Before the Pitch, Learn How to C.L.O.S.E. the Deal

In sales, the end goal is to close the deal and write that order. Sadly, many sales professionals and novices alike are so fixated on the order that they overlook the process and are often shut down mid spiel. If you’re looking to get to the close, you have some homework to do before you approach the retailer. There will be some thoughtfulness to consider before and as you talk to the retailer, as well as some hustling to do after you leave the retailer.

To help remember this process, I’ve broken down the word C.L.O.S.E.:

C –– Clear understanding of the value you offer to the potential retailer.
L –– Learn about the retailer you are approaching.
O –– Offer the retailer products that make sense for their store.
S –– Show a genuine desire to partner with the retailer.
E –– End with an action item such as sending samples, a follow up meeting or writing an order.

This “Business Sense” article focuses on the first item in the mnemonic, the “C.” If you want to hear more about the other items, I will present “Selling to Retailers” as a guest speaker at the ABC Spring Educational Conference at the South Point Hotel in Las Vegas on April 26.

C –– Clear Understanding of the Value Your Products Possess

I’ve yet to meet one manufacturer that doesn’t think their product isn’t simply incredible, as well they should. While many of these manufacturers truly do have something unique to offer the marketplace, most have a distorted view of its actual value to both the consumer and their customer –– the retailer.

Before I continue, I want to interject that all products possess a value. Articulating that value in a manner that successfully communicates it to another or attempting to sell it to the wrong target is where many fall short. There’s an exercise that any company can work through that will reveal the most successful way to understand and communicate a product’s value and to whom that value would be most appreciated. The exercise is to analyze your 3 C’s –– Company, Competition and Consumer.

Company

You may think your company is the sum of its parts: accounting, operations, manufacturing, etc. However, in the marketplace your company has a persona, a reputation (or lack thereof) that influences retailer decisions. Do you have a brand identity? If so, what does it stand for? What connotations come to mind to those outside of your business when your company name is mentioned? You may think that this is not such a big deal, but consider how many purchases you made in the last month for items that you had never heard of or had very little knowledge of prior to the buy.

With respect to your company’s products, what features and benefits do your products offer? Are your company’s products representative of a desirable and growing category? Do you know how your products are selling versus others in the same category? Take the time to write down an inventory of attributes your products possess. Look at them on paper. Ask others about the perceptions of your products. Be honest, be objective –– this is how a retailer will receive you. How would you like to be received? Work towards that goal.

Competition

It’s challenging enough to get your own product manufactured and out there, that it seems a distraction to concern yourself with your competitors; but to ignore them would be a grave mistake. Do you know who your main competitors are? What are they doing to grow their business? Do they offer features or benefits that you don’t, if so why?

Analyzing your competitors will give you a new perspective on your own product. Additionally, by looking out into the marketplace, you will find new ideas for your own business. You may find target audiences you had not considered. You might find other uses for your product. You may find new ways to communicate. Inspiration is everywhere. There’s so much valuable information out there just for you. Look, learn and leverage your newfound knowledge.

Consumer

The single most important “C” stands for “consumers,” because without them there would be no business. Both you and your retailers depend on consumers to want and purchase your products. Do you know who those consumers are? Do you know why they would choose your brand over the competition? Having insight into your consumers’ behaviors, desires and habits will help position your product to be successful.

The Giggle Guide^® industry directory includes 175 listed manufacturers under the category of diapers bags and carriers. That’s an awful lot to choose from. Without some specific knowledge of the consumer to give you an edge, it’s going to be quite challenging to rise up from the group and stand out. Even if you are operating under the assumption that the fabric/print of your product is your differentiator, how do you know which of the many prints to manufacture? It would be ideal to know exactly what the taste preferences of your consumers are before making the investment in inventory.

Consumer insights are the golden ticket to a manufacturer’s success. Consumers build your business and afford its growth. What do you know about yours?

The 3 C’s
I hope that you better understand the interdependence of all three of these components –– Company, Competition and Consumer. To disregard one is to compromise the foundation of your overall position in the marketplace. Businesses with a solid understanding of who they are and where they stand with respect to their competition and consumers will have the knowledge necessary to leverage their strengths and correct their weaknesses. They will understand how to articulate their product’s value and how to be more desirable overall, finding that “closing” the deal has become a bit easier.

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About Insights Discovered

Penny Redlin is a regular contributor to the “Business Sense” feature on The Giggle Guide^®, sharing insights about business planning, effective communications and marketing strategies.

Based in Las Vegas, Nevada, Insights Discovered was founded by Penny Redlin in an effort to share her professional expertise within the children’s product category. The company’s mission is to give every mompreneur an opportunity for success. Insights Discovered exclusively services children’s products brands. The specific industry focus demonstrates a strong dedication to the unique needs of children’s products companies. Insights Discovered offers strategic planning, market research and traditional marketing services.

For more information, visit www.insightsdiscovered.com or call 702.218.5707.