Ingredient Sales Reps often believe that “getting a meeting” is the most important thing they can do. This false belief creates artificial anxiety to present the best ingredient solutions to almost any and every brand that says “yes” to a meeting.
What could possibly be wrong with “presenting” to any & all brands? There are multiple reasons why it’s dangerous to present high value ingredients to every brand. Here are some of the main reasons why you want to avoid presenting high value ingredients to everyone:
- Costs of presenting – Typically with high value ingredients it requires multiple team members to travel and visit with the prospective customer. One ingredient supplier presented to more than 100 brands over 2 years. My estimates are they spend about $250,000 or more in travel to present their high value ingredients.
- Finished product sales volume drops dramatically for any brand outside of the top 10 within each channel – Now, let’s be clear that a top brand should only be considered based on the specific health category your ingredient addresses. If you claim a top company in vitamins and minerals will be a top company in inflammation you will absolutely be disappointed. So focus on presenting to top brands in the category your ingredient solution addresses.
- Focus and motivation among sales reps drops dramatically as the volume of presentations increase – They want to see sales happen. But they won’t if they don’t understand why some brands don’t want this “Amazing ingredient solution” they are presenting. And then focus & motivation decline. Focus may be the #1 problem I see with sales reps selling high value ingredients. They let short-term sales possibilities distract from a focus on ideal partnerships.
- Internal devaluation of ingredient concept begins to happen as you present to more companies that say “no” to an amazing ingredient concept – Sales reps and business units become desperate for sales and so they start devaluing the high value ingredient you and your company have worked so hard to develop.
Ingredient suppliers and their sales team must remain focused on only presenting to the best brands for their ingredient solution based on a clear qualification criteria. We will talk about those criteria at the SupplySide West Workshop (details below).
6th of 10 way ingredient suppliers sabotage sales of high value ingredients:
Present their high value ingredient solution to ANY brand that asks
Discover how to develop the clear qualification criteria for selling high value ingredients at an exclusive exhibitor workshop at SupplySide West entitled: Essentials to Getting High Value Ingredients Launched with the Right Finished Product Brands (only $25 to attend). You’ll leave that workshop with all the information you need to be sure you don’t sabotage the sales of your high value ingredients!
This workshop provides a powerful process for taking a high value ingredients from development to sales in the most efficient way possible. While customers may not be looking for your ingredient solution, and many will NOT want it, the “right” finished product brands that will launch your ingredient solution most effectively actually dream about your solution and have been waiting for you to show up…in the right way for them to move forward with a decision.
Stop struggling selling your high value ingredients and get to the workshop at SupplySide West!
And stay tuned… Still 4 more ways ingredient suppliers sabotage high value ingredient sales are coming soon!