There are several ways to prepare for a successful buyer meeting, depending on the type of business you own. Today, we want to go through nine specific tips any business can adopt to help increase the success of a buyer meeting. First, let’s look at what you can do to prepare for the meeting.
Before the Meeting
1. Do Your Research
Don’t expect to waltz into your buyer meeting and land the deal without first doing your research. Visit the stores, restaurants, boutiques, etc. that you’d like to sell your product in. Envision how your product would fit in and how it could increase the company’s or store’s success.
Attend industry events and network with others in the field. Several workshops, trade shows, and conferences take place across the country, every year. Attend the ones concerning you, your brand, and your product to get the most out of each event.
Be up to date with your industry. What are the new innovations? What are the pitfalls? Why has it been in the news? Why hasn’t it been in the news?
Last but not least, check your competition! Understand how you compare, and prepare to answer questions about why your product is superior.
During the Meeting
2. Bring Your Contact Info
Make sure your contact information includes the name of the company, your name, your position in the company, a phone number, an email address, your website, social media handle(s), and perhaps a little blurb about the company to help them remember your product.
3. Introduce Yourself (with a spark)
Introduce your business in a new, exciting way. Remember that you’ll make the biggest impression in the first minute of speaking, so make it count! Tell a story, paint a picture, and describe your product(s) the way you would describe them in an ad campaign.
Remember that this is a presentation, so visuals are welcome! Add great pictures (if they add value) to enhance your introduction, showcasing the passion and excitement behind the product(s).
4. Describe Your Product(s)
Describe your product(s) in detail. Bring sell sheets and pricing sheets to pass around as well as any prototypes or completed products.
Know your numbers, too! Be prepared to answer questions about product cost, profit margins, and wholesale pricing.
5. Show Your Market Readiness
Are you ready to go on the market? Prove it! Bring your business plan, describe your marketing plan, and show off your certifications. This is when you will want to blow them away with outstanding packaging that sells your product. Let buyers know your distribution channels, product capacity that can be quickly scaled up, and recall procedures. They don’t want any surprises moving forward.
Being market-ready before a buyer meeting increases your chances of success. So, think about these things ahead of time, and remember to mention everything that proves your readiness.
6. Communicate Your Current Markets
Are you already selling? Let buyers know where you currently sell and how well you are doing. If you are not currently selling, lead straight into product fit and include why you want to sell in their market, specifically.
7. Define Product Fit
Let buyers know how your product fits in their market and how it will make them money.
Consider answering the following questions:
- Why is your product a perfect fit for their market? (This is where your research comes into play.)
- When will including your product(s) benefit their market?
- How quickly can you provide ready-to-sell products?
- What would their profit margins look like?
After the Meeting
8. Thank Yous!
Be gracious for their time and willingness to meet with you! Shake hands, if appropriate. Use their names as you say goodbyes and thank yous.
9. Follow Up
Send a follow-up email or even a gift basket! In your letter, use the names of those you met with and thank them again for their time. Include your company info and personal contact information to reassure them that they have a way to get in touch. Let them know you are excited about the opportunity to work with them and look forward to hearing back.
Easy enough? If you structure your buyer meeting around these nine tips, you’re sure to impress and land the deal. Best of luck!
If you want some help making your product retail ready, check out how we can help here and reach out to us!