How to Get a Manufacturer Interested in Producing Your Product
by Carrie Hinkel on March 27th, 2008
Do you currently manufacture a product that you think would be the perfect addition to a brand-name company’s product lineup? Well, you’re not alone. Plenty of inventors have taken their idea from the drawing board to the manufacturing plant, only to find out that marketing a single product from an unknown brand is tougher than they thought.
If your product directly competes with products from a billion-dollar corporation with a virtually unlimited advertising budget, it doesn’t take a marketing analyst to figure out who’s going to come out on top, at least in the majority of cases. So, instead of letting your product be beaten by the competition, why not see if you can get the competition to buy your product and add it to their product line? Here are some ideas for getting your product seen by the right people:
Step 1: Make a list of the large companies that sell products similar to yours. Chances are there are more than you realize, so take the time to do a thorough search on Google and on several manufacturer directory sites.
Step 2: Prepare a two-minute quick pitch, which you will use when you call each of these companies. Don’t take this step lightly, as it can either make or break your chances of generating interest or getting a meeting. So, practice, practice, practice!
Step 3: Call each of the companies’ corporate headquarters and ask to speak with the person in charge of sales or marketing. Then explain who you are, what your company manufactures and how it can benefit them. Make sure your pitch is enthusiastic and includes compelling sales data. If the company contact isn’t familiar with the product, then ask them to log onto your website to see pictures or offer to email them.
Step 4: Be persistent and don’t assume that no really means no. If you’re not getting anywhere with your current contact, then find another contact within that company. Perhaps the vice president of marketing or the director of sales will be more open to hearing about your product. There may very well be no hope of striking a deal with a particular company, but don’t take the word of just one company insider.
It’s possible that your product would fit in perfectly with a larger company’s offerings, however, it’s also possible that you’re the only one who thinks so. If it turns out that you can’t find any takers to buyout your product, don’t worry, you still have plenty of other options. You can prepare a business plan and try to enlist the financial and marketing help of a venture capitalist to better compete in the marketplace. Or, you can apply for a business loan and attempt to grow your business on your own. There’s also the option of continuing to manufacture your product while trying to expand your market by perhaps offering OEM services, hiring manufacturer’s reps or working with distributors. Of course, you might also decide to work with a business broker to try and sell your entire company. So, the good news is, you have plenty of options!