With the New Year comes opportunities to attend Toy Fairs and Gift Shows and pitch your product line to buyers for orders. Once you have the booth space reserved and your sales meetings set up, spend time thinking about your product line presentation and sales pitch.
1. Product Overview – Analyze the competitive set for your product and use this information to inform the buyer how your product compares to the competition and specifically why your product is unique in its competitive set. Communicate who your target users are and how your product has been designed to appeal to this audience. Results from market research either qualitative or quantitative can provide some key selling points for your product.
If your product isn’t in production, develop a ‘looks like, works like’ prototype to showcase your product concept. This prototype should represent the final product design with all of the product features, as well as design and colors of the item. The prototype should perform exactly as the manufactured item in a product demonstration. A video can provide support, but having a reliable ‘looks like/works like’ model is best.
2. Pricing – Buyers want to know the wholesale price and suggested retail price for your new product. To provide a realistic price, you need to know the actual costs to manufacture and package your item at various forecast levels. Suggest a wholesale price for your product that is competitive and achievable, yet generates a profit for you. Otherwise your product isn’t viable.
3. Packaging – Show the buyers production packaging or a great mock-up of the package which best represents the package design, along with the graphic design and copy for the package. Make sure you have priced out the costs of the package and include this in the product cost to insure you have a wholesale price that is viable.
4. Promotion – Share with the buyer your plans for generating awareness and sales for your new product line. If you have a license on this product, like Star Wars, Pokemon, etc. than share plans for how the licensor will be supporting their licensed products. If your new product lacks a license or isn’t a line extension based on an existing well-known brand, make sure to share plans to support the sell-through of this item with planned promotions, social media campaigns or advertising. Buyers are interested in the number of turns your product can get at retail, so they may offer a test in a small number of stores before placing a big order.
5. Sales – Create a sales pitch which succinctly informs the buyer in approximately 5-7 minutes about your product and why it is unique in its category. Make sure to allow for time to address the buyer’s questions. This is a perfect opportunity to gain valuable feedback on your product. The buyer may inform you that the price is too high or the packaging is too large for the location where it will be merchandised in the store. Maybe a buyer will want a special displayer or point of purchase piece. Ask what they think about your product including key likes and dislikes, so you can address their concerns and follow-up with the buyer later on.
Encourage buyers to place an order at the show by offering a show special such as free product shipping or a discount off a certain quantity of product ordered. A special offer can be given out with a code to use within a particular time frame.
Create sales materials to promote your product line with clear images and succinct copy, pointing out the unique qualities of the product along with its features and benefits. In addition to showcasing your product line with a well-designed sales sheet, an order form should provide information needed by the buyer such as: item number, wholesale price, UPC code, case pack quantities and product dimensions. Don’t forget to update your website with the latest product information prior to the show, paying special attention to the retailer sections. Lastly, be sure to communicate any special promotional plans in your sales materials.
These five areas will insure you are prepared to put your best foot forward. It is an investment to attend a trade show to pitch your product line, so take the extra steps to be ready to sell your product and write an order at the show!
ProductSmart Blog Archives
- SHOW TIME! Five Keys To Pitch Your Product Line to Buyers January 4, 2017
- Five Key Steps to Developing and Launching Products for Kids and Their Families November 22, 2016
- Playful Learning Prepares Kids for the 21st Century June 8, 2016
- Four Steps to Success for Your Trade Shows November 17, 2015
- Women in Toys Rocks Dallas October 26, 2015