Launching a new product in the market
Oh! How I’ve wished to launch my product and to note the process down for the longest time. Today I’d love to share my plan of execution with you to bring a new product into the market. First, start with selling it directly to the end-users. It will give you confidence and give you customers to connect to for feedback before you a bigger market.
Now the point is that where can you find your end-users?
The web is a significant channel, and you can reach your market through your website or via a site like eBay. Host a party to share your product with friends and friends-of-friends, sell through local community groups, and e-mail your system. Once you get feedback from your customers, modify the packaging and price point before releasing it to your next market. It would help if you started with small local stores. It’s okay to begin with them before hitting larger stores as it’s easier to get in touch with the direct decision-maker. They are more ready to take on new, unique, and hard-to-find items. To sell to these retailers, be prepared and bring a product sell sheet, photos, product samples (if possible), and a brief introductory letter to explain what’s in it for them, highlighting your product’s profit margin and features benefits, and proven sales record.
Once you’ve established sales with retailers and you are ready to support new markets, it’s time to sell to the big guns. Of course, precisely who those big guns are will depend on your product. For few, it’s powerhouse general mass retailers, like Wal-Mart and Target, while other products will fit more precisely and equally influential retailers, like Williams-Sonoma, The Sharper Image, and Sephora.
Remember that when dealing with these major accounts, the sale is just the beginning of the deal. Handling fulfilment, returns, rollbacks, slotting fees, advertising, and more will require strengthening your business’s infrastructure and resources.
But back to the sale. What’s the best way to approach a more massive retailer? Here’s a quick cheat sheet:
- Get the correct buyer: One of the biggest challenges will be finding the right buyer within a large market, so do your homework precisely. If you’re doubtful about having roadblocks consider hiring a distributor or manufacturer’s rep who already has established industry relationships.
- Be prepared: Develop a presentation and have professional sell sheets ready to have a more significant impact on the third person, which will increase the chances of the sale of your product. Your product must have packaging that’s ready to go as well as attractive.
- Know your target: Understanding what products they already have and how yours will fit in is very important and needs to be analysed efficiently. Don’t waste time pitching to a retailer who’s unlikely to have your work in the end.
- Please take advantage of special programs: Some retailers have local purchase programs that give managers the authority to try local items, so take their advantage.
- Be patient: It can take as long as a year or two before you bare the fruit, so don’t get frustrated.
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