2022 is here (cue the jumps for joy and the cringes). 2020 and 2021 were rough on CPG (consumer packaged goods) brands, from inventory issues, shipping delays and labor shortages we think you all deserve a big pat on the back for making it through. If you haven’t set your retail goals for 2022 or feel like your brand could use a boost after the New Year, this is for you.
Steady Wins the Race
When you are setting your retail goals, you want to keep a few things in mind to ensure these goals are attainable but also worth striving for. For example: who wouldn’t want to grow sales 400% in 2022, but a more reasonable goal would be to double your sales annually. Many brands want to expand so quickly that they lose sight of what’s realistic and sustainable. While it may sound good on paper to quadruple the number of stores you are in, you likely won’t be able to support the demand with that steep increase. The caveat here is that if it’s really early on you can expand a bit more rapidly, ie: going from 40 stores to 200 in a year would be okay, but going from 5,000 to 10,000 in a year may pose some of the challenges mentioned above.
Don’t Be Afraid to Think Outside the Box
As a CPG brand, it’s important to know your retail niche, but there is value in thinking outside the box and looking beyond your typical focus. In addition to your list of dream retailers, your retail goals for 2022 should include getting into some stores outside of your area of focus. For example, don’t write off conventional grocers-they have shoppers too, it could get your food brand in front of a whole new audience. Not everyone shops at Erewhon. Our founder wrote more about this HERE.
Keep Your Eyes on The Retailer
We know adding new distributors might seem tempting but adding new stores is more important. New distributors will come, it’s the “Yes!” From the retailer that makes the biggest difference. Bonus: with the focus on new stores you don’t have to spend time onboarding new distributors.
It’s All About Timing
It’s one thing to have your list of goal retail stores, it’s another to actually get the buyers attention and shelf space. We want your retail dreams to come true so we’re here to help. First, add different stores’ category review period to your calendar so you know when to reach out to retail buyers throughout the year. Buyers may take in some items outside of their normal category review period, but it doesn't happen often. Most smaller chains or independent stores don't work off a review schedule so you can pitch them anytime. Next, ensure that when you reach out to the buyers you bring data to back you up-it’s not enough to have a delicious product.
Let Your Community Lead the Charge
Whether you are a new WeStock member or a seasoned pro, it’s important to use all the tools in your kit to make 2022 your best year yet. When you sit down to draw up your retail goals for the new year, look to your fans and community to guide you. You may think you know where your consumers shop and live but why guess when you have the real data at your fingertips? Track your goals in the WeStock dashboard.
Your brand’s 2020 retail goals don’t need to stress you out or take weeks to formulate. Remember they are goals aka a guide, not an obligatory roadmap, there is room for flexibility.