Karen Waksman of Retail MBA talks about getting your product into major retail stores like Wal-Mart, Costco, CVS or Walgreens. She explains how retail is not selling and is a well thought out formula.
She also explains the #1 thing retail buyers care about when looking at new products and debunks the myth that you need social proof and sales to start. The retail world has some shocking upsides that may be the thing that unlocks higher valuations for Amazon sellers and E-Commerce owners.
00:05 Summary of this episode
01:49 Introducing Karen Waksman
02:49 How she got into the retail world
03:58 She figured out a way to sell to retail that was totally innovative
05:07 Why business owners should get their products in retail
06:50 Getting the insider’s view on the retail industry
07:44 Selling to retail is 80% strategy and 20% reaching out to them
08:01 Why retail buyers change jobs every 6-12 months at big chain stores
09:38 The actual physical steps to getting into retail stores is simple
10:24 Selling on Amazon vs Retail
13:11 Can you have a brand new product with zero sales and still get into retail?
14:29 Why retail buys a smaller quantity at the beginning
15:24 Does your product have to be unique, or can it be a private label product?
16:56 Physical store buyers are different than online store buyers
18:03 Are there certain products or categories to stay away from?
19:52 The invisible roadblocks that stops most people
22:18 The #1 thing buyers care about when looking at new products
24:04 Why you can’t even send buyers unsolicited samples
24:29 Retail is not selling. It’s a formulaic understanding.
25:55 Say thanks to Karen at www.retailmba.com
27:22 You can have third party companies fund your manufacturing and orders without your own money or without credit