difficult if not impossible. If enough interest exists set an initial meeting at Costco HQ.</span></div></li><li><div align="left"><span style="color:#cc33cc;"><strong>Pre-meeting:</strong> Make a final decision on at least two, no more than three packaging options. Nail down your options as you will only have approximately 30 minutes to pitch your idea to Costco and you want to have time left over to discuss next steps. Make a final decision on cost pricing to include in presentation. Create your presentation and confirm your appt. one week prior to the meeting.</span></div></li><li><div align="left"><span style="color:#cc33cc;"><strong>Meeting:</strong> In your presentation be thorough, but not over the top. Keep your pitch smart and to the point. Be prepared for Costco to have some questions not just about your product, but about you and your company as well. Know your competition and your market. They will test you. Lastly make sure you nail down next steps and follow up before you leave the meeting.</span></div></li></ul><p align="left"><span style="color:#cc33cc;">Helping you partner with Costco is my specialty. I can personally help you with all the 11 crucial steps and even help you get through to the buyer. For more information please visit my </span><a href="http://www.sell2costco.com/"><span style="color:#cc33cc;">website</span>.</a></p>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com9tag:blogger.com,1999:blog-525954088299495295.post-88143936043530489182009-04-29T16:51:00.000-07:002009-04-29T17:19:12.936-07:00How to sell your products to Costco, Part 2<span style="color:#ff9966;">Last week we left off just as I was about to get into the nuts and bolts of the critical steps required before ever stepping foot into a meeting with a Costco Buyer.</span><br /><span style="color:#ff9966;"></span><br /><span style="color:#ff9966;">These steps are in order, but feel free to change them around a bit to suit your work schedule and time lines.</span><br /><ol><li><span style="color:#ff9966;"><strong>Product selection:</strong> <span style="font-size:85%;">Determine if a single product or multiple products will be offered. At times, in order to create the value needed to meet Costco's standards, you may have to bundle products together. Bundling products can also help with your distribution as you have created a unique item number.</span></span></li><li><span style="color:#ff9966;"><strong>Pricing: </strong><span style="font-size:85%;">Research distribution network to determine lowest sell prices in the market on the products you would like to offer Costco. Ensure you have a handle on all prices and products being offered for sale. If you don't you can be sure Costco will. They will do their research which means you need to as well. Create a possible pricing structure taking into account prices currently being offered.</span></span></li><li><span style="color:#ff9966;"><strong>Distribution affect: </strong><span style="font-size:85%;">Determine how selling product to Costco at reduced pricing or added value will affect your current distribution network. Distributors and dealers can sometimes become difficult if they believe you are undercutting them by offering the same products to Costco for less.</span></span></li><li><span style="color:#ff9966;"><strong>Packaging</strong><span style="font-size:85%;">: Determine what type of packaging you will be offering to Costco. Costco is very specific on their packaging and palletizing requirements. Price out packaging and graphics. </span></span></li><li><span style="color:#ff9966;"><strong>Logistics: </strong> <span style="font-size:85%;">Take a look at your current logistics capacity to determine if you are able to service a large client like Costco. Knowing your capacity will help you calculate what you potential sell through might be. Analyze Costco's routing guide to ensure you are including all required aspects when looking at logistics. <a href="http://www.tlbconsulting.com/forms.html">Click here for routing guide.</a></span></span></li><li><span style="color:#ff9966;"><strong>Other Costs: </strong><span style="font-size:85%;">Review these additional costs: 1. Customer service support - Do you have the phone support required to handle the influx of customers or will you have to hire a company to handle this aspect? 2. EDI costs (Electronic Data Interchange) - Price out EDI to include in your financials. 3. Promotional costs - Will you want to participate in any promotions? The various promotions at Costco are where the sales really explode and should be planned for accordingly. 4. Shipping - Costco will require a delivered cost to their depots. You must cost average this out and include in your cost structure. 5. Returns and defects - How will you manage the return and defect portion. This can get expensive and should be carefully evaluated.</span></span></li></ol><p><span style="font-size:85%;"><span style="color:#ff9966;">Stay tuned for the final post on this subject. As always </span><a href="mailto:tim@tlbconsulting.com"><span style="color:#ff9966;">email me </span></a><span style="color:#ff9966;">with any and all questions.</span></span></p><p><span style="font-size:85%;color:#ff9966;"></span> </p>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-25924417799474852252009-04-24T09:28:00.000-07:002009-04-29T15:32:45.045-07:00How to sell your products to Costco<div align="center"><strong><span style="color:#33ccff;">The Crucial decisions that need to be made before doing business with Costco.</span></strong></div><div align="center"><strong><span style="color:#33ccff;"></span></strong> </div><div align="center"><strong><span style="color:#33ccff;"></span></strong></div><div align="left"><span style="color:#33ccff;">Making the decision to do business with one of the countries most successful retailers is not one of those quick brainstorm ideas hatched over coffee and a bagel at your local Starbucks. I am sure you have lain awake at night dreaming of your product prominently displayed at Costco with thousands of members clamoring around to grab a hold of the last item before they are all gone. No doubt you have rehearsed your response to the frantic phone call from Costco begging for more product, offering anything to get just one more shipment. Cool and unbothered you pause before letting them know you will see what you can do, while at the same time, asking for better terms.</span></div><div align="left"><span style="color:#33ccff;"></span></div><div align="left"><span style="color:#33ccff;">Fortunately this has happened and could happen to you. You may never find yourself invited over to Jim Sinegal's house for holiday dinner, but that doesn't mean you will never be successful selling your products to Costco if you are prepared.</span></div><div align="left"><span style="color:#33ccff;"></span></div><div align="left"><span style="color:#33ccff;">Thousand of companies just like yours have made it into Costco and sold their products successfully for years. What makes the difference between companies that are in and the one's that are out? The successful companies that have made it into Costco and stayed there had the following things in common.</span></div><ol><li><div align="left"><span style="color:#33ccff;">They were prepared: They did their homework and had a plan. They knew what they were getting themselves into and had already made the necessary adjustments for success.</span></div></li><li><div align="left"><span style="color:#33ccff;">They hired a company or individual who had expertise in selling Costco to fill in the gaps in their plan and advise them during the process. <a href="http://www.tlbconsulting.com/">Click here to find out how <em>TLB Consulting</em> can help your company.</a></span></div></li><li><div align="left"><span style="color:#33ccff;">They understood Costco's business model and that Costco would not bend their rules even for them.</span></div></li><li><div align="left"><span style="color:#33ccff;">They were in the right place, at the right time with the right item.</span></div></li></ol><p align="left"><span style="color:#33ccff;">Will your product be the next big item at Costco? Only time and preparation will tell. To get you started I have outlined the first 11 steps which are critical to preparing for a meeting with Costco.</span></p><p align="left"><span style="color:#33ccff;"><em><strong>The first 6 of these steps will be featured on my next blog. Stay tuned.</strong></em></span></p>Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com0tag:blogger.com,1999:blog-525954088299495295.post-19035493103902209412009-04-17T06:29:00.000-07:002010-04-23T18:00:15.417-07:00Blog overviewHello to all and thank you for visiting my Blog.<br />
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I thought it appropriate to speak to the purpose of this Blog and what you might expect when visiting. This blog will be used as an extension of my website <a href="http://www.tlbconsulting.com/">http://www.tlbconsulting.com/</a> . The sole purpose of this blog and the website is to connect companies and their products with Costco. My hope is to provide you with a constant stream of information that you will be able to use while deciding whether doing business with Costco is right for your company.<br />
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I am a corporate retail sales strategist specializing in Costco. My company, TLB Consulting can help you understand and negotiate every aspect of doing business with this successful retailer from pre-initial contact to seeing your product for sale at Costco.<br />
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It is important to remember and should be noted that <strong><em>you do not have to be a large company to do business with Costco</em></strong>, you simply need to have the right tools. Connecting with my company can give you those tools. Many make the mistake of feeling they don't have the finances or logistical support to mount a campaign with Costco. What you might not know is many successful Costco vendors started very small. Selling your products on Costco.com or in a Regional area is a great way to break in and show Costco how your product will sell.<br />
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I am sure if you are considering partnering with Costco you have questions. At TLB Consulting we have the answers. <br />
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Stay tuned for more information on doing business with Costco.<br />
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If you would like to contact me to discuss how your company might benefit from selling products to Costco email me at <a href="mailto:Tim@tlbconsulting.com">Tim@tlbconsulting.com</a>.Timothy Bushhttp://www.blogger.com/profile/12737198255375964216noreply@blogger.com1