<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=27067&amp;fmt=gif">

Accountability, Insights and Studies

Tammy Katz: Retail Strategies for Every Small Business

small business retail strategiesThis week, we spoke with Tammy Katz, CEO of Katz Marketing Solutions and Adjunct Professor of Brand Management at The Ohio State University about retail strategies for small business. Here are three pieces of advice for small businesses aiming to build engaging and profitable relationships with retailers.

 

 

1. Perform Market Tests

Katz said any brand in conversation with retailers needs to “help them think through why they want this product.” To make a more compelling argument, Katz said it is imperative that even small business leaders perform market tests of their product. Market tests have other benefits as well, such as creating buzz about your product and receiving helpful feedback from your first consumers. The scope of the research does not necessarily have to be large, as long as the findings presented directly correlate with the needs of the retailer in the category in which your product will be sold. Some managers seeking affordable tools to perform market tests have used retail software for small business that provide a platform for reps to gather insightful consumer data.

2. Know Your Ideal Retailer

Katz also warned small businesses in the process of retail expansion against signing on with every retailer interested in their product. There are a few key reasons small businesses should turn down some retail options. For example, a retailer may simply be too large for the production your organization can meet. “Not being able to fulfill orders is a disaster,” said Katz. Along that same logic Katz said “as seductive as one huge account can be, it’s good to have distribution in more than one place.” By spreading into many different locations, a small business can avoid the risk of a major fallout. Businesses should also avoid retailers if the location degrades the image of your brand or it is a location your target consumer does not usually spend time.

3. Share Your Story

Small businesses in retail are in a position to attract attention to their brands like never before. Not only do the power of social media enable businesses with less capital than their big business counterparts to spread brand awareness, an increasing amount of consumers are “shopping small” and opting out of large corporate stores. Katz said strategic leaders in the smaller arenas should take advantage of small business media organizations. “These people are looking for stories, and if yours is compelling enough, it can really get attention.” In doing so, leaders should ensure that they have a story with a personal angle to create connections with consumers.

Building brand recognition and developing retail strategies in small business can be a challenge, but with the tools at leaders’ disposal today it can be achieved. Keep in mind these three points of advice from Katz: perform consumer research, choose partners wisely, and have a meaningful story to tell. To keep up with Katz’s insights, follow her on twitter at https://twitter.com/katzmktg or at www.katzmarketingsolutions.comSupply Chain InnovationSubscribe today for more helpful blog posts!

Erin P. Friar

Erin Friar is a Content Marketing Journalist Intern at Repsly, Inc. and is completing a Journalism degree at Suffolk University. She is a master of grammar and is passionate about creating fresh content to help foster efficiency and overall success in small businesses.

Add to the conversation below

Comments

Latest Posts

8 Min Read

Field Marketing

The 4 Most Impactful Brand Ambassador Practices for 2019

Colin Chiakpo

Launching a brand ambassador program is a massive step toward building brand awareness, but it takes a careful approach to plan campaigns that actually move the needle on sales.

Social media..

15 Min Read

Field Sales

“The Art of War” For Retail: How to Beat Your Competitors And Dominate Your Category

Frank Brogie

“I’d love to help you out, but I’m not sure how you’re different from what I’ve already got in the snack aisle.”

Hearing the word “no” is never easy (especially in sales), but it’s even worse when..

3 Min Read

Field Sales

3 Pro Tips for Leveraging Insights From Your Mobile CRM

Victoria Vessella

Today’s business software is more powerful, accessible, and user-friendly than ever. This is especially true of customer relationship management (CRM) software, which has rapidly morphed from a..