Navigating the CPG retail world is complex and intricate, and bringing a new product to market can be difficult, even for seasoned professionals. It’s important to look to an expert before you take the jump into the retail market. Here are 7 common CPG missteps I see people make that can sink their product before it even has a chance for success.
7 common CPG missteps
- Mismanagement of brokers. Failing to keep a highly experienced, razor-sharp eye on everything brokers do from the minute they receive samples is a common misstep. Also, it is often “fatal” to send a broker alone to show your product to a buyer without adequate preparation, detail, and without a skilled master broker or highly seasoned sales executive to represent the brand in a comprehensive way.
- Incomplete retail presentation. You’ve no doubt heard the expression, “you never get a second chance to make a first impression.” This is especially true in retail. An incomplete or disjointed presentation turns off buyers who will reject your product and move on to the next.
- Bad package design. While your product is very important, the package design is the first thing consumers and retail buyers will see. If it’s not optimized for a retail store shelf environment, easy consumer comprehension and appeal to the target audience, it won’t make it to the shelves, or stay long if it does.
- Wasting your first meeting. Showing up unprepared to a meeting with a retail buyer at a trade show or in his or her office is the best way to not get a second meeting.
- Not understanding the true costs. Getting products on retail shelves can be an expensive endeavor. It’s a big mistake to not have a realistic plan and budget before you start the process.
- Being pressed into an unfavorable deal. A bad deal is a bad deal, even if it’s from a “good” retailer or broker. Once you’ve entered into an agreement, it’s too late to negotiate better terms.
- Hitting the shelves without an action plan. Unfortunately, even the best products don’t really sell themselves, and getting them on retail shelves is just the first step. Without a plan to drive sufficient velocity and awareness, your product is likely to be delisted after just a few months.
Avoiding these 7 common CPG missteps can help smooth the path to retail success. I share lots of ideas and tips on my blog, but if you would like to work with me on a consulting basis, please contact me at firstname.lastname@example.org.