Create partnership with retail shops
What do I mean by creating partnership deal with retail shop? What will you gain?
This activity will somehow create a semi steady passive income stream for you in the long run once you found your best product that have repeating sales. You can scale up and expand your product and customers will also know you are the distributor for the product. In this phase prepare yourself mentally that you will face lots of rejection from the retail shop owner initially. But trust me when you get the hang of it with experience you will grow. The more retail partners you have the more sales you will get.
I am going to explain to you how to do it in four stages
1) Planning stage
Prepare as much inventory of a particular bestselling product. Choose a small sized product so that it can be easily displayed. Label your product package with your company name, contact number, also your social media contact.
Prepare a sales presentation on your product with testimonials from customers. The sales presentation will have your business explained briefly.
Plan on how to display your product at a prominent location of a retail shop.
You may need a display rack.
Set your target on how many retail partners you want to have within a year. Plan your schedule and consistently do your marketing outings as frequently as possible. Keep yourself motivated and try to keep up with your set target.
2) Do stage
Depending on the product go round your shopping area and find a suitable retail shop that you think will be interested on your offer.
Start your sales presentation with the retail shop. Make use of a clear file and flip through your slides to present to the retail shop owner. Alternatively you may want to prepare a presentation slide using PowerPoint presentation on your lap top or iPad. Offer consignment deal with the retail shop owner. Consignment meaning the retail shop owner only pay for what they sell. Prepare an invoice when the shop owner has agreed to your proposal.
3} Check stage
Once you have a deal. Meaning the shop owner has agreed to put your product on display. Recommend a prominent spot for display. Follow up with the retail shop owner and track your sales. performance. Replenish you stock when necessary.
4) Action stage
Scale up and get as many retail shop partners as you can. Publish your retail partners location on your social media platform. Repeat the whole process over again and fine tune your process.
By following these 4 stages you should be able to improve your sales and get yourself on right track for business growth.
By having more retail partners your customers can get to purchase their product much more easily. The main aim is to get the product as near as possible to your customers. So that they do not have to order from you. Maybe they can just buy the product while they are on the way home. This will save a lot of time and unnecessary delivery cost. As your brand name get more exposure your customers may view you as a reliable source to purchase item from.
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