It’s no wonder entrepreneurs dream of Walmart the way prospectors saw gold as the solution to all their financial concerns. Being the manufacturer of consumer goods that line the shelves of a large national retail chain has its advantages as long as you are prepared to play the game and abide by the rules.
As a marketing consultant, one of the first discussions I have with my clients is based on their financial projections and sales objectives. Once you determine how much money you intend to earn and draft the numbers into your one, three, and five year plans you have to decide how you intend to make it happen. How many sales do you need daily and where will you get them? For that balanced scorecard template is surely going to help you in maintaining your daily sales effectively. If you are targeting Walmart, there are some things you need to know about becoming a supplier for this (or any other) retail giant.
You are more likely to land and renew contracts if you understand the expectations of you, the supplier. Go online and do a search for a vendor agreement contract and get familiar with it. In most cases, Walmart uses a standard contract that outlines the mechanics of how you will work with the retailer regarding the delivery time frame for purchases.
Start by contacting the store manager near you to propose your product. If the manager is interested he or she will take the idea to their Market Manager. You’ll be considered only if you can prove that three-quarters of your business is from other venues. Typically you’ll start out by delivering your products to up to 50 stores in your region to test the market.
You have to be knowledgeable about consumer trends in your local area. Innovation is “key.” You’ll be up for national distribution if your products are high-sellers that strengthen the overall sales of the store and you can adapt to this level of distribution.
Walmart has a Supplier Development team that guides a new vendor through the process. It’s to the corporation’s advantage you coach you to the point of renewing the contract once it has put out the time and effort to get your products on the shelf. You’ll need a Dun Bradstreet number to show your credit history and ability to manage your business finances, a GS1 (UCC) membership number for a Universal Product Code (UCC), liability insurance, and worker’s compensation. If you are a minority-owned business you must provide a copy of your minority certificate. The details of the requirements are listed on the supplier’s questionnaire.