You’ve launched a product and now you may be thinking, “If I can JUST get into Target, I’ll be golden” or “If I can just get a good amount of real estate in these 1,000 stores I’ll finally make some money!” WRONG. Retailers are a part of the puzzle, actually about 1/8 of the puzzle.
Sure the benefit of being in a retail store is that people can see, touch and feel your product. However the retail world is changing fast and you can be making 2/3 MORE profit by selling directly to consumers online.
Wendy Krepak, owner of Card Cubby and co-founder of The Nutshell Project, explains that every product company must have a sales acquisition plan made up of at least 8 components. Each of these components are essential in making it in today’s product world – retailers being one of the components.
“Today’s retail climate can make it a challenge for small business owners to launch a new product” says Wendy. “Many retailers are struggling to sell proven lines and can be slow to try new, unproven ones.”
Retailers are also competing with the world of online shopping which increases in popularity every year.
“Our world is busy and people are now going online to save both time and money,” she says. “Heck I am 55 and I buy as much as I can on Amazon with my Prime membership for free shipping! The young generation has always done this and the older generations are getting more and more comfortable with it.”
Wendy is not discounting retailers in the least bit –as a matter of fact she is in over 1300+ retail stores across the country. They are a definite avenue for shoppers to explore new products and make impulse purchases. However, Wendy explains that if a product business actually wants to see a major profit, only relying on retailers won’t necessarily get you there.
“The good news is that the internet allows small companies to look like big companies and they can now compete online against the giants if all the pieces are implemented correctly,” she says.
Wendy created The Wheel of Product Success (seen below) as a blueprint to help The Nutshell Project clients focus their efforts by bringing all 8 pieces into one profit-producing formula.
“If these 8 sales components are done the RIGHT way, not necessarily big, and at the right time – you’ve got the formula.”
The Nutshell Project serves passionate, crazy, sleep-deprived people who are trying to change the world with their product and still feed their family. To get more product tips like this and details of how to implement each component successfully, Sign Up for Our NEWSLETTER to get crackin’!
The Nutshell Project provides a full service “soup to nuts” approach to develop, tweak or refine your product business bringing it to the essential tipping point from investing in your business to making money. Our first-hand launch of global product successes and years of insight provides our clients with a crucial road map as well.
Leverage our experiences in: mastering QVC, appearing on Good Morning America and The Today Show, landing in national magazines, selling in big box stores, infiltrating boutiques and drug stores and having a robust E-commerce online platform! Visit www.TheNutshellProject.com