Brand success continues to rely heavily on retailer relationships. In order to get your products in front of more consumers, it is key to convince your retail partners to provide the online and in-store shelf space, and then work with them to keep those shelves stocked with the right products, at the right time.
There are proven tools for this process: data-driven insights and recommendations. Used to back up your intuition, data and analytics can help you make a compelling case to your buyers. Here are four tips on how to stand out with retailers, and a bonus tip to give you that extra edge.
1. Know Their Metrics (and Use Them)
Every retailer operates a bit differently. They use their own measures of product success. Communicate using their data points, metrics and terminology. If retailers don't have to translate your sales pitch, you have a much better chance of convincing them that they should carry your product, increase their order size, expand distribution, and more.
2. Give Your Unique Insights
Even established retailers don't know everything. Try not to assume your contact is up-to-date on the latest dynamics in your product category, and think about what new information only you can provide, like how your products are selling in their stores relative to other retailers. These insights makes you a trusted authority, and are a "hook" to interest retailers in your company.
3. Make it Pop
Data has a reputation for being boring. That's for good reason: without the right context, data has little value. Make your data relevant to the retailer — present it in an eye-catching and easy-to-understand format, using charts or other visuals, so that a simple skim is enough for you to get your message across.
4. Suggest a Trial Run
Retailers want to limit risk. A large product order may be too much to ask, even with a strong pitch. Have a plan B: a test run. A test run is an important part of the brand-building process, as you are not only advancing retailer relationships, but also gauging shopper reaction and adjusting your strategy accordingly.
Bonus: Use Predictive Analytics
Data has come a long way. Now it's not only a way to analyze what happened in the past, but also an input to accurately forecast the future. Combine your data with advanced statistical methods to develop in-depth insight of what future sales will look like and guide decisions accordingly.
Go Beyond the Theory
These tips can result in real brand success. Read more on the RetailTouchPoints blog and check out this case study of how Alloy helped footwear brand Soludos gain retailers' confidence. It's clear that strategic use of data can be a real differentiator in today's competitive environment.