Successfully Pitching Your New Product Idea
How you present your idea to potential buyers can make or break your chances of finally putting your product on store shelves. Getting your product into national general merchandise stores can help you establish a known brand, gain a loyal following among customers and build up your income stream.
The problem is that marketing a new product is extremely challenging. There are a lot of competitors out there, so you really have to prove that your product is something special and unique.
What’s more, you have to show that there is a great demand for your type of product that isn’t already being met by someone else. If you are just getting started, the process can seem overwhelming, but it’s important not go get discouraged.
There are a few simple tips you can follow to successfully market your new product idea to general merchandise stores without getting frustrated or stressed out.
Develop a Business Plan
Before presenting your product to general merchandise distributors, you need to come up with a solid presentation and business plan.
- Start off with a great business plan that clearly defines what your product is, how it will benefit consumers and how you see it in the future.
Having a business plan is not just a must for pitching a new idea, but it can also keep you track of your vision and goals. Without having your ideas and strategies on paper, it’s hard to keep up with growing production and demand. It’s especially important if you are also looking for investors. The wide majority of investors base their decisions on business plans and presentations.
- Split your business plan up into separate sections.
Start it with an executive summary that basically outlines what you are trying to accomplish and how you plan to get there. It’s also important to include marketing strategies and profit projections.
Work on Your Branding
Besides writing a business plan, work on your branding. When it comes to general merchandise, effective brand development is essential to reaching new customers.
Developing a unique brand is the best way to separate one general merchandise product from another. In many cases, branding is the only thing that determines how expensive and popular a particular product is.
- Spend a good amount of time working on your product’s logo and slogan. Think of your target audience, and try to come up with a design that will appeal to them.
- Remember that popular national stores look for products they can sell. If your product isn’t memorable enough to stand out, chances are it won’t get picked up for distribution.
Pitch Your Product
Once you have a clear idea of what your brand is and why people will want to buy your product, you can start pitching it to general merchandise distributors.
Keep in mind that getting the right contact in the industry can be very tough. It’s even more challenging to sell your product once you do reach a company representative.
- One way you can make the process easier is hiring a professional broker who has a lot of experience with pitching new products on behalf of clients.
- If you are selling a food item, remember that you’ll need to get a broker who has a food broker license.
Hire a Broker
It’s actually a good idea to hire a broker from the start if you’ve never pitched a product to distributors before. Brokers who specialize in general merchandise distribution have important contacts within the industry, and they know how to pitch your product in the most effective way.
When selling food products, hiring a broker with a food broker license is a great way to show that you are offering a high-quality product that customers can trust.
Brokers can help you with every aspect of developing and pitching your product including writing a business plan, creating a brand and presenting it to popular retail stores. It’s the easiest and quickest way to get your product on store shelves and increase your profits.