Are you struggling to find relevant stockists for your business? Don’t worry. In this blog we are going to discuss some key factors & tips in obtaining the right stockist for your brand.
As brand owners we often become over protective of our image. Now that’s not to say it’s a bad thing , but in order to progress your business you must start at the foundations. Take a step back and evaluate your stance in the market. In order to build up credibility & demand it often requires the sacrifice of either image or time. Most times even both. Don’t compare your business to overnight success stories , building a business takes more than a bit of luck. It consists of building long lasting business relationships and partnerships , a lot of trial & error and some very long days.
1. Focus on your niche:
Although you may have your eye on some of the bigger outfitters , start small. Building your business organically will allow you to build your network sustainably , build your revenue streams & give you insight to the mechanics of your business. The most efficient way of achieving this is through independent businesses.
2. Brand Exposure:
A lot of people or smaller business will often find it daunting putting themselves behind the business & putting themselves out there publicly promoting their business. However case studies show brand owners who put themselves out there have a much higher rate of success & growth. Be active with your business , post regularly , participate in local or larger events and distill confidence behind your brand. After all why should someone buy from you if you don’t put confidence in your products.
Apply for awards relevant to your business. These can provide great credibility and exposure for you brand. Request publications , be it from local newsletters to national paper & magazines to radio and television. Online blogs etc.
3. Price Competitively:
Wholesale is a game of volume. Allow yourself less margin as your start your wholesale venture , build your relationships & over time your business will thrive. It’s often difficult to find the sweet spot starting off , but after time you will find as your order quantity increases , your product cost will reduce significantly and your margins will become more lucrative. It’s a process not a race.
4. Take A Punt:
If your new to wholesale or in the process of building up your business , take a punt or two. Most retailers will often never stray from SOR opportunities as it allows them to test & introduce a new product to their consumer at no risk to them. Don’t be hesitant , if your carrying stock , 9 times out of 10 this product will carry a shelf life. Which means you have a limited amount of time to move it. Take the risk , do your homework , approach the right stores & get your product out there! After all , it’s better than having it sit in a warehouse past it’s season where it remains on sale for a prolonged period. ”The longer your sitting on stock , the more money it’s costing you.” This is often the biggest source of brands going under. After all , at least if its in a store you’re building your brand awareness and putting your products straight in potential customers hands.
5. Be Bold:
Have you ever built a relationship purely through text on screen? Most retailers will receive hundreds of requests , lookbooks & samples quarterly. You will often find that most business relationships aren’t based on the quality of the product , but the quality of the person selling it. Don’t be afraid to approach a store in person and ask to speak to the buyers or purchasing managers. You’ll be surprised how many people will stop to have a chat with someone who has made the effort to take the trip down. It’s all about getting your foot in the door if your not well established. Put a face to the brand and success will happen at a much livelier pace. But also be prepared. Have your Look Book & pricing at hand and be sure to have a couple of samples with you.
