John O’Maley provides valuable input after 41 years of experience
Introduction
Congratulations! You’ve successfully launched your brand, ramped up production, and secured distribution channels. With wins from local retailers, and direct-to-consumer sales, you’re now gearing up for the big leagues—meeting with buyers from major retail chains.
As a seasoned CPG veteran with 41 years of experience in sales and marketing, I have helped launch two hundred products successfully into the U.S. retail market. I have invaluable insights on what works and what doesn’t in a buyer meeting. Below, I take a deep dive into the five key things you need to address during your buyer meeting, as well as how to address them.
1. Your Company
What to Cover:
- Who you are
- How long you’ve been in business
- Financial viability and solid management
- Retail successes
Buyers want to know that your company is dependable and credible. While it’s tempting to share your company’s backstory, save the detailed history for later meetings. For now, focus on proving that your company and team are rock-solid and ready for business.
2. Incremental Product Opportunity
Key Questions:
- Does your product represent incremental sales and profits?
- Will it grow the category or just swap dollars with another product?
Buyers care more about their category’s success than any single product. Show them how your product will contribute to category growth, whether through attracting new demographics, offering a new delivery form, or premium pricing. Be creative yet clear about how your product’s features translate into consumer benefits and category growth.
3. Pricing
Considerations:
- Is your pricing optimal for the retailer’s market and category?
- Does it make sense in terms of value and competition?
- Will the retailer make an acceptable margin?
“Price connotes efficacy.” Premium products often solve significant problems, and consumers are willing to pay more for solutions that deliver on their promises. Avoid racing to the bottom on price; instead, focus on value and the margins necessary to support effective marketing.
4. Advertising and Marketing Support
Crucial Points:
- A robust and effective advertising and marketing campaign is essential.
- Buyers need confidence that you can execute these plans.
Seventy-five percent of new products from first-time vendors fail within two years, primarily due to inadequate marketing. Outline your comprehensive marketing strategy, including social media promotions, SEO, sampling, and more. Be prepared to discuss the dollar amount you plan to spend on advertising over the next 12 months, beyond any co-op advertising commitments.
5. The Sales and Marketing Team
Focus Areas:
- Show that you have the right sales and marketing team in place.
- Buyers expect a team that knows exactly what they’re doing.
Whether it’s your internal team, experienced consultants, or external agencies, make sure the buyer sees that your team is prepared and competent. Buyers don’t have time to hand-hold new companies through the setup process.
Crushing the Buyer Meeting
Meeting Structure:
- Split your meeting into two halves. Use the first half to cover the five points above, and the second half for discussion and Q&A.
- Use a deck with no more than 8-10 slides, each featuring three bullet points and one graphic.
- Incorporate a 30-second product demonstration video if possible.
During the Q&A, focus on closing the deal. Gauge the buyer’s interest, address objections, and clarify the next steps. Whether it’s sending samples, scheduling follow-ups, or discussing planogram timing, ensure you leave the meeting knowing the buyer’s interest level and what you need to do next.
Ultimately, aim to come away from each buyer meeting with either a follow-up that leads to further engagement or valuable insights on how you can improve your offering—or ideally, both.
Conclusion
Navigating a buyer meeting can be daunting, but with these five essential topics and strategies, you’ll be well-prepared to impress and secure valuable retail partnerships. Remember, each meeting is an opportunity to gain experience and grow, so make the most of it!
For more insights and to get personalized advice for your next buyer meeting, reach out to John O’Maley at (513) 227-7191 or via email at [email protected]. www.johnomaley.com. Let’s make your next meeting a success!
John O’Maley. West Point Graduate. Recruited by and started for Coach Bob Knight at West Point in basketball before Coach went to Indiana University. After graduation: Ranger, Captain US Army. Company Commander of Armored Tank Company. P&G alumni. Founder/CEO of John O’Maley & Associates for 31 years, a National Sales and Marketing Consulting Company. Deacon in the Catholic Church. Married for 50 years to high school sweetheart. Four grown children (2 adopted), all with college degrees. Five blessed grandchildren.
