When presenting your product assortment, at a Product Line Review (PLR), keep in mind the individual needs of the retailer in the room. The right product assortment can — and often should — change from one retailer to the next. To ensure the retailer believes your partnership is worth investing in, don’t put everything in your assortment on the table. You need to strategically identify what the optimal product assortment will be for that specific retailer — and know how it would differ for their competitors. Do the hard work, come prepared to talk about their current set, and demonstrate how they can make their set better for their customers. Walk in the door as a problem solver.
Swap or Drop Products that aren’t Working for a Specific Retailer
If you want to keep the retailer’s attention during a Product Line Review, don’t stubbornly insist on a product that doesn’t meet the retailer’s key metric requirements or doesn’t appeal to the retailer’s target consumer. It is imperative to know what matters to the retailer. Is it sales, turns, margin, average ticket price or all of the above? Quickly understand the types of products that simply aren’t working for them, and be prepared to adapt, change and innovate to deliver an assortment that will help the retailer meet their performance goals.
Talking through Your Thoughts on the Product Matrix is an Absolute Must
You cannot walk into a PLR without a product matrix firmly in place, and you should know it back and forth. Study the retailer’s competitive landscape from every angle to identify exactly where the best opportunity lies for a partnership between the two of you. Not only does this help demonstrate your expertise on the retailer and the category, but it also lays out a clear path for a mutually beneficial partnership.
Clearly Communicate Your Planogram Recommendations
In a Product Line Review, you need to be able to succinctly articulate your planogram recommendations. They need to be based on consumer demands in order to show the retailer how they can help generate reliable sales. The merchant wants to see that you are an expert in the category, so be prepared to deliver a confident recommendation.
Sales Factory Can Help You Identify the Ideal Product Mix for Your PLR
In a Product Line Review, retailers need to believe your partnership is worth investing in. So do the grunt work, come prepared to speak to the retailer’s current set, and provide direction on how to make their set better in the future.
With more than 35 years of experience helping businesses like yours create the perfect, retailer-specific product mix for their PLRs, Sales Factory has the depth of knowledge necessary to ensure you are bringing exactly what the retailer needs to see. We can help you tailor your assortment based on the retailer with whom you’re meeting, and we’ll help you show them how your planogram recommendations will deliver dependable sales.
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.