Romy Taormina

Psi Bands - Nausea Relief Chief/Co-Founder
Pacific Grove, CA
http://www.psibands.com

    Are you ready to take on a new, large retail account?

    November 12, 2008

    I am writing this blog from the standpoint of a product-based company…

    If you were given the opportunity to work with a new, large retailer, would you be ready? Large can be defined as something larger than what you currently have. Before you make the plunge, consider the following:

    • proper inventory – you need to have enough inventory to support ongoing orders otherwise you risk jeopardizing your relationship with your retailer (and customer);
    • bar coded packaging;
    • fulfillment readiness – be prepared to handle it yourself or outsource it – it needs to arrive on time or else you may face penalties from your retailer and risk losing the account;
    • merchandisable packaging – it needs to fit where the retailer wants to display it (note: what may work at one retailer may not at the next – your packaging may need to be versatile…research what your competition is doing to see if it makes sense for your product);
    • secure packaging so that your product is not tampered with (no one wants to purchase a damaged box);
    • a marketing budget to support your sales efforts - see my prior blog on promoting your company on a small budget: http://www.savorthesuccess.com/member/romy-taormina/blog/241;
    • travel to/from meetings with your buyer (most communication can be done via phone and email), but you should occasionally visit your buyer to maintain a good relationship; and
    • the manpower (womenpower) and expense associated with managing the account (all the above).

    Keep in mind that if your product does not move, your product is coming back to you – at your expense. So, it’s important to grow in concentric circles – to grow at a manageable pace that you can afford. Keep focused on driving sales (make sure that you know what your buyer’s sales goal are, too).

    If you are ready to land a new, large account, great! It can be a wild ride! If you are not ready, that’s ok, too. We all want to be in business for the long haul so growing at a steady pace is key.

    Have you taken on a new, larger retailer? How is it going?

    P.S. One of my goals for Psi Bands in 2009 is to land another large retail account (5,000+ stores).

    Read Romy's other blog entries >

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