You have spent a lot of time and money developing your new business and now, you plan on making phone calls or knocking on the doors of the retailers in your area.
The job of a retail buyer is to make informed decisions whether or not to buy your product. They have to do this because they report to senior management who will ask them all these same questions before signing the Purchase Order and approving the purchase.
Here is a list of questions that many buyers will ask prior to adding your new product to their inventory.
- Who is your target audience? How do you know this?
- Do you own patents to this product? Can it be knocked off by a competitor?
- If I place an order, do you have it in stock or is there a lead time before you can ship?
- What are the minimum order requirements?
- Who pays freight from your warehouse? Is there a certain order qualtity where you will pay freight?
- Do you have competition? Who is it?
- What is my cost on the product?
- What is the retail selling price?
- How did you determine this price?
- Do you think this is a competitive price?
- Who else is selling this product?
- How did you test and certify this product? (electrical products need UL)
- How do we deal with defectives?
- What is the warranty?
- What is the average defective rate for this item?
- How is the product boxed and shipped to the retailer?
- How is your item packed to sell? Box, bag, clam shell, etc.
- Do you have a UPC/EAN barcode for your product?
- Do you have product samples available for testing?
- Do you have marketing funds for us to help sell your products?
- Is their training for the retail sales associates? How is this training delivered?
Remember, although your item may be a passion for you, it is a business for the retailer and is one of thousands and thousands of items in their shop. They want to feel confident about your product
As a barcode provider, we can help you get UPC and EAN barcodes for your product.
As business consultants, we can also help you with your business. Feel free to book an appointment for consultation at www.mediamediainc.com