Having a great product is only one part of successful selling. Much more of the equation lies in product placement, inventory allocation, pricing, and packaging. As a result, it is imperative for your success to take stock of your stock and develop a strong plan for getting your goods into the correct distribution channels. Here are some tips to consider when pricing and placing your items.
No Margin for Error
When establishing a price for a given item, it is imperative to build in enough profit margin for yourself, as well as for your distributor. Too often, consumers think retailers are in the philanthropic business and should offer items at cost. Reality says otherwise. Sellers are entitled to make a fair and reasonable profit.
Don’t shortchange yourself, but be realistic in terms of what your commerce channel can make, as well. As such, it is better to err on the side of setting the price for your product too high to account for profitability, rather than to set the bar too low and operate at a loss.
Looks that Kill
Years ago, there was a popular oral hygiene commercial that boasted the tagline, “You never get a second chance to make a first impression.” That saying is highly applicable when it comes to marketing. Invest in high quality packaging and professional photography to present your products at their best.
Also remember that online consumers buy products without getting a visceral feel for them, thereby making the aesthetics all the more important. For better or worse, judging a book by its cover is standard operating procedure in the realm of retail, so ensure your products cast the most attractive shadow possible.
Sell, Mortimer! Sell!
No matter how great your product may be, it will never become a big seller if your vendor is misaligned with your product’s branding. Due diligence for selecting vendors is often overlooked pre-distribution and can mean the difference between sustained success and quick death for your offering.
Choose vendors carefully, and consider how they cater to their given market demographics. Do your vendors offer personalized support and offer well-received recommendations to clients? Do they deal in niche markets that line up with your product’s intended audience? These are all questions to keep in mind when selecting a vendor. Once you have your answers, make your decision based upon which vendors are most likely to have a suitable customer base for your needs, and those who will most aggressively support your product.
Check It Out
One of the easiest methods for determining your product’s best placement is through simple research. If you’re going the retail route, conduct some recon missions to area vendors that might be potential partners. If your product fits with a given seller’s other inventory, contact that vendor directly to discuss the potential of carrying your product. Investigate online-exclusive vendors as thoughtfully, and determine where your product best fits and has the capacity to sell most effectively.
Once you’ve developed and produced a high quality product, your next step is choosing suitable entry into the marketplace. Vendor selection will be critical to your product’s success or failure, so evaluate your options carefully. As you conduct your pre-distribution research, remember that a product is only as good as its selling platform. Partner with vendors that put your product at the forefront and offer you the best sales possibilities.