Dreamer 2 Creator Business Magazine
A match made in heaven Finding the perfect suppliers to build a profitable, meaningful business
Irecently started a zero- waste lifestyle boutique in Calgary, Alberta, called Without Co. Yes, you read this correctly. I opened a brick and mortar retail store despite economic times, fear- mongering headlines on the fate of retail, friends and family concerns, you name it! We buy from businesses all across Canada and carry a broad product mix of zero waste lifestyle goods. Supplier relationships have been the cornerstone of our business so far.
Product mix is everything, especially in retail. Carrying the right brands, and having the quality that people come back for, is what drives most of our customers to our store. Because of this, sourcing meaningful suppliers has been instrumental in attracting the perfect client. By meaningful suppliers I mean - they had to check our purchasing pillars as being sustainable, Canadian, and woman- run, but they also needed to have: Goals that align with our business’s goals Branding that fits with our esthetics
Proper support and tools from the supplier ( social media content, shelf- talkers, to highlight a few.)
The product options are endless, the websites are daunting, the wholesale line sheets are mundane, and it is a lot to get through! So, I am going to walk through some essential steps in sourcing the right suppliers.
This guide assumes you have already identified a well- suited product from a couple of different manufacturers/ suppliers, and are trying to make the tough decision of whose product to carry, and whose to reject. Here are my best practices in our business to date.
Step one: Cyber Footprint Audit
Our two main channels in our business are our website and Instagram. So it is vital for our suppliers to have a presence there as well - it means the brand awareness exists, the traffic is already there, it is just a matter of driving that traffic to you.
Their website - does the business’s mission align with yours? For us, if it is not low waste, sustainable, and natural ( and if those buzz words aren’t blasted all over their website copy), it is a pass, right off the bat.
Does the esthetic of their cyber footprint align with your esthetic? If the looks of the website align, I think it speaks to the fact that both of you are chasing the same clients - which is a significant step.
Does their website list stockists prominently? This was crucial for us because it is a great way to drive traffic to your website/ store.
You can also use a Search Engine Optimization ( SEO) tool to see how they rank, and what keywords they use - this is a great way to readily identify if their business fits with yours - similar keywords? Better keywords? That is an excellent start!
Step two: Price Point
Are you comfortable that the price point of the product/ line aligns well with your target market? Is it easy to see the competitive advantages within the product and the value the product would bring to your clientele? I believe that the supplier’s product should do the selling. The packaging should easily highlight why the product is a great fit while rationalizing the price point.
I typically connect with our target market to see what they think of the product as well. Any way of gauging your customer’s willingness to purchase or eagerness to learn more is such a benefit before taking the plunge and bringing the line into your business. We do this with Instagram questions and polls, but you could also enlist the help of your email subscribers.
Price point analysis should always include a look at the margin your business would earn from sales. Preference should be given to the product that allows your business a higher profit margin ( while keeping in mind the rest of the criteria), it is all about weighing the pros and cons.
Step three: Try everything, really TRY it.
This should likely go without saying. But try it! Really try it. Have your friends and family try the product. Don’t just use the free testers from the
company and go with it - that is not enough to truly get to know the product, and how it performs over time.
Personal anecdote on this - I was expanding our line of natural skincare and received samples of a range. I tried the samples, loved the samples, ordered the line. When the product arrived, I had no idea how the actual packaging ( in this case, a jar) of the product performed. It turned out, the whole jar of product is basically written off if you get any water in it; and considering it was a facial cleanser, water getting in the jar was nearly inevitable. Because of this, we pulled the line off the shelf; an expensive mistake. The moral of the story is, try the products in full size, send them to your friends and family, and make sure everyone is completely obsessed before committing.
Tried the product in full? For months? Still love it? Buy it! Rant to your customer base about why you are so in love. It will resonate if you have used and used and used the product.
To recap – Step one is to dive into their cyber presence, think about how it aligns with yours and how you could make their online presence work for you.
Step 2 – Money, money, money. Does the retail price align with the customers you are chasing? Can you earn a sufficient margin on the product?
Step 3 – Try, try and try again. If you love it, buy it. If something is not quite right, you have to keep searching.
Because I own a retail store, this was written with products in mind. But the same steps can be applied to service- based businesses in sourcing the right tools for your business model. Cyber presence, financial benefits, quality of product/ service, are all instrumental in identifying suppliers that are a perfect fit for your business.
Now is the time to reflect on your current product mix. Think about how the product is serving your customers and how the suppliers are serving you. It might be time to refresh your line up!
“BECAUSE OF THIS, SOURCING MEANINGFUL SUPPLIERS HAS BEEN INSTRUMENTAL IN ATTRACTING THE PERFECT CLIENT. BY MEANINGFUL SUPPLIERS I MEAN - THEY HAD TO CHECK OUR PURCHASING PILLARS.”
Michelle Fentiman,
www. withoutco. com/