How to Build a Retail Strategy
Whether your product is ready to enter the marketplace or your brand wants to expand its sales beyond an e-commerce site, chances are you’ve been asked, “What’s your retail strategy?”
If you’re new to this process of product placement, it’s not something you want to attempt alone. To introduce you to the basics of retail strategy, we’re here to answer your questions about what it entails.
What is a Retail Strategy?
At ChicExecs, the Retail Strategy department focuses on finding retail placement for brands. This could be online, in a brick and mortar store or with a drop shipping business, meaning the retailer purchases the item from a third party and has it shipped directly to the customer. Finding ideal placement for a brand means building a partnership and listening to that company’s end goals.
Which Channels Should My Product Be In?
Along with curating these partnerships, there’s the understanding that each brand has its individual needs based on its goals. While some businesses are looking for drop shipping, others are looking for presence in high-end stores. It’s the job of the Retail Strategy team to help each business map out their goals so they know they’re finding the best channel to meet their needs.
What Is the Importance of Retail Strategy?
The short answer: visibility is everything to your brand. While this presence includes social media, brand awareness and influencer campaigns, having your product placed where consumers shop also creates appeal. Not only does retail strategy help those brands that are expanding, they can evaluate which products are best-sellers.
How Do You Stay Above the Competition?
Speaking of best-sellers, you want to make sure your product lands in the retail space of your dreams to become one. Just like applying for a job where you need to stand out among the other applicants, your brand must do the same against its competitors in order to reach shelves. When you’re trying to stand out, your visibility becomes important. Here are some other helpful tips that give you a competitive edge.
- Show the retail buyer that you have a cohesive strategy
- Organize your marketing materials. Your samples should tell a story about your brand and speak to your authenticity.
- If your brand has PR or influencers, make it known to the buyer. That retailer could be choosing between your product and a competitor’s at the same price point. Knowing yours has significant PR while the competing brand does not could win your product a spot on the shelf.
Can You Align Yourself with Those Who Have Buyer Relationships?
With many moving parts to retail strategy, your brand requires an expert. You want to establish a partnership with someone who can guide you through the process and already has buyer relationships.
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