Struggling With A Big Box Pitch?
We’ve heard it before, you prepared a big box pitch and you had the connections – but you failed to get a yes for your campaign, but you don’t know why.
We’ve compiled a list of the 4 biggest reasons most pitches fail, and what you need to know for your next pitch to succeed.
It’s not enough to have a great product, and a supply chain in place – you need to deliver complete confidence to the retailer you are pitching to.
To do that you need a comprehensive plan. So here are 9 Reasons Your Big Box Pitch Failed.
1) You Weren’t A Good Fit
This can be out of your control. You had a great pitch, you were prepared, but in the end they either already had a product similar to yours – or you just weren’t a good fit for the retailer.
This can happen – and when it does you can’t give up!
2) You Didn’t Research The Retailer
You need to do your research as you build a pitch for a big-box retailer. The more prepared you are for each question they will have, the better your chances of success.
These are simple questions, but you’d be surprised how often they’re overlooked.
- How is your product a good fit for this store?
- What is the demographic for your product?
- What’s different about your product and their current catalogue?
- Do you meet all of their requirements?
- Do you fit the store’s motif / design?
- Did you consider their floor plan?
3) You Don’t Know Your Numbers
From a retailer’s perspective, if you don’t know your numbers, then you aren’t ready for business. You need yo know your costs all-in: Packaging, Display + Fulfillment costs, transportation, warehousing, handling costs.
It’s impossible to move forward with a pitch without having these figures nailed down. Here are a few specifics that some customers miss:
- Costs of packaging and displays
- Fulfillment costs
- Detailed Supply Chain Plains
- Accounting for returns
- Other details about your project
You must know your numbers to even be considered by a big box retailer.
Learn about the benefits of a Contract Packaging Partner.
4) You Didn’t Know The Buying Procedure
Big Box retailers often have time slots for potential pitches. Some may setup a specific time with you, while others have open times every year, quarter, and some can hear pitches every month.
Typically you will have a 30-minute pitch to deliver everything they need to know.
Some categories will only have a single buyer in the pitch with you, while others could have multiple – it depends on the category. But be sure to understand the windows in which they would even listen to a pitch!
Make sure it’s buying season for your product.
5) You Didn’t Understand The Different Sectors
There is a Local, National, and Global procedure – know the differences!
Each of these levels will have their own procedures for pitching, buying, and applying for their levels.
Some stores like Wal-Mart will have a Local program.
They will hear pitches given directly to local store managers. If the manager approves of your pitch, he or she will send it to their Regional General Manager.
And if they like it you will get a list of stores that would possible take your products.
Just like other areas in business, they can test your product at different levels and slowly move it up the chain. Start small, and think big!
6) You Weren’t Confident
The big box retailer you’re pitching to has heard a thousand pitches. They’ve greenlit tons of projects, but they’ve denied hundreds of projects for every yes.
They are looking for you to show comprehensive knowledge of your product, the market, and your entire supply chain. Knowing these things in and out will build confidence and trust with your buyer.
We offer all of our customers turnkey solutions with our contract packaging services.
Use our knowledge and expertise of the entire supply chain to help build your pitch and deliver to retailers without any issues.
If you don’t feel confident to give the pitch, you could hire a representative, or broker, to pitch on your behalf. They will take a small commission, but they will also bring plenty of experience, a track record, and potentially even a relationship and history with the buyer.
7) You Didn’t Stand Out
Retailers are looking for new partnerships to build with innovations. If you aren’t bringing something new to the store for their customers, why would they choose you?
Whether it’s an AR innovation for the customer experience, fulfilling a quota like Shelf-Ready Packaging, or a commitment to updating your display year round – you need an X-Factor to stand out.
8) You Don’t Have The Track Record
Would you take a risk on a company that didn’t have a track record? Or a new product that is untested in the marketplace?
Neither would a big box retailer. That’s why you need to take this pitch seriously!
If you can partner with someone that has a relationship with the big box store you want to work with, that could help. Why not a manufacturer with a proven supply chain?
For a big box retailer to take you seriously, you need to have enough in place to give them confidence to say yes.
And remember, some big box retailers won’t rely too heavily on one brand, and encourage competition. So make sure your product is ready for the big show.
9) You Chose The Wrong Partner
Bennett is a premier packaging and retail displays manufacturing company striving to protect and promote our clients’ products with customized corrugated solutions.
When you work with us, you’re part of the family. We will partner with you every step of the way.
With our fully-integrated design-to-delivery process, we can be the single supplier source. We are an award-winning manufacturer of virtually anything corrugate.
We offer everything from plain brown shipping boxes to sophisticated, high-graphic printed point-of-purchase displays, and everything in between.