SECRETS 104 The Essential New Item Checklist – The Recipe For Success with Daniel Lohman of Brand Secrets and Strategies

New product innovation is the lifeblood of every brand. New products fuel sustainable growth, attracts new shoppers and increases brand awareness. Know the critical steps to get your product on more retailer’s shelves and into the hands of more shoppers.

Welcome, I really want to thank you for listening. It’s the beginning of a new year and again, I’m upping my game to help better serve you. Before I begin, I want to remind you that this show is about you and it’s for you. The goal here is to get your products on more retailer shelves and into the hands of more shoppers. If you like the podcast, share it with a friend. Subscribe and leave a review. I’ve had the privilege now to work with literally hundreds of brands from all stages of development, from pre-revenue all the way up to multibillion-dollar companies while working with them. I hear a lot of the same reoccurring themes. Today’s episode was inspired by a conversation that I had with an emerging brand a couple of weeks ago. A good friend of the founder went into a store where they just got distribution.

The product just launched. They spent about 20 minutes looking for the product, with the help of the store personnel, before they found it. The product had been merchandised in an entirely different department, far from where it belonged. That brand paid a company to help them get distribution in the store, which they did, but because it was incorrectly merchandised and put in an entirely different department, consumers can’t find it. This became a costly and potentially devastating mistake. The brand spent a lot of money to help promote the brand and drive traffic into the store. They missed out on all the new potential customers that wanted to buy their product in addition to missing the opportunity to introduce their product to new customers and to demonstrate why their product was better than any of the other options on the shelf. The store was looking forward to having new customers come into their store to buy their product, and of course, they missed out because people couldn’t find it because the product was not correctly merchandised.

The sales velocity is going to be next to nothing, meaning that it’s going to be ripe for being discontinued during the next category review. On top of that, the cost of getting the product remerchandised onto the shelf where it belongs is going to be extremely expensive and it’s not going to happen overnight. Just to get an appointment with the retail buyer to even start those discussions about where the product goes or how to remerchandise it is going to take several weeks. So while the brand anxiously awaits to have the product remerchandised, they’re going to continue to miss sales opportunities, which is going to dilute their brand and make it difficult, if not impossible, to compete all at the same time while they need to continue paying their bills. Does this sound familiar? The reason I’m sharing this story with you again is because I hear stories like this all the time.

Mistakes like these have the ability to completely derail a brand if not bankrupt them. In the process, you worked hard to build a brand that people want to buy. You put all your love, your sweat, your tears, everything you’ve got into making this brand a success.  Wouldn’t it make sense to make sure that retailers know where to put the product so that you can avoid these costly mistakes? That’s what this episode is about. In fact, that’s what all my content is about. Helping you get your product onto more retailer shelves and into the hands of more shoppers.  Brands have been asking me for years to put together some sort of training program to help them avoid these commons mistakes beyond the podcast and my content.  I am happy to announce that I have just launched a series on online courses for our industry.  You’ll hear more about them at the end of this podcast.  They’re designed specifically to teach you the skills that you need to know and to help you compete more effectively. You will learn how to give retailers what they really want, more traffic in their store and a reasonable profit. Now, here’s today’s episode.

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By |2019-01-12T21:16:32+00:00January 8th, 2019|Podcast, Sales Story Optimization|

About the Author:

Daniel Lohman, CPSA is Strategic Advisor in the CPG and Organic Industry. His company, Category Management Solutions (CMS4CPG LLC), provides innovative ideas, actionable insights and strategic solutions for companies interested in gaining a significant competitive advantage. He assists companies in expanding their retail distribution and improving their merchandising. His extensive knowledge and expertise reaches far beyond traditional category management and has earned him recognition throughout the industry as an expert, speaker, trainer and thought leader. Daniel can be reached at Dan@CMS4CPG.com. Connect with me on LinkedIn.

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