If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask a successful entrepreneur for her retailer distribution tips.
In this edition of "Ask the Board," we feature Stephanie Redmond, a pharmacist and Founder of Dr. Stephanie’s and Bye Bye Weekend, two brands that offer natural health supplements. Retailer distribution has played a huge role in her success, and Redmond shared her tips for fellow entrepreneurs wanting to employ this strategy as well. Here’s what she had to say.
Lead with innovation and differentiation
The top ways to grab a buyer’s attention? Proven performance and sales in the marketplace. And if you don’t have that? Cutting-edge innovation and/or differentiation that can drive incremental sales to the category.
Staying on top of trends (while maintaining clinically backed, doctor-recommended formulations) has paved the path into new categories and growing our footprint. Two examples of this in our business are introducing new dosage forms (including our SugarDown Gummies and various drink mixes) and introducing effective options in up-and-coming categories like GLP-1 when it was first trending (with our GLP-Wonder supplement being one of the first GLP-1 support supplements in retail).
Offer affordability and value
I tread lightly here because, especially when it comes to ingestible products, cheaper is definitely not always better. However, I believe that high-quality supplements/products don’t always have to be so expensive. We work hard to offer affordable supplements without sacrificing quality, efficacy, and safety.
This is especially relevant to retail — as buyers are particularly focused on bringing in lower price point solutions for their customers to drive trials to the category at store shelves and build out their basket, pairing multiple items together. If you are a direct-to-consumer brand, sometimes you need to get creative with solutions that may be a better fit for retail shelves (smaller pack size, etc).
Once the items are set in-store, the clock is ticking, and you have to work like mad to get them to exceed expectations and grow while prepping for innovation and keeping your brand fresh.Stephanie Redmond, Founder of Dr. Stephanie's and Bye Bye Weekend
Collaborate with the buyer(s)
This one can be a slippery slope. Some buyers will raise red flags if you come in without a decisive plan and direction for their consideration. However, we have learned through the years that certain, seasoned buyers who have “seen it all” have incredible and valuable feedback (plus they enjoy having some skin in the game!).
We find it to be a no-brainer to include buyers on packaging recommendations (colors, callouts, etc.) when appropriate. They know what works in their category, and their experience can be beyond measure for success.
Showcase branded marketing efforts
Get credit for any social media advertising you are doing where you tag the retailer or are specifically educating customers on where to go to purchase. Bonus points if you can show how much this is driving sales. (How incremental is your advertising?) We do various testing with specific geographic locations and social media and/or broadcast campaigns to really identify what drives customers in stores and use it as a case study with our retailers to keep growing what is working.
Be in it for the long haul
I always dreamt that retail distribution would be like winning the lottery. You get “awarded” items in-store, and boom, the rest is magic! This is far from reality.
Once the items are set in-store, the clock is ticking, and you have to work like mad to get them to exceed expectations and grow while prepping for innovation and keeping your brand fresh. Also worth mentioning? The heartbreak when the product you poured your heart and soul into is rejected by a buyer.
After nearly eight years in the dietary supplement industry, we have learned that when an item doesn’t make it in, we almost always look back and say, ‘It just wasn’t ready’ and focus on it being a blessing to have more time to perfect the product, the messaging, the marketing.
Grow, grow, grow, any way possible. Expect it to take a long, long time. In our industry, retailer line reviews generally only happen once a year, so it’s the classic fable of the tortoise and the hare.
Own up to your mistakes
Did you get distribution on items that are not selling? Do everything you can to make it right.
The buyer invested in you as a brand, as a founder, not just the product. These efforts could entail packaging revisions, customer education, branded marketing above and beyond what you are already doing, or even item swamps with innovation to avoid losing your spot on store shelves.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
Your hard work deserves to be rewarded! Apply for our premier small business awards program, the CO—100, to earn national media attention, get VIP access to premium networking events, and potentially be awarded $25,000! Apply and learn more, here.
