The purpose of having a distribution channel is to get your product into the hands of your customers. Without strategy, you’re losing out on potential revenue. Refine your distribution channel strategy by asking yourself these three questions:
How do potential customers find you?
Consider all the channels through which new customers discover your products. Do you have a strong social media presence that drives traffic to your e-commerce site? Have you invested in Search Engine Optimization that improves your Google ranking for greater visibility? Do new customers discover your products via word-of-mouth recommendations? Through which retailers do you sell the most products?
By identifying the channels through which you achieve the most brand awareness, you can refine your distribution strategy by focusing your efforts on those channels.
What are your limitations?
Every business has its limitations. While you may have an in-demand product, you may lack the resources to store and distribute mass quantities. This is why distributors and retailers are so important in scaling a business.
By knowing your limitations, you can identify what partnerships would be beneficial for business growth.
What are your business goals?
This is a question you should be asking yourself regularly, as it will inform all your decisions moving forward. If one of your goals includes generating more revenue and scaling your business, you may require more distributors to get your products in the right hands.
Focus on developing relationships with new retailers that align with the products you’re selling. If you’re looking to expand into new markets, nurturing these relationships is essential.
Struggling to develop your distribution channel strategy? Let’s have a discussion and get your organization headed in the right direction.
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