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The Misconception of Wanting New Retail Doors Plus 5 Ways to Master Current Relationships | January 06, 2022 (0 comments)
Key Largo, FL--We speak to manufacturers and brands all over the world daily. When we ask them where is your opportunity for growth within the company 9 out of 10 always say we want to open new retail doors. While adding new retail partners is not a bad thing, why not master your existing partners who already love you?
We see in so many instances, once we have a chance to look at the manufacturer's or brand's data, they're not capitalizing on the existing retail doors they have.
So, before you want to open new doors consider doing the following steps with existing doors.
1. Review their current on-hand report versus sell-through. This will give you a clear view of the turn, ROI, and how strong either the partnership is or where the opportunity lies to make the partnership better.
2. Make sure the retailer is consistently reordering top sellers monthly. If they aren’t it’s your job to reach out and ask for the reorder.
3. Review any inventory that the retailer has that is over a year old and has never sold. It benefits neither partner if there is dead inventory tying up dollars that is not performing.
4. Make sure your partners are utilizing and aware of any added value you bring to the table such as a back-end portal to get pricing at any time, marketing co-op, etc.
5. If you are providing the retailer with memo, have a thought process behind what you give them and be sure it is the right product. If it is not performing or turning, request the product back and replace it with an item that will sell.
These are simple steps to take but it is the difference between being a salesperson versus a clerk.
Feel free to share your tips or successes of how you have capitalized on building and growing your existing retail partnerships as a response below to this article or on our LinkedIn at
https://www.linkedin.com/in/megan-crabtree/
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.