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Newsflash: Buyers Don’t Care What’s In Your Suitcase | September 14, 2021 (0 comments)
We are pleased to introduce this new column dedicated to the needs and challenges of the industry's high-level designers and manufacturers by successful retail, wholesale and consulting veteran, Megan Crabtree.
Key Largo, FL--Having spent years as a buyer on the retail end, I can promise you this: your round-center-cushion-halo engagement ring is no different than the thousands of others I already have in stock.
Sure, every designer has their unique take on the piece that makes it better than the next guys, but at the end of the day, they are all the same style. Buyers have come to expect a lot more than just products from their manufacturers, so much so, that the product you carry isn’t even the most valuable thing you can offer your buyers.
What Value Can You Provide to Buyers?
So, what added value can you provide to your buyers? The answer is simple, buyers want support. Support can be given in a multitude of ways and doesn’t always have to cost a significant amount of dollars and time.
It can be as simple as recognizing that it doesn’t benefit either party to have aged merchandise. Having flexibility when it comes to returning and exchanging goods, shows your buyer that your relationship is not a one-way street and you both share the common goal of having high turning product.
What About Aged Products?
And how do you know buyers have aged products? Through constant communication and data sharing. There are multiple platforms out there that you pay a minimal fee to see your retailer's data to know what’s selling and what’s not. Retailers see this as an investment you’re making in them and your partnership on top of how active your business is in analyzing data.
There are, of course, much more complex ways to provide support too. One of the best ways to do this is by providing a variety of technological tools. A more advanced way, but a buyer favorite, is creating a back end of your website that retailers can log into. The best part about this is there really is no limit to what information you can give them here. For starters, you can provide an area that has short training videos for the sales associates to educate themselves on the stories behind the product, or a place to report sales and collect incentives. One of the manufacturer's added values I appreciated most during my time as a buyer, was a dedicated platform for easy ordering. I ordered more regularly and I did not have to pick up the phone during office hours to do so.
The next time you start packing up your suitcase for a sales trip, set some time aside to review what added values you can provide in order to support your buyer because those added values might just make or break your sale.
Megan Crabtree is the founder and CEO of Crabtree Consulting. Before founding Crabtree Consulting, Megan had a successful professional career in the jewelry industry, which culminated with high-level positions at several of the top firms in the retail and manufacturing sectors. Reach her at mcrabtree@crabtreeadvisory.com or visit www.crabtreeadvisory.com where you can set up a live chat or a 30-minute free consultation.