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In this interview with Bill, you’ll hear about an alternative tactic to get your product into Wal-Mart, Costco, Kroger, or any of the other mass merchandisers in the US. Bill refers to himself as a “scout” but his expertise is in dealing with Master Brokers. He scouts for product opportunities. When he finds a good product, he contacts and hires a Master Broker to try to get the Master Broker to pick up the product as a project.
A Master Broker represents you and your product and lobbies mass merchandiser purchasing agents to get your product into their stores. Bill explains that there are less than one hundred Master Brokers in the US at this time and that each Master Broker specializes in one category, such as dietary supplements, produce, etc.
Bill explains that a common misconception of manufacturers is that they believe that their own product will, indeed, sell. The truth is that, when approaching a single mass merchandiser, the supplier has a 1% chance to get their product into the store! Bill goes on to explain that if your product already has advertising AND you are being represented by a Master Broker, that you have a 90% chance of that initial 1% chance to get your product into the store. Further, if your product does not already have advertising and you do not have a Master Broker, you only have a 1% chance of that initial 1% chance to get your product into the store. Yes, it’s a bit confusing but suffice to say that the chances are slim that your product will be picked up by any mass retailer.
So what does a Master Broker do once he accepts a product? Master Brokers have sub-brokers all across the US in different regions. These sub-brokers specialize in lobbying purchasing agents of mass retailers. If a product is approved by a retailer’s purchasing agent, the Master Broker makes a commission and pays each of his sub-brokers a commission.
The advantages of using a Master Broker are many:
The Master Broker and his sub-brokers do research and develop a marketing plan for your product.
Since multiple sub-brokers under a single Master Broker are working on your behalf, the marketing plan is easier to maintain than if you hired many different brokers.
Once a Master Broker approves a project, your product gets immediate exposure to every mass retail chain in the US.
When a sub-broker deals with a purchasing agent, most often, the purchasing agent is already familiar with the sub-broker. Thus, appointments to present products occur more quickly and are more organized because the purchasing agent knows that the sub-broker has done his homework and is ready to do business.
To give a more complete picture of the process, Bill gives us a case study of a product that he was able to get into the mass retailers – an energy bar. It already had advertising but the manufacturer was having trouble selling them. The manufacturer approached Bill and asked if he would pick up this line of energy bars. They had an expiration date that was approaching and they needed to be sold. Bill obtained samples and determined the margins on the product because the product must meet the pricing points.
Bill goes on to give an example of what would happen next. Bill would find a Master Broker to take on the product. So, if the sales price is .99 and the wholesale price is .20, the Master Broker would buy the energy bars for 25% less than the wholesale price of .20. Then the Master Broker would go to a mass retailer to sell each energy bat for .20 and tell the retailer that the sales price is .99. Without the right pricing, the Master Broker and his sub-brokers don’t make anything and the product cannot be sold.
Mass merchandisers such as Wal-Mart want your product to already have advertising because it will have product recognition. As Bill says, they don’t want your product to get lost on the shelf. Additionally, Wal-Mart gets free advertising when you are advertising on TV..../ Common Sense Product Distribution: How To Sell Your Product Using A Master Broker / BOOK SELL
In this interview with Bill, you’ll hear about an alternative tactic to get your product into Wal-Mart, Costco, Kroger, or any of the other mass merchandisers in the US. Bill refers to himself as a “scout” but his expertise is in dealing with Master Brokers. He scouts for product opportunities. When he finds a good product, he contacts and hires a Master Broker to try to get the Master Broker to pick up the product as a project.
A Master Broker represents you and your product and lobbies mass merchandiser purchasing agents to get your product into their stores. Bill explains that there are less than one hundred Master Brokers in the US at this time and that each Master Broker specializes in one category, such as dietary supplements, produce, etc.
Bill explains that a common misconception of manufacturers is that they believe that their own product will, indeed, sell. The truth is that, when approaching a single mass merchandiser, the supplier has a 1% chance to get their product into the store! Bill goes on to explain that if your product already has advertising AND you are being represented by a Master Broker, that you have a 90% chance of that initial 1% chance to get your product into the store. Further, if your product does not already have advertising and you do not have a Master Broker, you only have a 1% chance of that initial 1% chance to get your product into the store. Yes, it’s a bit confusing but suffice to say that the chances are slim that your product will be picked up by any mass retailer.
So what does a Master Broker do once he accepts a product? Master Brokers have sub-brokers all across the US in different regions. These sub-brokers specialize in lobbying purchasing agents of mass retailers. If a product is approved by a retailer’s purchasing agent, the Master Broker makes a commission and pays each of his sub-brokers a commission.
The advantages of using a Master Broker are many:
The Master Broker and his sub-brokers do research and develop a marketing plan for your product.
Since multiple sub-brokers under a single Master Broker are working on your behalf, the marketing plan is easier to maintain than if you hired many different brokers.
Once a Master Broker approves a project, your product gets immediate exposure to every mass retail chain in the US.
When a sub-broker deals with a purchasing agent, most often, the purchasing agent is already familiar with the sub-broker. Thus, appointments to present products occur more quickly and are more organized because the purchasing agent knows that the sub-broker has done his homework and is ready to do business.
To give a more complete picture of the process, Bill gives us a case study of a product that he was able to get into the mass retailers – an energy bar. It already had advertising but the manufacturer was having trouble selling them. The manufacturer approached Bill and asked if he would pick up this line of energy bars. They had an expiration date that was approaching and they needed to be sold. Bill obtained samples and determined the margins on the product because the product must meet the pricing points.
Bill goes on to give an example of what would happen next. Bill would find a Master Broker to take on the product. So, if the sales price is .99 and the wholesale price is .20, the Master Broker would buy the energy bars for 25% less than the wholesale price of .20. Then the Master Broker would go to a mass retailer to sell each energy bat for .20 and tell the retailer that the sales price is .99. Without the right pricing, the Master Broker and his sub-brokers don’t make anything and the product cannot be sold.
Mass merchandisers such as Wal-Mart want your product to already have advertising because it will have product recognition. As Bill says, they don’t want your product to get lost on the shelf. Additionally, Wal-Mart gets free advertising when you are advertising on TV..../ Common Sense Product Distribution: How To Sell Your Product Using A Master Broker / BOOK SELL
Common Sense Product Distribution: How To Sell Your Product Using A Master Broker
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