Two Sisters make $Millions #2A
With a Product Every Woman Needs
from Huff Post 10/12 enhanced by Peter/CXO Wiz4biz
Where are your Products sold now? Our shoes are sold at over 3000 retailers nationwide including Bloomingdales, Fred Segal, & Dillards as well as through international distributors on 5 other continents.
What what your first Big Break?Being recognized by Oprah was our most significant break early in the process. Oprah is an amazing media presence. The goodwill generated through association with her brand has done amazing things for companies like ours.
How would you advise someone to reach Buyers?
The best way is to use all of your personal relationships and find out who in your personal network knows whom. Most specialty retailers have under-developed merchant organizations and many times you are dealing with the owner. More professional buyers from large retail organizations require a strategic approach. Also, using LinkedIn, Facebook, etc. are amazing tools that can help you get into contact with anyone! Dialing a corporate office number and just asking for the buyer will also get you in touch with the right person.
What kind of Margins do Retailers expect? It varies by retailer. Some specialty private label retailers expect margins in the 70s while some other retailers are happy to land in the 40s. Its determined by history of each individual company and the promotional cadence what an acceptable margin is. What you need to ask is… “is that a natural margin?”
Do you work with Distributors? We currently use rep groups domestically & distributors internationally. Ask around. Ask buyers, other manufacturers in non-competitive products but similar markets. Speaking to others and learning from people within the industry is a huge asset. Avoid companies/sales reps that make sales promises, demand exclusives for unrealistic geographic areas and want to charge you unreasonable fees for showrooms and trade shows. That said, when you get good representation, protect them. Live up to your promises. Pay them on time. Treat them like gold and forgive minor transgressions. Sales are the life blood of your company.
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