Wholesale to Retail

Wholesale to Retail. Understanding Why Some Wholesale Product Companies Face Challenges When Selling to Retail Chains!

When it comes to selling products to chains, there are certain factors that contribute to the success or failure of product companies! As someone who frequently speaks at trade shows nationwide about selling to chain stores, I have had the opportunity to interact with volumes of product companies. Through these interactions, I have observed distinctions between the companies that thrive and those that struggle. Interestingly, these distinctions are becoming more apparent as I continue teaching on this subject! Therefore, I wanted to take a moment and share a few of these differentiating factors in hopes that it can serve as a turning point for those facing challenges in bringing their products into the market.

1) Successful product companies create plans with their objectives in mind.

In other words, they establish what they desire for their business then outline a well thought out plan of action. They thoroughly consider, research, strategize and subsequently execute their planned steps. In contrast, many individuals tend to be scattered in their approach by taking action without sitting down and developing an approach towards achieving their desired outcomes. The clearer you’re, about your goals the greater your chances of achieving results.
It’s fascinating how when you have a vision of what you want the right people tend to show up and provide the support you need. A written plan can be incredibly powerful and surprisingly simple.

By the way if anyone needs help creating a written plan I highly recommend checking out a couple of my books on the topic; “One Page Business Plan”, by Jim Horan and “Goals” by Brian Tracy. These authors aren’t affiliated with me. I genuinely think their works are fantastic!

2) Successful companies that develop products don’t give up when faced with challenges nor do they let financial constraints hinder their goals.

I’m always amazed at the number of product companies with ideas who abandon their dreams due to concerns. Its disheartening because I know product companies that faced similar financial hurdles! The only difference is that these successful companies refused to quit until they discovered a solution. Some started small selling their products through one retailer after another until they accumulated funds to fuel their business. Others sought advice from industry experts. Explored financial options available, in the product industry.

Ultimately the question that arises is; How determined are you to achieve your goals?If you truly desire something you will discover a way to achieve it. It may not be enjoyable or effortless. With a commitment, to yourself anything becomes possible.

3) Successful CEOs of product companies possess a strong passion for learning.

When I reflect on the CEOs I’ve encountered who have achieved success with their products I believe it stems from their nature and constant pursuit of knowledge that aids their triumph. They thoroughly explore resources consult experts in their fields and gather as much information as possible on strategies, for generating revenue with their products.

To position yourself for success it is vital to make decisions by taking ownership of your aspirations and acquiring the knowledge to become a success story. You don’t have to know everything. Being open minded and willing to make an effort is crucial! It’s astonishing how CEOs I come across who simply assume that they can delegate all the tasks without attempting to comprehend the process involved.
These companies often find themselves wondering why their products aren’t generating the expected revenue.

This principle applies to all aspects of business! For example if I wanted to create a website I would definitely hire a professional to handle the work. However if I truly aimed for success I would first research websites in my industry. Try to learn from their strategies. Armed with this knowledge I would then provide it to the designer so they can utilize their expertise.

The key takeaway is that continuous learning and growth are essential, for success. Relying solely on others to do the work for us will not yield the desired results. Nobody is as invested in our business as we are. Therefore finding effective ways to gather information is crucial in order to make progress.

In any case I hope these insights add value for you. Course there are factors that contribute to success or failure but these few points should, at least stimulate your thinking. So whenever you face challenges and feel like giving up just ask yourself how determined you truly are?If your desire is strong don’t give up until you achieve victory!

To Your Success,

Karen Waksman