What’s In A Buyer’s Packet
Many of my clients seek my support because they have a product they want to sell to retailers, but they don’t know how. While there are many steps involved in preparing yourself to communicate with retail buyers, one of the most important things that wholesalers should have prepared BEFORE they reach out to a potential buyer is a buyer’s packet.
The contents of a buyer’s packet will vary based on what your product is, who your target market is, what your budget is, and what your marketing outreach plans are. In general, though, a traditional buyer’s packet consists of the following:
Letter of Introduction – A buyer’s packet should always open with a great letter of introduction. Short and sweet, this letter should not be too lengthy but should answer the questions of who you are, what the product is, who the target market is, and offer a peak into the product itself with some great descriptive shout outs. Tell a story about the product or the inspiration behind the product. Offer a glimpse into why someone may need to have this product. The goal of the letter should be to inform but also to persuade. Don’t get too wordy, though. No one has time to read a novel – make sure it’s short and sweet.
Price Sheet – A price sheet includes both wholesale and suggested retail prices. Make sure that you are at least doubling your wholesale cost for the retail cost so that retailers gain back their investment of purchase. I find many wholesalers are not prepared for their product to sell at retail because their prices are out of reach, so take the time to consider this before communicating with retailers. And remember – do not sell your product at wholesale online and expect other retailers to sell it at a higher price point. Even if you have your own website, you must sell your products at the same retail prices points your customers are to expect to keep your retail customers. I see too many start up wholesalers make this mistake and it backfires on them.
Overview – Whether you are giving a product overview or designer overview, you should have a deteremined overview identified so that your audience is aware of what you are selling and if necessary, who you are selling, as well. I refer to “who” in the case of designers. If you are launching a clothing line with your name attached, potential buyer’s will want to know who you are, so make sure to tell them. However, if you are launching a product without the association of a personal name, describe the product so that the audience fully understands it’s purpose, it’s target market, and why they should consider buying it. A great overview I recently saw was of PopATot, a fabulous portable activity center for children. The home page of their website also includes a great overview of this product, www.PopATot.com. Remember that when providing an overview, you want to offer answers to questions before your customer even asks while also enticing them so that they want to learn more or make a purchase.
Line Sheet – The line sheet is a must have for all buyer’s packets in my opinion. When done correctly, it offers a portrait of your product by including product photos, descriptions, prices, available delivery dates, and any other necessary details. Keep it organized by category and try to avoid using paragraphs but rather outline your product details.
Order Form – An order form can consist of an actual form to order your products on or it can be a guide as to “how to order” your products. Either way, make sure your ordering details are clearn and understood. If you need tax ID numbers from your potential customers, let them know this. In addition, this is a good place to include the terms of orders placed. For example, do you have a flat shipping feel or do you bill for actual shipping charges? Make sure to identify this. Also, do you take cash/check/money order/credit cards? Let your potential customers know this upfront. Once again, answer questions before they have to ask if possible. If you have color selections, size variations, case packs, or anything else specific to your product, make sure these details are all identified. Finally, make sure the order form is laid out in a clean, professional format that is easy to read and easy to write orders on.
Some buyer’s packets may include Look Books, product samples, customer testiomonials, Q&A sheet, care instructions, and more. Make sure your buyer’s packet best represents your product and your brand so that retailers will want to reach out to you and order. Afterall, that’s the goal, right?!
If you would like a customized Buyer’s Packet for your brand or product, let Retail Minded work for you! Contact Retail Minded at firstname.lastname@example.org to learn more.