Back in the mid-1990’s, when I was working in the movie industry, Hollywood was rocked to its foundations by the infamous Heidi Fleiss scandal
If you don’t remember her, Ms. Fleiss was the famed “Hollywood Madame”, who had an even more famous little black book, where kept the names of some of Hollywood’s elites… along with all of their naughty little deeds 😉
When she was finally arrested, the prosecutors tried everything they could to pry the names out of that book…. but to no avail. Ms. Fleiss would not reveal any of them.
And that brings me to important point (and no, it’s definitely NOT about Ms. Fleiss’ line of work…)
It’s about the importance of having a Black Book.
But in this case, I’m talking about a Buyer Black Book – your own personal rolodex of the store buyers you want to do deals with.
And while the names of the hottest buyers certainly won’t end up on the cover of the National Enquirer, it is your golden ticket to what your company needs most: getting your products into stores everywhere.
So let’s open the pages and peek inside your ideal Buyer Black Book……
In business, an LBB is:
In other words, the LBB is your everything.
It is a lifeline to the success of your business that you have carefully woven over time to create the most perfect fishing expedition that you ever imagined.
It is the “oh-crap-sales-are-down” list of companies that you need to start calling first to try to get more inventory orders.
It is the playing-big focus of the ideal business you’ve always imagined right at your fingertips.
And I’m going to give you an insider track to making sure that yours is so darn juicy everyone in your industry can’t wait to get their hands on it.
Of course this doesn’t mean you won’t have to put in the work, but at least these tips will give you the details you need to fully understand how to make your LBB work for you.
Know Your Target Market
Before I get too deep, I want you to think about who your target market is. You might have heard this called a “Buying Persona” by automotive manufacturers. Let’s answer a few quick questions about your products:
Selling to Your Target Market
Now the really tough question; where do these people go shopping? When you sell a product, you have to work to get your products into the stores that will sell to your target market.
You will never see a $250 handbag for sale at a Target or Kohls. Likewise, $50,000 wedding dresses are not the norm at David’s Bridal Boutique. And do your organic, cruelty-free vegan shoes belong on the shelves at a Cowboy Boot Outlet? (Hilariously, no.)
If you are working your butt off to put your product on the wrong shelves in the wrong store, you’ll quickly exhaust your most valuable resources: time & money. Having the right LBB helps you avoid the inevitable burn-out associated with a leak in your sales funnel.
Finally, let’s think bigger than your backyard. Where do the people who buy your product live? The geographic location of the stores you want to see your product placed in is equally relevant to your success as an entrepreneur.
Target Market Success Formula
Here’s a quick formula that I heard in a podcast once:
The right product
The right people
The right place
The right time
The wrong product
The wrong people
The wrong place
The wrong time
You can sell the right product to the wrong people in the wrong place, etc. but you won’t get very far. Your LBB will aim to target shopping environments where every single option in the book is the right product, right people, right place, and the right time.
Sarah Shaw’s LBB Super-Secrets
Creating an LBB can be a lot of work. And I should know. Sarah Shaw’s Handbags had to learn the hard way that using an LBB to stop wasting my time on the wrong accounts would have been crucial.
I don’t want you to suffer. Here are my four best secrets to successfully creating an LBB:
Bonus LBB Builder
The second thing you can do that might have not even occurred to you is to ask your target market where they go shopping. This is perfect for very unique products that you don’t have the luxury of using the above tactics for.
I’m a huge fan of Facebook groups, but maybe you prefer a forum or Twitter party setting. Find these on social media and just start asking the people that you meet:
The anonymity of the online environment will let you harvest the field for the best possible targeted responses from the people around you. The key is to be friendly and polite. Act like a friend.
However, let’s say that you sell dog sweaters. That’s a pretty cool, targeted niche. Buyers have to own a dog plus have the expendable income to buy clothes for their pooch.
Why not reach out to someone and ask, “I see your dog has a sweater on. Where did you buy it?” If you tweet @ someone, 9 times out of 10 they will answer you.
And the answer will lead you to do additional research of a company that should definitely be part of your LBB. Just think of how easy it was to find that tool – a person you could sell your product to – right there in front of you on social media.
Bigger is Better
Your LBB, in essence, establishes the perfect list of stores that you have the potential to work with. Therefore, don’t limit yourself.
Conduct the above searches once a quarter (Q1, Q2, Q3, Q4). Put it on your calendar and make sure it gets done. Consistency is key to getting the best results in marketing.
During the times when one store is buying, another might be on hiatus, and so on and so forth. Additionally, if you work with a lot of family-run boutiques, extenuating circumstances sometimes get in the way.
The bigger your list, the more stability you’ll have if anything happens beyond your personal control. Likewise, the more connections you create, the more opportunities you’ll have to develop a thriving, healthy, no-excuses business for yourself.
And that, my friends, is what will keep you moving forward no matter what.
Learn more of my secrets here……its free!
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I had the pleasure of speaking with Mae Karwowski, the founder and CEO of Obvious.ly, a leading global influencer-marketing agency and technology platform. Mae shares some amazing tips on working with influencers and how you can forge relationships to build your brand.
Want to learn more? Drop me a comment below.
#podcast #maekarwowski #obviously #sarahshawconsulting #entrepreneur #streetsmartMBA #pr #celebrities #business #fashion #celebs #celebrityaccess ... See MoreSee Less
Do you know how to set the right price for your product line? Lordy knows I sure didn’t when I first started my handbag line. But once I learned the correct way to do it, I never mispriced anything again! Now I want to share this method with you so you can be profitable and not wonder why you can’t pay yourself.
It took me years to figure out how to set the right price for my product line when I first started out, so I can imagine you might be in the same situation. If you are not sure if you are making any money, then there is a good chance you’re not pricing your products correctly.
Proper costing is the lifeline to your business and profitability. Taking into consideration and finding all the hidden costs, is the key. So many people forget little things that they add up and then BOOM, you are not making any money. Once you have the actual cost (cost of goods sold) then it is easy to figure out the wholesale and retail prices so you are always making money.
I’d love to share this formula with you. It totally saved my rear when I was in year 3….. Just thinking of all that lost money in the first 2 years…. I want to cry!
Drop me a comment with “PRICED FOR PROFIT” and I’ll reach out and connect with you. ... See MoreSee Less