In step six you will revisit your action plan established from step four. Use the information and advice that you received from your consultation in step five and revise your plan accordingly. This may result in minor or major changes, depending on the advice that you receive.
Then, move forward with your action plan! After receiving third party assistance, this should be fairly straight forward. If you feel uneasy or unsure, purchase a consultation from VendorCo.
This step is highly recommended, especially if you are expanding your retail placement. All retailers have unique requirements, processes, and procedures and you should always be knowledgeable before approaching each avenue. Some trial and error is to be expected; however, you should not be completely blind.
We recommend seeking retail experts that specialize in a particular field to consult with. If you are interested in Costco placement, VendorCo offers one-on-one consultation sessions. Visit: https://vendorco.com/consulting-info for more information.
After compiling your lists, you may see areas that need attention or improvement, or you may see that your marketing and retail are right on track and you simply wish to expand. The point of this is to track and compare these two important business plans. If you have trouble comparing these lists, we strongly consider consulting with an expert (VendorCo offers one-on-one telephone consultations, see: https://vendorco.com/consulting-info).
Use your findings to develop short and long term goals. Consider where you want to be by the end of the year, the next 5 years, and the next 10 years – or any breakdown of your choosing. Make several goals for each time period, including both sales and retail goals in dollars and locations. If you’re feeling ambitious, step outside of the marketing/sales department and consider long/short term goals for human resources, operations, etc.
In this step, develop a list of your current marketing strategies. Similar to your retail chart, include information such as impressions, targeted demographic data, and any other pertinent information related to your marketing plan.
Once you have both charts completed, compare them next to one another. Is the data consistent? Is the demographic you are targeting in your marketing plan reflected in your retail sales? Start asking these types of questions to better prepare for step 3: making short and long term goals (see next blog).
This step is fairly straightforward. If you are not already tracking your retail stores and comparing and contrasting sales information, now is the time to start. Large companies often have staff dedicated solely to tracking this information, but for smaller companies it is often taken for granted.
Simply make a chart including your current retailers and any other information you believe is appropriate. You may consider including dollars of merchandise sold, units of merchandise sold, retail demographic, etc. etc.
Using this chart, begin to think about what areas of retail are more or less successful for your business, and consider why this might be. Ask yourself questions about the data that you are collecting and if this data is consistent with your target demographic. This information will come in handy in Step two: evaluate your marketing plan (see next blog).
This may seem obvious, but your website is one of the best ways to introduce your company to your customers AND retailers. Keep in mind that your internet audience encompasses more than just consumers!
Having a company store on your website creates a starting point for your retail business. Be sure to set-up a company store, or refer to online retailers currently selling your product.
Are consumers and retailers able to find your website easily? Consider partnering with a website marketing expert to help reach your desired audience.
Social media is becoming one of the best ways to reach young audiences. Be sure that you are taking advantage of this opportunity!
Is your website “smart phone compatible”? Be sure that your website is keeping up with this shift in technology.
Your company website is often the buyers only view into your business from a customer’s perspective. You can spend hours perfecting your pitch and presentation to your retail buyer, but if your website is unprofessional or inconsistent, it may be enough to prevent the buyer from choosing your retail program. A website review is often a part of the buyer’s company/product review, so be sure that your website is both consumer AND “buyer ready” before moving forward with retail.
What does it take to be “Costco ready”. Sign up for a consulting session, or contact us today to discuss a partnership: [email protected]
Costco is one of the largest retailers in the United States with vendors jumping at the chance to sell their products in the warehouses. However, in order to satisfy Costco and the Costco member, vendors must have an understanding of Costco’s processes and the ability to implement them.
Vendors are responsible for managing creative, manufacturing, packaging, delivery, accounting, customer service, and so much more. In order to serve Costco well, a vendor guide can be very useful.
An effective vendor guide may be in the form of a manufacturer representative, also known as an independent broker or product placement company/individual. Representatives often specialize in a particular retailer.
If you’re looking for a Costco vendor guide, look no further than VendorCo. We offer over 20 years of Costco specific expertise, saving you time and money with your Costco program, and cutting out the guesswork. We offer many services that are useful for current and future Costco vendors.
Browse our website for information about the scope of our business, or contact a VendorCo representative today: Contact Us
A product broker can also be referred to as a manufacturer representative, independent representative or a product placement company. These companies assist manufacturers and service providers with retail placement. A product broker may be specific to one retailer, or may solicit to many retailers.
A product broker eliminates the guess work for your company. An experienced product broker will know how to present, who to present to, and what to include in your presentations. They will know what packaging changes should be implemented, pallet requirements, process for shipping and delivery of your product, and more. They can assist you with forecasting and customer service on all levels. A product broker will know about hidden costs to account for and suggest how to get the most out of your retail program. Essentially, a product broker will work you through all of the ins and outs of a retail program. An expert can save you hours of research, headache, and hassle.
One of the obvious drawbacks or hesitations in working with a product broker is opening your business specifics to an outside company. If a broker offers services to more than one retailer, be cautious. Serving more than one major retailer will take enormous effort and likely water down their expertise.
How do you choose the right product broker for you? View our blog based on information we have required through our experience: how-to-find-cost-effective-product-brokers, or contact VendorCo for expert Costco representation.
Vendor guides refer to resources and expertise that individuals or companies may utilize for various professional needs. Having the right guides to success is extremely important for ALL businesses to succeed. Examples of suitable vendor guides may include in-depth research or third party individuals/companies that are specialists in the field of your focus.
Relying on research can often be useful, but is usually time consuming and costly. Additionally, you may find that there is either too much or too little information on your subject of interest, making it extremely difficult to identify information that is truly accurate and valuable. You should also consider that the time spent researching a topic is time that you could spend utilizing your unique skills.
Consulting with an expert can save you hours of research, ensure that the advice and information you receive is solid and accurate, and allow you to focus your time on growing and improving your business. When you can rely on experts we recommend that you do. Vendor guidance from a reputable individual/company is likely to save you time and money in the long run.
Interested in Costco vendor guidance? Keep up with our blogs for more information, or contact us at [email protected]. We look forward to hearing from you!
