Product management in your shop starts with knowledge – knowledge BEFORE the product is launched.
Always agree with suppliers to be briefed on new product before its media launch. This isn’t just so that you can clear old stock, as you need to plan the introduction of new product to maximize sales early in the lifecycle. Don’t accept that you have to find out about a product when the customers do, as that would leave you chasing the opportunity.
This is especially critical now as brands are fostering direct customer relationships. Register on any manufacturers’ site where you can. They send personal updates to consumers, and you need to be in the loop so you are NOT caught short by your members.
As soon as you know a new product is being released, log the date and then note the dates that you were formally briefed by your rep and when the consumer release took place. Also note if the supplier had a ‘product introduction plan’ beyond, “How many do you want?”
When you are making stocking decisions, this will allow you to review the ‘performance’ of suppliers. Identifying good suppliers and reps is important to the selection process. Having such data will make supplier discussions more objective. Suppliers that provide rational product introduction plans and support are worth being loyal to.
