Retail Incentive Programs
GAINING RETAILER SUPPORT
When launching a new beverage, securing the support of the retailer is crucial. In order to get shelf space, it is generally quite helpful to offer some sort of incentive program. Often it is a good strategy to begin by giving a free case of product to the retailer and have them try the product for themselves. Once they have sampled the beverage, they will be much more inclined to purchase. A “buy two cases get one free” inducement can also yield a satisfactory end result. Additionally, offering incentives like coupons, promotions, guaranteed sale, and distributor bill-back can be just the positive push the retailer needs to agree to sell your beverage.
When offering an incentive program to retailers, it is important to consider several things. Knowing your audience is important and can be achieved with an in-store customer survey. Once this knowledge is gained, it can be utilized to assess the most effective method of incentive. Budget evaluation is an important part of planning an incentive program as well. Incentives cost money short term but the long term gain ideally outweighs these costs. Offering incentives is a proven method with both the customers and your business winning as an outcome.
Powerbrands is a qualified consultant with experience in audience and market assessment, budget evaluation, and the implementation of strategies which will set your beverage up for success.