You’re a manufacturer with a nutraceutical product that will revolutionize the market. Maybe it’s a superior anti-aging formula, a previously unseen autoimmune system modulator, or maybe you’ve just found a way to deliver the cheapest, cleanest, most eco-friendly bottle of spring water.
Whatever your product might be, it won’t hit retail shelves if you can’t get a buyer to buy into your message. Whether you’re prepping for a one-on-one with a major retailer at an ECRM conference or pitching a one-off to a local brick-and-mortar retailer with a pharmacy in every town in your region, you want to be ready for a pitch-perfect presentation of your portfolio.
With that in mind, here are four questions you should ask yourself before sitting down with a buyer.
1. Where does your item fit within the retailer’s category structure?
How does a customer reach the point where they would buy your product? Do you have a category decision tree (CDT) in place that can help you visualize and communicate this process?
Make sure you understand how someone goes from a broad category like “vitamins and supplements” to your specific solution.
2. How does your product differ from existing products?
The vitamin and supplement industry is massive. With hundreds of billions of dollars in competitor activity and an ever-shrinking global market, you need to know precisely what it is that gives each product its edge.
Draft a unique selling proposition (USP) that concisely states what you sell and why it is better than the alternatives.
3. Which shopper segment does it appeal to?
Your end user is a critical piece of the puzzle. Who stands to benefit from your product the most? “Everyone” doesn’t count here. You need to clarify your ideal customer profile so you (and your potential buyer) can connect the dots.
While you’re drafting that USP, make sure to add an ideal customer profile (ICP) that specifies who your products are designed to help.
4. What quantitative data can you present?
Buyers can listen to heartwarming pitches all day long, but it’s when you can dig into the facts and figures behind the label that you can really get their attention.
As you prepare to present, consider what incremental volume your product could drive in sales. Can it impact category profit? What are the statistics that can really get their attention?
Preparing to Meet Buyers
Managing buyer relationships is a necessary part of the nutraceutical manufacturing process. Questions like these can help you maximize every encounter. If you need help working with buyers, our team of expert marketing and distribution professionals is standing by to help. Reach out for a free consultation. We’re ready to help you develop ICPs, identify USPs, and craft each pitch so that it targets each buyer and gives you the best chance of ending up on their shelves.