When putting together your pitch to retailers, your first order of business is to shop their store and get a sense for the selling environment. Develop opinions and propose recommendations for how your brand or product line can live successfully in their store environment.
Going global is great for younger companies because it helps grow your sales and creates cash flow. But one risk in going global is the inability to control your brand reputation. And brand is what creates value for your line and company financials, your retailers, investors and potential acquirers.
You are ready to pitch to your first retailer when you can say “I’ve done it!” to the following:
- You have conducted market research with potential users and retailers to qualify the concept, price, product and packaging. Potential users should consist of more than just your friends and family. You want objectivity!
- Your product meets an unmet consumer need and delivers product benefits in a unique way.