No matter the innovation or quality of its products, brands can’t reach full sales potential until they have a mutually beneficial and strategic relationship with their retailers.
More simply, if your product isn’t properly managed at retail, selling it to consumers will be an uphill battle.
To better understand methods for getting a retailer to optimally sell your product, including strategies in both category and shelf management, working with brokers and how to navigate sales data, we recently sat down with Daniel Lohman, who is a strategic advisor specializing in the organic and consumer packaged goods industry.
“Ideally, you want to be in a position where you and the retailer can together draw traffic to the store and increase total category growth,” says Loman.
For a win-win situation with a broker, a brand must own every aspect of the business. Brokers should be given specific objectives and be held accountable to them. Too often brands hand the keys of their business over to a broker and then are disappointed when they don’t get what they expected, Lohman said.
According to Lohman, new brands overpay for syndicated data that is often unnecessary for their needs. He suggests buying specific data to address specific goals. To new brands he says affordable “snapshots,” can teach brands a lot about their sales.
In the following video, Lohman offers entrepreneurs insight on shelf placement for a brand based on category and channel. FBU subscribers can hear much more from Lohman on how to increase sales through optimal category management, shelf management, the use of brokers, and sales data. If you are not currently an FBU subscriber, sign up today to gain access to the full segment.