There are plenty of companies and independent brokers out there that claim to be experts in manufacturer representation, but how can you spot a truly qualified product broker? Use the 5 step criteria below to ensure you’re signing with a company or independent representative that’s right for you.
1- Business Focus – Ensure that your chosen Product Broker is retail specific, meaning that they focus on only 1 retailer. It goes with the saying, “Jack of all trades; master of none.”
2- Experience – Be sure to verify the experience your chosen Product Broker has. Any buying employment for the retailer or long term broker experience is a plus.
3- Relationship focus - It is vitally important that the product broker you choose puts an emphasis on relationships. Your product broker should be committed to building a lasting relationship with your company, and to serve your company throughout the program. A broker’s commitment to you is reflective of their commitment to the retailer they sell to. Building and maintaining relationships with retail buyers is extremely important; they will remember the companies that consistently work hard and pull through for them.
4- Success and knowledge - Meet with your product broker before making a commitment, either in person or via conference call. Come prepared with questions about the company, including what kind of success rate they have with placing products. A successful and knowledgeable product broker should have the ability to clearly address your questions.
5- Use your best judgment! - Decide what is important to you when partnering with another company. Look at your company brand and analyze how your company does business. If your company puts an emphasis on business integrity and work ethic, you should choose to work with a product broker that values these same aspects of business. Using this information, use your best judgment to decide if they are a good fit.
Comment