Negotiating with Walmart? My Biggest Takeaway...
Our Weekly 2 Minute Read
Any business person knows if Walmart is interested in your product, it's a game-changer.
Walmart has consistently been the king of retail stores.
In the past few weeks, I've been fortunate to begin the process of discussing product placement with Walmart.
Although we're only in the initial phases of discussion, this is what stood out the most...
We have to be experts in our product.
Relationships can only go so far to get the meeting, but preparation is what will sell it.
Every single business would love the chance to distribute its products through Walmart, so of course, Walmart buyers are bombarded with sales calls.
In fact, some big-box retailers are so overwhelmed that they literally have product placement plans for one whole year already planned out.
That means even if we get the "yes", our product doesn't hit the shelf until 2021 at best.
But not only do we need to know our product inside and out, but we also need to know our entire industry inside and out.
We have to know top competitors, top-selling products and have data to justify our price point.
So our call to action?
We must do our homework.
We have to go to the Walmart shelf we would be on and understand what makes our product better than every other product on that shelf.
We've got to figure out pricing.
Once we do that, there'll be no need for "hard selling".
Because if we're truly prepared, we'll walk in with a simple presentation and full confidence, and the buyer will walk away making the right decision.