Episode #163: Before You Present Your Product To Buyers Listen To THIS
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This week on the Making It In The Toy Industry Podcast, learn the steps on how to create a Successful Buyer Presentation with help from expert Marie Nastasi. You’ll learn what buyers are looking for, how to research product categories and research your competition, and how to craft an amazing retail presentation.
This episode is packed with valuable information for developing a successful buyer presentation. Learn the 5 Keys to a Successful Buyer Presentation as developed by today’s guest Marie Nastasi. She brings a wealth of experience and advice from her roles as both a buyer and a manufacturers’ representative for companies large and small.
Marie is on the show today to serve up a mini toy sales masterclass. She explains the importance of extensive and in-depth consumer research, price-to-value relationships, price point play, vendor of record, and exactly what you should include in that PowerPoint deck for buyers. We’ll also take an in-depth look at what these toy industry terms mean. Get ready for a toy conversation that’s filled with valuable, actionable, and toyspirational advice.
EPISODE CLIFF NOTES
Research your consumer. There are so many ways to do this. I’ll show you how!
Understand product categories inside and out. Forwards and backwards. It’s what your competition is doing.
Learn why it’s so important to visit a variety of retail stores and visit them often.
Are you a vendor of record? Learn what that means and how to become one.
Learn important industry terms so you can be successful with key buyers
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Grab my free digital product pitch template by clicking here.
Connect with Marie on LinkedIn.
This episode is brought to you by www.thetoycoach.com
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Marie
It is interesting, depending on where people shop and how they shop. Will determine their price value relationship if they're exclusively online shoppers. The package versus the price, doesn't play as much of a part if they're an in-store consumer. However, the. Size of the packaging definitely corresponds to the price. So as you're building questions for your focus groups, um, it's very important to have product on hand.
Azhelle
You are listening to Making It in The Toy Industry, episode number 📍 163.
Hey there, toy people, Azhelle Wade here and welcome back to another episode of the Toy Coach Podcast, making it in the Toy Industry. This is a weekly podcast brought to you by the Toy Coach Dot. For today's episode, we're going back in time.
We are going to revisit an episode I'd aired in the past, back in the day when I had so few downloads per month, and this is an episode you need to hear. Now, this time of the year, we've got a ton of trade shows happening. Even with New York Toy Fair being moved back to September, our January and February is filled with London Toy Fair, Nuremberg Toy Fair, the Hong Kong Toy Show.
Now we've got the Astra toy boat happening. I mean, there are so many opportunities for you to pitch your product ideas to retail buyers. So if you are an aspiring toy entrepreneur in this industry, maybe you're getting ready for your first trade show or your 10th trade show, and you're looking for some advice to help you sell your product to buyers.
I got you. This is the episode you need to listen to. The episode I'd like to bring back today is a conversation I had with my friend, Marie Nastasi. In this episode, you'll learn five keys to a successful buyer presentation. The explanation is in depth, really clear. We dive into details whenever an acronym comes up, we explain it.
So without further ado, let's listen in to this replay episode.
Azhelle
Hey there toy people Azhelle Wade here and welcome back to another episode of Making It in The Toy Industry. This is a weekly podcast and today's episode is sponsored by people of play week, the virtual adaptation of the industry CHITAG event which connects toy and game inventors, with toy manufacturers across the globe. Now, having a high quality and engaging pitch presentation for your toy product is absolutely necessary. We know this, a great idea could easily be overlooked if you don't give the buyer or toy company that you're presenting to what they need to see when they need to see it and in the format that they need to see it in. And I know you all know this to be true. And that's why my free pitch templates are one of my most popular free downloads. If you don't have that already, then head over to thetoycoach.com to grab your coffee. Okay, so my guest today and new friend Marie Natasi is an expert in sales in the toy industry. Marie started her toy career as a manufacturer's representative and was quickly recruited to assist in merchandise planning and product selection. With over 20 years of experience in sales, and Merchandising, and with a passion for working with entrepreneurs. Marie is a wonderful contact that I am excited to introduce you to. Marie is coming on the show today to serve up a mini toy sales masterclass. So get ready for some hard and fast toy education because this conversation is filled with valuable actionable and toys aspirational advice. Let's listen in on the interview. Welcome to the show, Marie.
Marie
Thank you. I'm happy to be here.
Azhelle
I'm really happy to have you here. I think this conversation about sales coming from somebody who has experienced as a buyer, nonetheless, is going to be really valuable to all of my listeners. So thank you. Thank you for being here.
Marie
Very happy to be here.
Azhelle
Oh, right. So today, we're gonna be talking about what you need to get your toy or game ideas ready for the market. That is what Marie is here to talk about. And she's been really great to the show because she's prepared five key points that you need to focus on to make sure you have a successful buyer meeting. So I'm really excited for you guys to learn all this stuff directly from the source someone with direct experience. So, Marie, I would like to open up with the first question, why don't you just tell us a little bit about your background in the toy industry. I did give a bio before you came on. But I would love to hear what you thought were the highlights directly from you.
Marie
Absolutely. So I started my career working for a manufacturer's rep in the toy business. I work with some amazing companies and individuals. I was recruited by one of my buyers and I started working as a merchant for mail order catalog. I've traveled to China, Hong Kong and Germany to source products. I've worked for buyer in brick and mortar as well, for the specialty retailer Imaginarium I spent six years at Toys R Us in the e commerce division, and the last eight years in sales working for smaller entrepreneurial companies. I still consider myself a student of retail as it's constantly changing,
Azhelle
right? Yeah, I agree. What would you say is the biggest difference in being a merchandiser versus working in sales?
Marie
You know, it's very interesting that question because I have a lot of conversation recently about it. And they are so similar. Whether you're a buyer or you're a salesperson, you must be passionate about what you're doing, you must believe in what you're doing. And you need to know the financial analytics and your demographics. So there's so much that's so similar. So it's knowing your target consumer understanding price points, understanding the financial part of the business, and then always engaging with your target consumer or your retailer. So I just think there's a lot of similarities.
Azhelle
Yes. And since you brought up target consumer, I refer to this as ITM to my students ideal target market. That's what I call it. But tell us what is a target consumer in your own words,
Marie
in my own words, the target consumer is the person ultimately you want to purchase the product, different from the intended age range, which I think some people you know, get confused. It's the person it's the gift giver, the Mom, the grandparent is whoever is going to go online or to the shelf and make the purchase.
Azhelle
Agreed.
Marie
So it's so important to connect with and understand the consumer. And by identifying with your target consumer, you gain an understanding of their purchase behavior and their needs.
Azhelle
Yes, I think it's so important. The word consumer is really important when someone says, who's your target consumer, that is a person who is usually like consuming your product. The reason I also call it ideal target market is because that encompasses, like Marie saying, the parents, grandparents, who's buying it, and then considers the second tier, which is the kid who's playing with it. So yeah, extremely important. You have to understand who they are, what they want, and why they're buying it. Right?
Marie
Correct. That is correct. Absolutely.
Azhelle
So how would you say that someone can be sure that they have the right target consumer for their product? What kind of research can they do?
Marie
As much as possible? I focus groups, consumer insight reports, surveys, research their competition, be in store and look at competitive price points, look at the competitors, and then also kind of talk to people, whether it be in community groups, or blogs, or mom groups, I think it's very important to engage with the consumer as much as possible to gain as much understanding as possible.
Azhelle
Yeah, I agree. What consumer sites do you like to use research reports?
Marie
I use various ones over the years, based on the company I would work for, we also used NPD data, that's something that you would have to purchase. But NPD was something very strong that you know, larger companies with us just due to the cost. But then there's something as simple as using Survey Monkey, or, you know, going to mommy groups, mommy bloggers, using social media as much as possible.
Azhelle
I love that you're saying all that, because that is definitely what I want my students throughs I love that you're reinforcing that love it. And I have to say the next stage, in my opinion, is figuring out how much the consumer is willing to pay for your product. So do you have any experience on asking the consumer questions to figure out what they're willing to put out for a product?
Marie
Absolutely. And it's interesting. At my last job, we did a lot of research, we had some focus groups come to the office. And it's interesting, the data sometimes varies. So it is best to come in with maybe product in front of the consumer and say, how much would you pay for this, and then show them another package and ask them how much they would pay for that. Because it is interesting, depending on where people shop and how they shop, will determine their price value relationship. If they're online shoppers, exclusively online shoppers, the price value, the package, meaning the package versus the price doesn't play as much of a part. If they're an in store consumer, however, the size of the packaging definitely relate to or corresponds to the price. So as you're building questions, for your insights, or your your focus groups, it's very important to have product on hand.
Azhelle
That's such good advice.I love all of those points, you just said Perfect. Now, let's get into how important would you say it is that people size their products and packages to fit the value typically offered at a retailer that they may be that they're thinking that their products will live in? And this goes perfectly to your last question. So I'd love to hear your opinions on that.
Marie
Yes, and I would say very important, I couldn't emphasize it enough. But again, the caveat is, is that it's for the consumer purchasing it in store, because consumer perception is very hard to change. Although the consumer is becoming more environmentally conscious. In store, they are looking at packages on shelf. And if your package is a third of the size, but the same price, they will go with the larger package. And it is a consumer perception. It has nothing to do with your product. And that's something that unfortunately, we've trained the consumer to do is the price and the size of the packaging correspond. But again, online is a totally different story.
Azhelle
Yeah, I think that's really interesting. I also would love to hear your thoughts because this is something I think about a lot when you want to go smaller. So say you want to go for a more premium look at but say your your products at Target. But say you're looking at the competitor at Target and you're saying I want to do a more premium version of this product. What would you you recommend to add in if you're going to reduce the size, like, let's say 10%, maybe 15%? Do you think that you could add in something like foil treatments, or just more premium wrap on the packaging to help offset the value you might lose due to a smaller size,
Marie
I think those are great suggestions. And I would agree by adding to the packaging, design and doing offering features that are not normally offered, will certainly engage the consumer. And that's what you want to do while they're in front of the shelf, you want to engage them as much as possible. And I do understand with costs increasing, and with everyone being so environmentally conscious, that reducing the size of the packaging is important from the manufacturers perspective, as well as the retailer's perspective, because you want to be able to get as much on shelf as possible. So I think what you've suggested are definitely good suggestions. And I also think, though, that when you're looking for a more premium look, maybe it's the color saturation, maybe it's offering a totally different look on product.
Azhelle
Yeah, I like that a lot. And this exercise, we're talking about comparing your product packaging size to your competitors, product packaging size, do you think that it's important to do that same comparison when it comes to price?
Marie
Well, it really depends. I mean, if your product, are you looking at it from the good, better, best assortment planning perspective? Or are you trying to knock out your competitor? Why is your product better? So I guess there's a couple of questions, you'd have to ask yourself as you're going to the retailer, you know, what is currently on shelf? Is my product better and more innovative? Do I have a license? What's the standout? Or the rationale for me to present this product to the retailer?
Azhelle
You know, now that you're saying that how this goes a little bit off my plan topic questions. But say you do decide like I'm looking at a good, better best mentality and I'm going to be the best. When you go into these meetings with the buyers? How would you recommend explaining your rationale without actually saying it? You know what I mean? Like showing it in your presentation or your communication? What language would you use to explain to them the rationale behind your pricing?
Marie
Sometimes you talk about the consumer trading up, you talk about their average retail value going up in their department, you know, your offer something at 999 1999 and 2999. I think you can talk about it without saying this is the good, better best assortment strategy. But it is important to go in and say I see XYZ product at 999. I see ABC product at 1999. And this is where we see our product fitting at 2999.
Azhelle
Great advice. I love that, okay, let's talk about if you're gonna walk into a retailer, and you're actually going to offer them something that's really different in size, or maybe and price point than they would normally have on the shelf, what kind of special circumstances would allow, you know, a toy entrepreneur to go into a meeting, you know, with Urban Outfitters and say, like, Listen, I know all your boxes are normally like five by, you know, 10. And that's normally that's a $10 price point. But I'm telling you, I have something that's like two inches smaller, and you can sell it for $15. What do you think the circumstances are gonna allow for them to even get even for Urban Outfitters to give them the time of day
Marie
innovation? What makes their product that much better? What is $5 going to do for them or their consumer? So is it a new innovation? Is there something new and exciting that they're offering? Or is it a license? Is it a licensed product that the consumer is willing to pay that extra $5? For? So there's those two things, but I think innovation is the key?
Azhelle
Okay, well, they're gonna love to hear that. That's what my listeners are all about innovation. So I heard you use the term price point play.Could you tell us what that is.
Marie
So if the retailer has product on shelf at 999, and saying 1299, and you're coming, you're going to come in on with something, it's 799. And you know what, it's very similar to their 999 item, but you're going to say to them, you will move 2000 more units a week. If you had this item at 799. Because all of our focus groups and consumer insights say the consumer thinks 799 is the right price point.
Azhelle
I want to ask from your experience as a buyer, if a new toy entrepreneurs coming in, and they're telling you something like that they're making a price point play based on research they've conducted, how much research will they have to pull together to really move You to say, Oh, they have something here. Is it 100 people that they would have to have in a focus group? Or is it 1000 People? Is it a research report they'd have to pay for? How much would it take? If you're just average? You know, toy startup, you know, entrepreneur?
Marie
Well, you know, that's interesting. I think nowadays, the buyer may be just quicker to say, Okay, let's throw it online and see what the consumers responses, because that's a quick immediate, they get the sales data very quickly. And I think that that's a quick answer. But in terms of engaging with consumer research, I would say anything over 100 is a good sampling, although, you know, they look at things like where did Where was your sampling? Did you get East Coast? West Coast? Did you get the Midwest? Yeah, so that that is really important as well, they don't want to see you just doing focus groups in New York City or LA or wherever, you know, the big cities are, they want to make sure that you're capturing as much data across the country.
Azhelle
This all goes back to what I tell people, you've got to know who you're pitching to, you've got to know if it's a toy company, you're pitching an idea to you've got to know what retailers they sell into. And if it's a retailer, you've got to know what their major markets are. Is it the Midwest? Is it the West Coast East Coast? like where are most of their stores and most of their sales coming from? Because then you know, the research that they'll value?Right?
Marie
Absolutely, absolutely agree. Yes, you're spot on.
Azhelle
Awesome. Okay. Now, let's get into talking presentations, because this is the you know, you've done all your research, you've developed this amazing product, but it can all fall flat with the wrong presentation.
Marie
Very true. Very true.
Azhelle
So first up, I guess I should just get you to clarify, because I've been pushing PowerPoint decks on my listeners for a very long time. Absolutely. Right. It's the norm. So that's what I want to confirm for you. Is that also the norm? Yes,
Marie
absolutely. Yes, that is the norm.
Azhelle
And then what would you say is there like a minimum or maximum amount of slides that you would recommend for a presentation deck of, let's say, five items,
Marie
I'd say you have to provide enough information to ignite the interest of the buyer, and to leave the buyer with no questions. So if you could give all the information in two slides, perfect. But if you need more than two slides, utilize the time and the space as wisely as possible. But I think it's just you have to capture their their interest. And you have to give them enough information so they can make an immediate purchasing decision.
Azhelle
Okay, let's go. Let's do a little bit of detail. Okay, for them to make a purchasing decision, I believe they need to know I'm in my experience on just it's not just like a fantasy where I woke up one day, but I believe they need to have an idea of your inner packs your case pack size, they need to know the wholesale price. And they need to know the availability of the product is that all you would suggest that they need to know in order to be able to make a financial decision
Marie
The wholesale costs, the suggested retail price, that case pack, the inner and the master. And UPC always helps us to put UPC on our presentations. Although, once you set up an item, if the UPC is in there, some buyers just want to make sure you have a UPC code on. Although if you're making a major presentation, of course, you've got UPC already set up. But I think you're right, generally speaking, though, they do want to know what retailers you've sold it into, if it's online. So those are also other keys to, you know, securing a yes, on the spot. You know, they want to make sure that they're one of the first that you're making the presentation to
Azhelle
oh, that's that's good info, too. I feel like they some of them want to know, I guess the bigger retailers want to know that they're the first but then the smaller retailers are just like, can be pulled in by massive success. Like if you've already had success elsewhere. Yeah,
Marie
that is absolutely correct. And they'll ask you if their competitors have the product, I've had buyers say to me, does XYZ, you know, retailer have this product? And you know, the answer sometimes is yes, sometimes is no or sometimes is a little more of an explanation. We're in the process of being set up as a vendor of record, and it's taking a little longer
Azhelle
vendor of record. I feel like we should explain what that is.
Marie
Sure. I mean, a vendor record just means you've been set up in their system. You have gone through the setup process, which sometimes by the way, can take a month to three months. But it really depends on the retailer and it really depends on your own IT and EDI departments. It's really the EVI transactions and setups that take the longest, but being set up as a vendor of record is, you know, providing your certificate of insurance. Providing your EDI contacts, your your payment information with how you get your payment is in a CH or does it get sent to a lockbox or a PO box. And so it's all that type of information that you know gets set up on the front end. Generally speaking, though, if you're you're an entrepreneur and you're just getting started, you're probably not set up as a vendor of record, because you're, you're just getting started. So you're pitching to your buyer. And the buyer says, I'm very interested, how quickly can you get set up. And that's where you're going to have to, you know, get all of your teams working together, EDI, IT, insurance, and everyone work together as quickly as possible. So that way you can hit whatever target dates, the buyer is looking at.
Azhelle
One of my students, she has this great idea for an educational game. And the first couple of slides of her presentation are kind of about the need for the game. And like the social change that's happening in the world that's creating the need, right?
Marie
Mm hmm. Great.
Azhelle
So I love it. But it's actually a lot of explanation before you get to the product. So now the next question is, PowerPoints can be boring, especially if these buyers are going through like dozens a day. So how do you keep them engaged? Or what is it that keeps them engaged that you could like sprinkle in between all of the information so that they hit the next slide button?
Marie
Can you play the game with them? Is it easier to play the game?
Azhelle
Right?
Marie
Take your sample out and play it with them. So you're engaging them you're talking through it, it's more of a conversation than it is a pitch? You ask them, Hey, do you like this? Do you like that? Did you know you could do this. I mean, there's, it's just much more engaging. And I think you keep their attention. If you can't play the game, see if you can play parts of it. Really, you just want to keep them engaged. And games, especially I think are a little more tough, especially if it needs a lot of explanation. So if you could play it, that would be my best advice.
Azhelle
And if you can't get in person and play I'm thinking video because you embed a video maybe in the PowerPoint, right to just make it exciting.
Marie
Absolutely. Video is absolutely the best thing to do, especially today, because most of your presentations are done. embedded in videos and PowerPoint presentations. So absolutely get video, make it fun engaging as much as possible.
Azhelle
Okay, perfect. Now, my next question, I think we actually already covered it, but I'm going to ask it anyway, just in case. What are the most important questions to answer in your presentation to a buyer?
Marie
Where does it fit in the buyers product assortment? And how does it complement the buyers product assortment? There's many questions that a buyer when they're looking at a new product, they're immediately thinking, Okay, where will this fit? Is it something new? Is it something that I already have on shelves? Is it a price point? Or is it a new innovation in something that's existing? So you have to answer all of those questions, you have to be as concise as possible. And for me, I think the most important thing is getting them excited about it answering all their questions, and leaving them feeling like okay, whether they said yes or no, you did a great presentation, and you did not waste their time. Because you knew there's assortment, you know the competition, and you understand their consumer.
Azhelle
Okay, and now I kind of want to ask a question. That's, I guess, a little bit negative. But what do you think is the thing that holds buyers back from partnering with a new inventor, so say they come in, and they have this really great strategy, they have analyzed the buyers retail space, they do know opportunity for them, and they present an option for them. Maybe they have a mock up ready, and they have pricing ready. But the buyer is like, oh, but I have other suppliers that could probably make this product for me if I if I tell them what I need. So what do you think is holding them back from trying to work with a new toy company or new toy entrepreneur?
Marie
I've had that problem as well. So the big thing is one company at one major retailer I was working with at one point, they were skew rationalization where they're reducing the number of skews on shelf and they were reducing the number of vendors they worked with. So you could have a great product and just not be at the right time. They said I worked with a buyer who was wonderful. She gave me a lot of time, but explained that her company had told her she needs to reduce her skew count. She needs to reduce her vendor count. It's the old 8020 rule. You're doing 80% of your business on 20% of the skews. So that could be one of the reasons another reason could be You know, they don't have a lot of time and you're not set up on EDI yet. You don't have EDI you don't have product liability insurance. Those are things that are easy fixes that you should go in and say, yes, we've got EDI. Yes, we've got product liability insurance. Yes. My UPC fees are set up. Those are kind of novice mistakes, but makes a difference to the buyer. Absolutely.
Azhelle
Can we we should probably define EDI,
Marie
technically, it's called electronic data interchange. That's what EDI stands for. And that's just the the transmission of documents. So your purchase orders, your purchase order change forms, your invoices are all sent through EDI. So there are a lot of third party providers that you could get set up with. But however, prior to doing that, you have to know what that retailer uses. So not every retailer will utilize the same third party provider as another retailer. So you do need to and it's very easy conversation. You call up some EDI providers, you ask them for their customer list? Do you do business with target? Do you do business with Walmart, Amazon, you know, whoever it might be? Because you will be able to find out that information.
Azhelle
Perfect. Thank you. And do you agree with this vision, I feel like so many new entrepreneurs, they come out and they're like, I want to sell my product to Walmart. But people forget about the small mom and pop shops. And they forget that this is, you know, this is a career sport here like this is not you're not trying to go to the big games right away, you're going to start small, build your credibility, test your products, test the waters and then grow from there, you'll get introduced to the next person and introduce the next person and known and then you can go after the big sharks, do you agree with that strategy?
Marie
I think you have to have a multifaceted strategy. I think that you cannot just look for the big guys, or just go to specialty retailers. I think today, the consumer is shopping everywhere. And I think you need to be in all the places the consumer is shopping. So I think you should absolutely sell to specialty retailers. I have been working with specialty retailers quite a bit over my career. I've also worked with large retailers. I would say that defining your channel strategy early on is very important as well. And we could have a whole conversation about channels strategy, but I think that, you know, looking at specialty retailers is absolutely they are the backbone of America. So absolutely, you should start with them. But you should also think about what you want to do online and what you want to do with larger retailers. Because if you are a smaller entrepreneurial company, you may not be able to just survive on specialty or you may not just be able to survive online. So putting together a channel strategy and thinking about your long range planning is so important, as important as your product.
Azhelle
Do you think it's important for toy entrepreneurs to focus on what they do best, and then hire help in sales to make the connections and the introductions for them to retailers?
Marie
You know, it's interesting, I've worked with smaller entrepreneurial companies for majority of my career, and I think sales and product development and marketing, they all work hand in hand. If you're an inventor, I would say that you're passionate about what your product and you're invested in the process. And you probably want to be there for the presentation. But yes, I do agree that you need to have someone there that really their job is to sell. I've met so many passionate entrepreneurs and inventors. So I understand relinquishing control can be very difficult. But absolutely I do believe having people on your team that have sold to specialty or to online retailers or to large retailers is extremely valuable.
Azhelle
And when you find these people to work with what are the kinds of deals you have to make with them or do they work on commission? Are you hiring them full time? Are you hiring them part time? What's that setup look like?
Marie
It varies actually most entrepreneurs can hire manufacturers representatives that could be a start on because they are not set up yet to pay someone of a salary. Manufacturers reps are very valuable resources they can provide you with specific territories specific accounts, you can determine the type of coverage that you're looking for. And then they require they get a percentage of the purchase order sales
Azhelle
and where would you find them?
Marie
Oh, the toy industry is filled with Many, many talented manufacturers reps. I've worked with a number of them. And I can absolutely recommend many to anyone that's looking but they are valuable, valuable resource, especially to smaller entrepreneurial companies. For the companies, though, that have the resources, financial resources to pay someone, having someone on board and having someone invested in the product, the marketing, the total business operation is also very valuable. Having someone that has the financial experience as well as operational experience. And then of course, marketing and product development and even some sourcing experience is very valuable. And there are a lot of people in the toy business out there that have all of those because it's a small industry and the smaller companies start somewhere.
Azhelle
Well, okay, so let's say a buyer is interested, you had the meeting, you did your amazing presentation, you play the game with them, they're interested. And they tell you something like they're like my set date is July 31, then they give you a list of four transition dates. What does that all mean? Right?
Marie
Okay, so it does vary by retailer. But what I will tell you is the set date is the official date, there are some retailers that only set once a year, most people will know who those retailers are
Azhelle
The official date it goes on shelf
Marie
In store, in a store in store date, correct on shelf, same thing. And then their transition dates, again, varies by retailer. But transition dates are where the buyer has the opportunity to quickly react to product that's not working, that the sales are not meeting expectations, and they can quickly replace it. So that's typically what their transition dates are. Now, again, it varies by retailer.
Azhelle
So those are the dates, you're going to be holding your breath hoping they don't call you and tell you we're taking all your product off the shelf, or we need you to swap it for something that's the same exact size.
Marie
Right, exactly. So typically, those transition dates are for, you know, poor performers. Or if they love your product so much, they can figure out how to get you into transition date one or transition date two that's a potential opportunity. But generally speaking, when they set their assortment, especially if it's only once a year, they don't know what's not going to perform, because of course, they're buying into the assortment because they expect everything to work. But there are those retailers that will say okay, we'll figure out how we're going to get you into transition to, but it's not a guarantee.
Azhelle
Right? So how would you even analyze the cost of doing business really quickly with a retailer before you commit? Because if it's your first time, how are you going to know I can do this, I can sustain this,
Marie
I would say you you need to talk to colleagues in the industry that are currently doing business there. I think they're utilizing everyone in the industry. This is a great industry, I've been in it for 20 plus years, I find that reaching out to people that are in non competing product categories and saying hey, I'm new to the business,
Azhelle
I was gonna say non competing
Marie
I'm competing, I'm new to the business, I would really love to pick your brain, so and so said, You're a great resource. And you're recommended by you know, so and so and nine times out of 10 people will pick up the phone and they will help you. I think that that's probably the best way. I mean, there are vendor portals that provide you some insight, but I think you know, talking to people that are doing business currently there is probably the best way.
Azhelle
Great advice. Okay, and to wrap up, even though we've probably covered this in our conversation, we're going to highlight, we're going to highlight and share your five keys to successful buyer presentation meetings. You already gave them to me so I'm going to name them and then you can go off and say any extra things you might need to say about them ready?
Marie
Okay, ready?
Azhelle
Okay, so Marie's five keys to successful buyer presentation meetings. Number one, know your retailers consumer demographics.
Marie
Yes, very important. Very, very important.
Azhelle
Number two, have an understanding of the product category at whatever retailer you're going to
Marie
Yes, and that means going into the store and looking at what's on shelves, looking at price points, looking at features, other products understanding how do we tailor has the product on shelf is it pegged? Is it boxed? Is it in a clamshell you need to understand everything
Azhelle
And I have to say my students are skipping this part in my first module I asked them Did you go to the stores and it was just quiet and I'm telling you, the buyer Know that when you present to them, they're like, this person has not even stepped foot in my store. They know Oh no, they can tell.
Marie
Huge mistake, that is the most important thing to do is be in their stores. understand what's on shelf, understand every bit of it almost like you own the category.
Azhelle
Yes. And you can see trends. Like I went to Target recently. And I noticed I'm like, oh, our PDQ like the new thing, like everybody and their mama has a PDQ right now. So if you notice trends in how they want to merchandise their product, okay. Number three, know your competition in the category.
Marie
Yes, so we kind of touched on this a minute ago, but it's understanding the price points, the features, what differentiates your product, and then being able to articulate it, and be able to articulate it in a fashion that says to the buyer, I know what you have. But this is what I have. And this is why you need to add this to your assortment. Or you need to get rid of this product or or how I can complement your assortment.
Azhelle
And number four, have a compelling presentation that shows the retailer you understand their customer and their assortment.
Marie
Yes. And we kind of touched on on, you know, one, two, and three. Presentation has, the presentation is very important. Because this is your one shot to get in front of the buyer and engage them and ignite their excitement and walk away with a yes.
Azhelle
And finally, number five, be prepared for questions. What kind of questions might we be asked
Marie
about anything from? Can you reduce the case pack? Can you pull up the ship date? What's your marketing plan? Can you make an assortment if there's more than one color or character available? Those are just some of them,
Azhelle
You have didn't have an idea of how that's gonna affect your price if you agree to do all of those things.
Marie
Oh, absolutely. Absolutely. And and of course, you don't have to give an answer on the spot. Those are things that you can say, Okay, let me get back to you, I can have an answer to you within 24 hours, if you have to go, you know, contact your supplier overseas or if you need to contact someone that's not available at the moment. I think they're very agreeable to that. And I think the way you would leave it is if I'm able to do X, Y, and Z, would you be able to give me a commitment. And that's kind of how you would end your meeting is looking for your commitment. If I can give you these things that you're looking for
Azhelle
This episode. So good. I'm so excited. Thank you so much for coming on the show today.
Marie
Absolutely. My pleasure. And I love what you do. And I'm excited about your schools and your podcasts.
Azhelle
Thank you so much. Thank you so much. Take care, Marie,
Marie
you too. Take care.
Azhelle
Many listeners, I hope you realize how much gold Marie has shared with us in this episode. Her experience in sales and merchandising is invaluable. And I love that she came on this show and reinforced what I've been teaching inside of my online course to a creators Academy. And she gave a few extra bonus tips. Now if you love this podcast, but you haven't left a review yet, what are you waiting for? I love hearing about how much this podcast influences and inspires you in your toy career or toy business. And if you want to get to know other listeners of this podcast and hang out with me online, join the mini podcast Facebook group, you can grab the link in the show notes. As always, thank you so much for joining me here today to listen to this episode with Marie. I know there are a ton of podcasts out there. So it means the world to me that you tuned in to this one. Until next week. I'll see you later. Toy people.
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