A Consult Follow Up!
Here’s a follow up email after a recent phone consultation. The person wants to develop a nutritional supplement line of products.
Hey (Insert Name Here),
Pursuant to our earlier call, here are a few thoughts…
Above all else remember you’re involved in the sales business, pretty much regardless of what you’re selling. Markets, customer profiles, price points, etc. may differ but basically you are selling a bottle of pills! Hopefully a boat load of bottles.
I’m sure you’re aware of the supplements advertised by Dr.’s on radio and T.V.
It may be interesting to find a local doctor, chiropractor, researcher… to help promote, push or otherwise promote your product. They’ll want either (or both of) these things –
1) A nominal day rate as a buyout for their involvement because their reputation will be helping sales, presumably.
2) A percentage of sales.
… Maybe both.
You will need a leg-up on the competition. And speaking of competition, have you done a full survey of the competition? I’m sure you have, and again, this is a “me too” world of business so the question to answer is “Why Me?”
When I mentioned this point you said you had the mindset of “Why Not Me?” I do get the underlying mindset of your approach but there are factors to consider. 1) the amount of time, money, PR and advertising necessary to build brand and customer loyalty. 2) different platforms to deliver your product… Online, etc. And the list goes on.
There is nothing to indicate you can’t play in this space, but really assess the full scope of the ‘Opportunity Cost.’ In other words, “What is this opportunity going to cost you, on all fronts and considerations?”
The supplement space is pretty tough so there are a few things to keep in mind in general.
First and foremost everything depends on distribution. How many eye-balls are going to see your offering? Yes, Amazon is a huge platform but you’re clearly competing with others selling essentially what you have (minus the story behind the product perhaps).
In order to sell your product into a channel like, say, BodyBuilding.com you’ll certainly need sufficient quantities for possible reorder should your product sell well with them. And of course you’ll need to get a meeting with them, at least by phone and then a lot of follow up to keep yourself in front of them, even if virtually.
If you were looking to get into brick-and-mortar retail distribution it would be a good idea to identify an independent sales rep that has a line of products he/she sells. This person will have the relationships necessary to get on the shelf.
Single SKU Guy:
Retail buyers would rather deal with one vendor having 100 SKU’s rather than 100 hundred individuals with one SKU each. Difficult to manage the latter.
In terms of setting yourself up to leave the work-a-day workforce by way of setting up your business and selling, think about the process more than the product.
For example, of the 17 + products and services I’ve launched my attention was always on the process with no emotional attachment to the product. Well, maybe one or two products had my emotional attention but for the most part I get a rush from building and launching something.
I’ll follow this up with a few articles from my website in the next day or so.
In any case, I hope this helps for now.
All the Best,
Featured Image courtesy of Stuart Miles at FreeDigitalPhotos.net