Navigating the Perfect Retail Partnership
There’s a common challenge among business owners in retail.
At the same time that store owners are looking for vendor applications, many product-based businesses are also seeking a physical space to sell in.
So, why isn’t it easier to fill in the gaps here?
Just like any substantial relationship, compatibility is key, and this partnership has to have mutual benefit while avoiding misguided investments.
For store owners, this is the time to whip out their knowledge of assortment buying that will cater to the target market: Understanding the customer’s needs, gaps in the offering, sourcing unique finds, and of course, the visual merchandising! Planning out how multiple brands will coexist under the same umbrella is the key to a seamless integration.
Now, for the vendors. Are they taking any or all offers to showcase their products? Considering the financial resources in inventory, shipping, administration, resources, and any applicable stocking fees, a bad fit could significantly harm their brand image!
Let’s discuss what product-based businesses might ask themselves when applying to their ideal psychical spaces. It’s important to note here that these questions are relevant for any physical spaces - brick-and-mortar stores, markets and shows, or pop-up shops.
1. Who is the local target market?
2. Are there other products that relate to your product offering? Are they fairly aligned in pricing tier?
3. Who are the competitors? Do the differences create a competitive edge or threaten your success?
4. What is the current store traffic? How frequent does the store need to be replenished?
5. What is the financial commitment to stock at this store? (If any)
6. What are the logistical needs in terms of fulfilling orders?
7. Are there any marketing opportunities where the owner will help promote your business further?
8. Do you have a good working relationship or connection with the store owner? Are there any red flags in terms of working together?
Now, the undeniable truth...
Ultimately, we won't fully grasp the outcome until we take that leap! By setting aside time to answer these questions, we can set ourselves up for greater retail success. Keep in mind: No matter how great the actual space is, product presentation can truly make or break your success and brand image.
If you're eager to leave a lasting impression on your customers, partners, and competitors with outstanding product presentations and displays, we’re here to help. Get in touch with VM ID to talk about creating Visual Presentation Standards for your store or wholesale accounts!