Getting your products into a big retailer can bring your business to the next level.
Making the leap from small stores to well-known retailers can make a huge difference for a company, but it's no easy task. One of the largest retail chains in the country - Walmart - is a great example of a retailer that can bring a brand from obscurity to top seller. But to get your product into Walmart stores across the country, you need to have a detailed plan of attack to impress the retail giant's
decision-makers.
Here's what you need to know before you sell to Walmart:
Unsurprisingly, because Walmart is such a popular retail chain, it has an extensive application process that you need to research extensively before making your product pitch. There are three components to Walmart's product submission process: the online product submission, the supplier questionnaire, and the supplier agreement.
The online product submission is the first stage, and this is where it is critical that you and your product make a good first impression. At this step, it will be all about the visuals because Walmart doesn't ask for much product information except for a hi-res photo.
You should make sure you have basic information about your company and product ready, such as your GTIN membership number and your federal tax ID. Walmart's official guidelines advise suppliers not to use special characters such as commas or periods in their submission form. Additionally, the company contact field must be completed to be eligible for further consideration, according to the rules. If you are selected for the second step, you will receive an email with a link to the supplier questionnaire, which is where the real product scrutiny begins.
In addition to your tax ID and GTIN number, you will need a host of company information for the questionnaire, such as any accounts the business already has, company promotions, references and data on product sales. Once you complete the questionnaire, you will have to complete Walmart's registration program, which requires a $125 fee. If Walmart decision-makers like your pitch, they will invite you to participate in the final stage of the submission process.
The last step before you start collaborating with Walmart is the supplier agreement. To finish this document, you will need to lay out the payment, shipping and condition of sale for your product, as well as a return policy. You should also make sure to have your tax ID number, Dun & Bradstreet Number and your certificate of insurance. If your agreement is approved, you will receive a link to set up a retail account with Walmart to begin your partnership with the company.
Although every supplier completes the same process, there are several things you can do to look better than your competitors. For one, we can't overstate how important it is to prepare before you submit your proposal. Walmart actually offers prospective brands a presentation on how to make a successful business pitch. The slideshow offers critical insight into the elements Walmart's decision-makers value in a product submission.
You should also tailor your pitch based on whether you are selling a national product or a local product. Having a specialized marketing campaign if you're selling to a specific store is a savvy way to demonstrate to the store's decision-makers that you understand the audience you're selling to and that you would be a valuable sales partner when your product is on the shelf.
In contrast, laying out a marketing strategy that appeals to as wide a consumer base as possible will reassure Walmart executives that your product is a financially sound investment. To really impress stakeholders, you should lay out an online marketing strategy as well as an in-store plan to show the Walmart executives that your product can be successful on all of the store's platforms.
Taking the time to determine where your product fits in to Walmart's overall business strategy will be a big help when it comes time for you to start the process to becoming a Walmart vendor.
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