I think in this life we are all guilty of not spending enough time looking at things from other peoples point of view. It’s so easy to get wrapped up in the day-to-day of running a food business that often you can forget to take a step back and look at your food or drink brand from the buyers point of view.
I know you know how wonderful your food or drink product is and sometimes it can be frustrating when the buyer just doesn’t get it as quickly as you do! Which is why I thought it would be useful to put yourselves in the buyers shoes for a moment and understand what they need to know about your food or drink product before they can consider listing it. Here are the key things that will be on a buyers mind when looking at whether to list a new food or drink product. (That it tastes great is a given!) If you are aware of your buyers needs and wants it will help you tailor your pitch more successfully.
Will this food or drink product sell?
Have you got proof of demand and rate of sale – be that from your online store, markets, independent retailers, buyers will want to know that this product can and is selling. They will have a category rate of sale that your food or drink product will need to meet, so it’s important you show that your food or drink product has a good rate of sale.
Will your food or drink product bring new customers to my category?
Clearly, they will want to make money from listing your food or drink product so if you are just taking consumers away from another brand similar to yours, it is not bringing incremental sales to their category. Show clearly which new consumers your brand will be bringing to their category – this will equate to incremental sales which is what the buyer is looking for.
Does your food or drink product align with trends and my shoppers needs?
Firstly, you need to make sure that your product is in alignment with current market and category trends, thus showing the buyer exactly why your food or drink product is right for the category; as well as showing that your product will appeal to the people that shop in their stores.
Have you got an NPD pipeline?
Buyers will want to know that your food or drink product isn’t a one hit wonder and that you have plans for new products/flavours.
Are you going to support your launch?
It is essential to show the buyer that you have a fully funded marketing and promotional plan to support your brand, creating brand awareness and driving people to their store to help grow sales.
Do the numbers add up?
Does your suggested retail price make sense for their shoppers and the category? Does the margin you are offering the retailer make sense for them and meet their category margin expectations?
Can you manage the supply?
Buyers will want to be reassured that you have capacity to match the volumes that they forecast and that you have everything in place to be able to supply them in a timely manner with no interruptions – the last thing they want are empty shelves!
Hope this has helped to give you an insight into what is on the buyers mind when you are presenting your product to them. Head over to the FREE WEBINARS section on the website for loads more resources to help you when presenting to buyers. Or get in touch to arrange a FREE discovery call to see how we can help get you Retail Ready.