On today's show, Bruce & Tracey discuss how to go about expanding your small, emerging or challenger brand with an existing retailer. Often, brand leaders get distracted by defining growth as "more retailers" when growth actually means building and expanding your brand intelligently. However, the smart play may be to expand with a retailer you are already working with and having some success vs getting involved with another one. Among the topics we cover are:
1) The importance of knowing how success will be measured. Sales/velocity hurdle rates?
2) Expanding store count with existing skus in distribution vs adding additional skus to your current assortment. Hint: If you add more skus, can you still make velocity hurdles on the legacy skus?
3) You have the benefit of experience with the account and a relationship with the buyer - build on this working relationship.
4) You have some data on what promotional programs and price points work for your brand with this retailer- build upon this knowledge and success. Building an even more impressive success story with an existing retailer will enhance your case study with other retailers in the future.
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