Though many new business owners think in terms of how they’re going to create relationships directly with their consumers, there’s another path to take as well, and that’s to consider what retail relationships they’re going to be aiming for. In other words, if business owners plan on selling their products to people inside a particular kind of store (think large chain, small independent outlet, mall kiosk, etc.), why not look to see if there’s a way to differentiate between their products and similar ones that are being sold near them? Especially for people who are going to be dealing primarily with selling bulk to retailers, it’s super important to have a plan in this regard.
Before Competition, Think Cooperation
As much as you might want to go for the throat and kill your competition (figuratively, here), there’s still a lot to be gained by thinking cooperatively just outside the range of competition. For instance, by looking into third-party promotional groups, especially ones who have consultants with tons of experience and contacts, you may not even have to think about the competitive aspect of your product at all. Really, you just have to prove that your product, when in isolation, is exactly what a consumer wants. Then, you have to figure out how to display your product accordingly. Which brings you to the idea of consumer psychology …
Know Your Consumer Psychology
If you’re going into business, you need to jump head first into consumer psychology. Not only is it fascinating, but by researching modern techniques, you’ll understand yourself and your shopping habits better as well! It may be a little bit of a grey area when it comes to selling people things they may not really need or want, but by understanding how impulse buying works especially, you’ll get a good idea of why shopping centers, and even online displays, are set up the way that they are.
Don’t Be Afraid To Ask the Experts
Since the fields of trade promotion and consumer psychology can get a little esoteric at times, absolutely don’t be afraid to ask the experts! There are plenty of psychology forums to research out there that give you basic information, because once you get to a plateau, it can be extremely difficult to tell what to do next. And, especially if you’re just starting your business, you can’t afford to make mistakes that’ll cost you any serious amount of money, because then you’ll be in financial trouble before you even get started. You can even sign up for business seminars that can help you find the right people for the industry that you plan on joining. It’s up to you to make your success about effort and not just luck!
Originally posted on April 19, 2015 @ 2:50 pm