Undoubtedly, one of the dreams of every entrepreneur is to have their products displayed in retail. Not only because it is a great endorsement, but also because it provides great exposure for the brand, which is synonymous with higher sales.
But not everything is rosy when selling through retail; on the contrary, it is a great learning experience. You will have to learn new concepts, working methods, strategies to know the performance of the products and more. Many make mistakes, which can affect both the company's economy and its reputation.
In order to avoid these mistakes, we will analyze the most common errors that brands repeat when they start selling in retail:
- Market research: Knowing the target public, the competition and market trends are essential to determine which products will be displayed on the shelf and their prices. Likewise, with this information it will be possible to develop effective marketing strategies to sell more.
- Distribution plan: Based on the previous point, it is important to know in which retail stores your potential customers are so that your products have priority in those rooms. That way you will be able to carry out effective promotional programs.
- Optimize your product packaging: The more attractive the presentation of your products, the more it will stand out from the competition. But that's not all, since the information contained in the packaging must be easy to understand and visible.
- Pricing and promotions: It is important that you have competitive prices and that you carry out promotional actions or initial discounts to make consumers aware of your products.
It is important that your strategy is both online and offline. The latter can be with the gift of samples, tastings and/or delivery of brochures.
- Standards and regulations: If your product is already on the market, it is very likely that you have the regulations required by the supervisory bodies, but it does not hurt to remember this.
- Product availability: Another key point is to ensure that you have the necessary inventory for the demand you will have in retail. To avoid product shortages or shortages, it is important that you generate an efficient replenishment system to avoid running out of items.
- Data analysis: And finally, one of the most important points: use technology to track sales and performance of your products. With this information you will be able to avoid lost sales, shrinkage and know the buying behavior of your customers.
In DATAMIND we have our BI Intelligence service that consolidates and unifies in a daily and automatic way the data of your retail products. This way you can generate user-friendly, intuitive reports depending on the needs of your company.
If you want to know more about how we can help you with your brand data in retail, write to us! We will contact you as soon as possible.