Want to expand your food business into international markets?
An international buyer showcase can be the perfect way to do just that. You simply invite potential buyers from your chosen region to come along a test your product, examine your business, and consider your value. However, there’s more to successfully selling an international product than letting people taste some great food. You also need to pitch yourself to prospective buyers.
The process of getting onto the international shelf can be one of the most frustrating tasks for food entrepreneurs – because it often has very little to do with the food you’re selling. Yes, you need to provide something that tastes good, but you also need to convince the buyers in your international market that you’re going to deliver the growth and profits that they need to thrive. After all, it’s not just you that wants to make money!
Since most international retail buyers are very busy people, you’re not going to have countless shots at getting your pitch right the first time around. So how to you make sure that you make the right first impression at your buying showcase?
Start with a Food Pitch Outline
One of the easiest ways to make sure that you’re covering all of the essential points that need to be addressed in regard to your business and product – is to design an outline.
This outline should include the questions that you need to ask yourself about your business, and the questions that you need to answer for your prospective buyer.
Most retailer buyer sales pitches have ten different elements. Don’t be overwhelmed by the number, as these elements are often simpler than you think. They include:
- Identifying your retail prospects
- Creating the perfect position for your product
- Framing your brand in comparison to other brands
- Covering the benefits for the consumer and retailer
- Determining your retailer’s goals
- Identifying your target audience
- Understanding your competition
- Outlining how you’re going to support your brand
- Market trends that support the value of your company
- What the buyer’s reason to buy should be
As with most things in business, the unique aspects of your sales pitch will change according to the goals you’re trying to accomplish and the market you’re trying to sell to. However, there are some general rules of thumb that can apply in almost all cases.
For instance, above all else, you’ll need to find a way to exhibit confidence in yourself, and your brand. People don’t want to buy from someone who isn’t confident, positive, and able to address any issues that their potential buyer might have.
What’s more, your standard pitch should include some insight into the following elements:
1. Your Products: An international buyer showcase is the perfect place to show your potential buyers how your food looks, tastes, and feels. This should be the most obvious thing to cover in the start of your pitch – but not something you should dwell on for too long. After all, if they have had a chance to test the product themselves, then they are already somewhat familiar with it.
2. SRP: Your suggested retail price for the product that you’ll be selling. Make sure that you can tell your buyers what the full price of your product should be without sales or discounts. The retail buyer should have price points for each product category, and you’ll need to be within this range.
3. Gross margin: Make sure that you can give your retailers a gross margin of your product in percent and dollars. There’s no excuse for not knowing this number by heart.
4. Value: Finally, tell your buyers why they should invest in you. Are you solving a specific customer problem, or filling a gap in the market that has been waiting for a food revolution? Show the unique value of your product, and why it means profits for anyone who works with you.
If you’d like to know more about a buying showcase can help your business, then please feel free to give Steve a call today on +61424 503 837.