Remember: you are not just selling your brand or product. You are selling your business as well. You need to show that your business is capable of upholding a reliable and invested partnership. In order to stand out, be sure to take the time to look inward. Assess your capabilities and analyze the data. Know your products, and show that you have the systems in place to ensure you meet all production and delivery requirements.
Define What a Win Means to You and Your Team
To truly know yourself and your business, you need to first establish what a win actually means to you. When would you consider a win to be mutually beneficial between you and the retailer? Ask yourself what you are willing to risk in order to reap a reward, and determine what sort of arrangement makes you feel comfortable. With these questions answered and steps taken, you can move forward with a specific range of goals in mind when you walk into that Product Line Review.
Be Prepared to Leverage Your Strengths and Answer for Your Weaknesses
Assess yourself, and do it with integrity. Use a reliable diagnostic tool to score yourself based on third-party data, POS data, consumer data and more. Examine your personal strengths, the strengths of your team, and the strengths of your business. How can you leverage them in a way that will make you stand out in a Product Line Review? And don’t flinch from your weaknesses — just be prepared to answer for them in a way that doesn’t give the retailer any hesitancy about your potential as a partner.
Logistics and Operations Matter. Are You on Top of Your Supply Chain?
Before a retailer is willing to create a partnership with you, they need to see that you have everything in order on the logistics and operations side of things. Share with the merchant your inventory management practices, logistics infrastructure and supply chain security tactics. Sharing this “behind the scenes” information will make your merchant confident that your business has what it takes to be a top-notch vendor.
Is Your Business Healthy Enough to Support the Win from a PLR?
This is one of the most important questions you can ask yourself before walking into a Product Line Review. Reputations are on the line — both that of your business and the retailer’s — so you need to be absolutely certain that your business model can handle everything that comes with a new partnership.
Be All in
You’ve worked so hard to make it this far. The Product Line Review is the last roadblock between your business and real success. Give it everything you have. Use real data and genuine expertise to show the retailer that you have what it takes to be a dependable partner who can generate reliable sales. Be smart. Be determined. Be all in.
Sales Factory Can Help You Assess Your Business with a Smart SWOT Analysis
It’s not enough to be confident in a Product Line Review. You have to be able to back up everything you say about yourself, your products and your business. This is the time for an unflinchingly honest appraisal of your entire operation.
Sales Factory has more than 35 years of experience helping businesses like yours analyze their own capabilities through inward-focused SWOT analyses. We can help you define yourself as a business and understand what a win should look like.
Learn more about our PLRs, virtual PLRs, how to stay competitive, and how our formula has contributed to wins across multiple categories for more than 35 years. And be sure to explore the Sales Factory PLR Checklist to understand everything you need to do to prepare for a Product Line Review.