How to nail your next buyer meeting: A supplier’s guide
As a growing supplier, securing a buyer meeting with a major retailer is a significant milestone. However, turning that opportunity into a long-term partnership requires preparation and a deep understanding of what buyers seek. Once you’ve met with the buyer, things will move quickly, so it’s essential to use your first meeting to differentiate your product and make a positive impact in the short time you have together. After all, this meeting will likely decide whether your product will be on their shelves or eCommerce site. Often, buyers only seek new brands for 10-20 percent of their category, so competition is fierce.
At SPS Commerce, many of our retail experts were previously buyers at major retailers. They’ve hosted hundreds of meetings with new suppliers and know firsthand what it takes to impress a busy buyer.
Here is their advice on how to make your next buyer meeting a success.
1. Master your financials
Financial performance is at the heart of every buyer’s decision-making process. Retailers focus on profit margins, market share and how your product will contribute to their bottom line. You must come prepared with compelling financial data demonstrating your product’s success or potential.
If your product has a track record, share specific metrics like market share gains, revenue growth and how it has outperformed competitors. It’s also good to share the markets in which it performs best.
For new products, focus on your company’s history of successful launches of similar items. Show how each performed and how your go-to-market strategy led to financial success in an in-store or online retail environment. Use market insights, trend analysis and competitive data to support your projections. These reports may be available from Nielsen, IRI or other industry research providers.
Your goal is to create a compelling financial story that convinces buyers that your product is a profitable addition to their assortment.
2. Understand the retailer’s process
Buyers appreciate suppliers who demonstrate a thorough understanding of their internal processes. This insight, from timely sample submissions to accurate product information (such as weights, dimensions and packaging details), showcases your competence and readiness.
Before your meeting, familiarize yourself with the retailer’s submission guidelines and requirements. These are usually available online or provided to you by the company in advance. Be clear about what is expected and ensure you meet those requirements.
Be prepared to discuss if you’d consider an exclusive deal for your product and what commitment or level of bulk buy you’d require.
Be sure to highlight your ability to deliver on time, comply with their specifications, provide product images that meet their specifications if needed and navigate their supply chain processes by being EDI-capable.
3. Provide detailed product information
Buyers need to be fully informed about what they’re purchasing. Therefore, it’s crucial to come prepared with detailed product information. They’ll expect you to provide details on everything from the availability of different sizes and colors to production capacities and pricing. This level of detail will make you appear knowledgeable and reliable.
Discuss your production capabilities candidly. Buyers will want to know if you can meet their demand, especially if your product takes off and they need you to scale rapidly. This insight will also help them determine whether they should plan to carry the product across all stores or a subset of locations and what they can expect to set as available inventory online if drop-shipping. Be honest about your current production limitations and how you can scale up if necessary.
Quality is another critical factor. Make sure your product meets the retailer’s quality standards and be prepared to discuss any certifications or compliance with industry regulations. If your product has unique attributes—such as being eco-friendly or locally sourced—highlight these, as they can be key selling points.
4. Leverage samples and visuals
Samples and visuals are powerful tools in a buyer meeting. Bring live samples of your product or ship in advance (and confirm receipt) if the meeting is virtual. The items allow the buyer to see, feel and experience your product firsthand, which can make a significant impact.
In today’s environment, where many meetings still happen virtually, ensure your digital presentations are polished and professional. High-quality images, sharp photography, detailed slides and a straightforward narrative are essential.
5. Be professional and respectful of time
Buyers are busy, and their time is valuable. It’s important to approach the meeting with a clear, concise and focused agenda. While building rapport and a relationship is important, it’s crucial to keep it from overshadowing the business at hand. Every minute of the meeting is precious, so it’s respectful to keep the small talk to a minimum.
Focus on delivering the product information the buyer needs to make a decision. Start with a brief introduction, but quickly transition into the key points: financials, product details and how your offering aligns with the retailer’s needs. Avoid the trap of focusing too much on the relationship aspect; your goal is to communicate the value of your product efficiently and effectively. Their decision isn’t based on likeability. It will be based on how well your product adds value to their category.
Lastly, don’t leave the meeting without identifying how and when the buyer will contact you regarding the next step (or, if they don’t, letting them know when you will follow up), asking for feedback and determining a timeline for further communication.
Conclude the meeting with confidence
Nailing your next buyer meeting takes more than just having a great product—it’s about presenting a compelling business case, understanding the retailer’s needs and their business and demonstrating that you are a reliable and knowledgeable partner ready to do business with them.
By mastering your financials, understanding the retailer’s supply chain processes, providing detailed product information and respecting the buyer’s time, you increase your chances of securing a slot in their planogram or online assortment. Remember, the meeting is your opportunity to show why your product deserves a spot on their shelves—make it count.
SPS helps suppliers be at their very best at every buyer meeting, our experts and products ensure you have the right data and are prepared to dazzle the buyer with your product and its value to their business. Learn more today.
- How to nail your next buyer meeting: A supplier’s guide - August 29, 2024
- Product pages: Would you buy it with that item description? - January 18, 2023
- Profiting from Assortment Planning in Retail - December 21, 2022
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