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5 Ways To Prepare For A Retailer Buyer Meeting – Get the listings you want · Enhance.training

• 0:00
  SPEAKER_00: It is daunting working out how to prepare for your retailer buy meeting.
• 0:04
  SPEAKER_00: Let me tell you a familiar story of a retailer buy meeting.
• 0:08
  SPEAKER_00: You're presenting your product to be listed in your ideal retailer.
• 0:11
  SPEAKER_00: The product buyer asks the price.
• 0:14
  SPEAKER_00: You hesitate because you know the value of your product, but you really want that listing.
• 0:18
  SPEAKER_00: So maybe you say a lower price than the one you had planned, and then before they've even asked, you offer a discount too just to get that listing.
• 0:25
  SPEAKER_00: But before you know it, you're only just selling above cost if you're lucky, and you're certainly not selling at the value your product is worth or deserves.
• 0:32
  SPEAKER_00: But it shouldn't be this way, and often it comes down to pricing confidence or sales pitch confidence.
• 0:37
  SPEAKER_00: So if you want to improve how you prepare for retailer buyer meetings, then keep watching, as we're going to explore five ways to improve your confidence in your pricing before you even get to that retailer buyer meeting.
• 0:49
  SPEAKER_00: Five ways to become more confident with pricing so you can sell your product for its true value and get paid properly.
• 0:55
  SPEAKER_00: My name is Anna Taylor, and if you're new to this channel, Enhanced.training shares pricing and business management expertise to help you improve the performance of your products and business.
• 1:06
  SPEAKER_00: For over 15 years, I've worked in finance alongside sales and marketing teams for companies such as Unilever, Mondelez, SAB Miller, and Asahi.
• 1:15
  SPEAKER_00: I've seen firsthand the importance of getting pricing right and I want to help you do the same.
• 1:21
  SPEAKER_00: Believe me, I know that pricing for retailers is hard.
• 1:24
  SPEAKER_00: I mean it's hard enough to come up with a price in the first place, isn't it?
• 1:27
  SPEAKER_00: But then talking price with retailers can be even harder.
• 1:30
  SPEAKER_00: In product buyer meetings, there will come a time when you're asked, well, how much?
• 1:35
  SPEAKER_00: The pricing negotiation and how you answer that question will either set yourself up for success or not.
• 1:42
  SPEAKER_00: And there is a lot riding on it, isn't there?
• 1:44
  SPEAKER_00: All too often it comes down to confidence, which in turn comes from how you have prepared for a retailer buyer meeting.
• 1:51
  SPEAKER_00: So let's look at what you can do.
• 1:53
  SPEAKER_00: The first way to prepare for a retailer buyer meeting is do your research.
• 1:58
  SPEAKER_00: I mean it's the simple truth that if people value what you're selling, then they'll buy it.
• 2:02
  SPEAKER_00: And this works for consumers and product buyers alike.
• 2:06
  SPEAKER_00: I mean when you designed your product, you did this with the consumer in mind, didn't you?
• 2:10
  SPEAKER_00: You have or should have conducted market research into what the consumer wants and why, and you will have tailored your product accordingly.
• 2:18
  SPEAKER_00: So when you're preparing for retailer buy meetings, think along the same lines.
• 2:22
  SPEAKER_00: You need to know what a retailer product buyer wants, what they need.
• 2:26
  SPEAKER_00: The retail product buyer will have their own criteria and you have to make it easy for them to buy from you.
• 2:32
  SPEAKER_00: So when talking product price with retailers, the more your offer suits them, the greater the value they'll get from it and the more likely they'll buy from you.
• 2:40
  SPEAKER_00: So whether it's understanding the retailer buyer's margin expectations or being able to show how your product suits their customers and why, but do your research.
• 2:50
  SPEAKER_00: Make sure you know how your product will help that retail buyer.
• 2:54
  SPEAKER_00: Make sure you know what a retailer wants.
• 2:57
  SPEAKER_00: I mean it's only too obvious to buyers who has done their homework and who hasn't.
• 3:01
  SPEAKER_00: So doing your research is an essential part of preparing for retail buyer meeting or put you in a much better position.
• 3:08
  SPEAKER_00: It will give you the confidence in your sales pitch and during the meeting itself.
• 3:12
  SPEAKER_00: And this is something entirely in your control, so I can't recommend it enough.
• 3:17
  SPEAKER_00: Okay, the second way to prepare for retailer buyer meeting is know your value.
• 3:24
  SPEAKER_00: You'll become more confident with your retail product pricing if you know the value your product provides.
• 3:30
  SPEAKER_00: So once you've done your research and know exactly what that product buyer wants, you need to prepare how to communicate the value that your product will provide to the retail buyer.
• 3:41
  SPEAKER_00: If you do not have a clear idea of the value your product will bring, well then the buyer won't either, will they?
• 3:47
  SPEAKER_00: So you've got to match your product and your offer to what the product buyer wants, and you'll be making it easier for them to buy from you.
• 3:54
  SPEAKER_00: Now there are tools you can use to match your product strengths with your buyer's needs.
• 3:58
  SPEAKER_00: Personally, I particularly like the strategizer value proposition canvas, but there are others too.
• 4:03
  SPEAKER_00: And even just sort of brainstorming on a rough piece of paper will improve your confidence in the value you're providing to the retailer.
• 4:09
  SPEAKER_00: I mean, think of all the different ways the retailer will benefit, as some ideas might include customer services, delivery, marketing, impact on their consumers.
• 4:18
  SPEAKER_00: Look, know your value, know how to communicate that value for the retailer, and you'll build sales confidence.
• 4:24
  SPEAKER_00: You'll be better prepared and more confident about talking price with retailers.
• 4:29
  SPEAKER_00: Now the third way to prepare for a retailer buyer meeting is know what you want.
• 4:33
  SPEAKER_00: I mean, before you go into any retailer buy meeting, you should know what you want to get out of that meeting.
• 4:38
  SPEAKER_00: It may feel like this is a bit of a no-brainer, but it's not as simple as just getting a sale.
• 4:43
  SPEAKER_00: There's at least another layer to drill into.
• 4:45
  SPEAKER_00: You've got to be really specific here.
• 4:47
  SPEAKER_00: If you're specific about what you want, you'll know what you can negotiate on.
• 4:52
  SPEAKER_00: For example, do you want listings in all their retail stores or just some of them?
• 4:57
  SPEAKER_00: What about shelf position or being included in the retailer's advertising?
• 5:01
  SPEAKER_00: What else is it that you really value?
• 5:03
  SPEAKER_00: You need to create a list of what you value and what you think the retail buyer will value too.
• 5:09
  SPEAKER_00: And then in pricing negotiation, if the product buyer for the retailer asks you for a discount or to reduce your price, it helps if you know what you would want in return.
• 5:18
  SPEAKER_00: Because giving a discount without anything in return is just poor negotiation, it puts you in a weaker position and it can really be avoided.
• 5:24
  SPEAKER_00: So only move from your first price for the reason that you're getting something in return.
• 5:29
  SPEAKER_00: So when talking price with retailers, you could say, okay, you want a 10% discount.
• 5:35
  SPEAKER_00: Well, perhaps I could do that in return for well, it could be faster payment terms, a volume commitment, or anything else that you really value it.
• 5:44
  SPEAKER_00: And this shows the product buyer that you're more than happy to discount if they can provide value in your direction too.
• 5:51
  SPEAKER_00: And it also shows you offering a genuine discount if it requires justification.
• 5:55
  SPEAKER_00: Look, it's the retailer buyer's job to get that price as low as they can, so don't be put off, just be prepared and know exactly what you want and what you'll ask for in exchange for a discount.
• 6:05
  SPEAKER_00: So know the detail of what you want as you prepare for your retailer buyer meeting.
• 6:11
  SPEAKER_00: Now, the fourth way to prepare for a retailer buyer meeting is to know your pricing back to front.
• 6:16
  SPEAKER_00: As part of your pricing process, calculate all those costs so you're sure about exactly what profit you can make from multiple price points from your ideal price point and then perhaps a few lower.
• 6:28
  SPEAKER_00: Work out multiple offers to the retailer so during that meeting you're able to be flexible and remain confident that you can negotiate around other factors as well as price.
• 6:37
  SPEAKER_00: Now you need to work out these offers and you need to price these offers really carefully, but you must do it before the buyer meeting.
• 6:44
  SPEAKER_00: Now you should also set a minimum price, which is your walkaway price no matter what.
• 6:49
  SPEAKER_00: Be strict with yourself on this.
• 6:51
  SPEAKER_00: Remember that any price you agree will set a precedent.
• 6:55
  SPEAKER_00: So if you know what you can afford, you shouldn't be tempted to agree to something that you can't.
• 7:00
  SPEAKER_00: Knowing these details before pricing negotiation will make the retailer buyer meeting itself so much easier.
• 7:05
  SPEAKER_00: I mean no one wants to have to do what-on-the-spot margin calculations.
• 7:08
  SPEAKER_00: Oh not even me, it would certainly make me nervous.
• 7:11
  SPEAKER_00: So if you know your pricing back to front and what you can and can't afford to give away, then you'll be confident in your pricing.
• 7:17
  SPEAKER_00: If you're confident in your pricing, the retailer buyer will also be a lot more confident in your pricing and more likely to say yes.
• 7:24
  SPEAKER_00: Now the fifth and final way to prepare for retailer buyer meeting is, well, practice makes perfect.
• 7:30
  SPEAKER_00: It's human nature, isn't it, to be more confident in familiar situations in our comfort zones.
• 7:35
  SPEAKER_00: Well we've done something many times before, we believe in ourselves, we find it easier to predict the outcome, perform or become more confident, and far less fearful.
• 7:44
  SPEAKER_00: Now we can build sales pitch confidence before our meeting with the retailer buyer by practicing.
• 7:50
  SPEAKER_00: So just try performing your sales pitch to yourself.
• 7:52
  SPEAKER_00: It could be in front of a mirror or you can even video yourself.
• 7:56
  SPEAKER_00: But plan talking price with retailers.
• 7:59
  SPEAKER_00: Think about the words you will say and how you will say them.
• 8:03
  SPEAKER_00: Now it would be awkward at first, but it's far better to practice at home, well than in the meeting itself.
• 8:07
  SPEAKER_00: And you can also try it with friends.
• 8:09
  SPEAKER_00: Give them your sales pitch and your retailer offer and pricing and listen to their feedback.
• 8:14
  SPEAKER_00: Ask them to challenge you so you get used to a price in negotiation.
• 8:18
  SPEAKER_00: Try different ways of introducing the price, but find the one that you're most comfortable with.
• 8:23
  SPEAKER_00: Now, practising saying something out loud is really powerful, even if it's perhaps that in a wince or uncomfortable feeling when you say it to someone and await their reaction.
• 8:32
  SPEAKER_00: But the more you practice something, the easier it gets.
• 8:35
  SPEAKER_00: So be brave and give it a go, and you'll build that sales confidence and become more confident with pricing.
• 8:41
  SPEAKER_00: So, in summing up, if there's a face-to-face element to your selling, then how you prepare for retail in a buyer meeting is one of the biggest drivers of your confidence and success.
• 8:51
  SPEAKER_00: The more you prepare and practice your offers and pricing, the better you'll be during the buyer meeting, and the more retail buyer meetings you're successful at, the better you'll become and the more confident you'll be.
• 9:02
  SPEAKER_00: So make sure you know what the product buyer values, understand exactly what value you're offering to the retailer, know specifically what you want, and work out your pricing back to front.
• 9:13
  SPEAKER_00: And then practice.
• 9:14
  SPEAKER_00: Now you may still have nerves going into the meeting, and there's nothing unusual about that.
• 9:18
  SPEAKER_00: However, you can have the confidence of having prepared.