Pitch perfect - how to sell to high street retail buyers
Although you need to ensure the margins are healthy enough, selling your products through a leading high street brand can raise your profile and really transform your fortunes. But first comes the pitch, of course, so what's the key to getting it right?
1. Prepare an 'elevator pitch'. Your elevator pitch should last 30-60 seconds and clearly explain key facts about you, your business and its products. Once created, practise in front of others until you can deliver it with confidence and ease. You should also prepare a short pitch for the specific product you are trying to sell, focusing on key benefits. Crucially, you must be able to prove demand for your product. You must also be able to make a compelling argument as to why the buyer should stock your goods. Overwhelmingly, that's about making profit from sales.
2. Know your product — inside out. You could be asked a wide range of questions about your product, including how and why it was developed, what market research you've carried out, how and where it is made, how many you sell, lead times on supply, volumes, etc. Seasoned buyers will expect to hear comprehensive answers, with any claims backed by solid evidence.
3. Research your buyer's market. You will need sound knowledge of the buyer's business and its market — particularly its customers. Make sure you can answer the question: "Why would our customers buy this product?".
4. Get your packaging right. No matter how good your product, poor packaging will put off potential buyers. And when it comes to products such as foodstuff, your packaging must be legally compliant, of course. Buyers like to see attractive packaging as part of a strong wider brand.
5. Be special. Whether they like it or not, high street buyers have to see many potential suppliers in an average week. That's why you, your business and your products must stand out from the crowd. What makes you so special?
6. Do your sums. Work out at what price you can sell to achieve your desired profit. Don't settle for less — however much you want your products to appear on well-known high street shelves. Selling at stupidly low prices could have a disastrous effect on your business. Ask for time to consider all deals you are offered. Remember that high street retailers drive very hard bargains.
7. Don't bore people. Although you might have to talk through a long list of facts and figures, try to keep your pitch engaging. The more you bore people the less likely they are to buy from you. Pepper your pitch with some attention-grabbing facts.
8. Stick to the point. The people to who you are pitching are probably very busy. They will have set aside time to see you and won't appreciate running over unnecessarily. If you plan your pitch properly you should be able to convey key facts and answer any questions buyers might have. Avoid any jargon or 'business speak' — plain English is always best.
9. Believe in yourself. That doesn't mean cocky, but time-poor buyers don't usually agree to see potential suppliers if they aren't interested. That fact should boost your belief in yourself, your business and your product(s). A severe lack of confidence will work against you when pitching. Keep your tone and demeanour professional, yet remain warm and friendly. And remember — practice makes perfect. The more pitches you do, the better you should get.
10. Take all feedback on board. Naturally, you'll be hoping to strike a favourable deal every time you pitch, but if for any reason that doesn't happen, listen to the negatives and learn from them. It might enable you to be more successful next time.
My advice about pitching to high street buyers
Cara Sayer is managing director of London-based Really Simple Ideas Ltd, developer of SnoozeShade®, a pioneering blackout blind for prams and pushchairs, which was launched in early 2010. Since then, she has successfully pitched her products to Boots, John Lewis, Mothercare, Tesco, Toys 'R' Us, JoJo Maman Bebe and many other leading retailers. So, what advice does she offer? "I went to a nursery trade show with a prototype of my product, got highly positive feedback and immediately received an order from JoJo Maman Bebe. That got things off to a great start, but I needed to go after other high street names. "Attending that first trade show was really useful because I was 'pitching' constantly. Getting immediate feedback from retailers enabled me to learn what they were looking for, which helped me refine my pitch. "My first proper pitch was to Mothercare. I was nervous, but the buyer was lovely and it ended up being more of a chat about how I came up with the idea, how I was publicising my products and why I knew there was a market for it. It was just a one-to-one meeting, which made it easier, and after that we communicated by phone and email. "How did I prepare for the pitch? I did some research about categories my product could sit in, what other products and price points there where in those categories, and why SnoozeShade® was different from other products. "I also made sure I knew my pricing structure, but I don't really talk prices at first meetings because there are other factors to consider. Many big companies expect discounts for paying in a certain timeframe or have other costs you must bear in mind. I prefer to find out what margin they're looking for, agree we can do business in principle and then confirm in writing afterwards once I have all the information I need to make my decision. "What advice do I offer to other small businesses about to pitch to a high street buyer? Think about why your product would appeal to the retailer's target audience. It may need a slightly different angle for different retailers. Also, go to trade shows, because that's where high street retail buyers go. Be open-minded about feedback you receive from buyers and don't take any constructive criticism personally." |
- See our checklist on how to prepare your sales pitch.
- Read our guidance on making effective sales presentations.
- Read a case study detailing how another small business managed to sell its smoke detector products to large retailers and check for advice about dealing with sales objections on the Business Link website.
