With new products — whether you are a new company or just developing a new line within your company — you want to generate sales as quickly as possible. Once you get your products in a few stores, you create interest and sales data to help you continue to snowball your sales.
So what is the best ways to generate quick sales?
Of course, showing your new line to your current store buyers is the quickest way to generate sales. If you line has already sold well in a retail shop, the buyer is open to trying your new products. And, in some cases, they will ask you about your upcoming new product(s), so be prepared!!
My business associate, Don Debelak, with the One Stop Invention Shop, lists some excellent suggestions. The first two are the ones I used when I first started my sales rep business:
Look for Small or Specialized Outlets
Small specialized stores can be a great way to get sales going, but it can be hard to find these stores. Specialized stores often have a loyal clientele who are willing to try new products and pay a higher price.
Selling local is the most common way to generate quick sales. You can personally contact store owners who may take your product on because it is a local product. You yourself can do in-store appearances, demonstrations or trials to get people to buy your product. And local news sources like to carry stories about local inventors (and producers) so you can easily generate publicity. Selling locally can help you cheaply generate interest in your product and build a history of sales to launch your product regionally.
I found both these options to be very successful in launch new lines. Smaller and local stores were most receptive to my new lines. Small stores because they often wanted to have the newest products available and were not overly concerned about past sales statistics. Local stores gave me a chance to display items on consignment or a buy-back guarantee, if necessary. These local buyers also were generous with feedback on the particular line which also helped increase sales.
Here are some more of his suggestions:
- Using Catalogs (reach a national audience with minimal expense)
- Partner with Reps (wider coverage)
- Keep Marketing Expenses Below 10% of Sales (keep costs down in the beginning)
- Low Cost, Even Free Marketing Tactics (online reviews)
- Networking with Others (social media)
- Select Small Markets with Easy Communication (media suggestions)