A very large percentage of manufacturers don’t usually appreciate the existence of brokers. These manufacturers believe brokers support several different brands and usually don’t give adequate time to their brands. The service of a broker is unarguably valuable, they help in allowing little organic companies grow faster and become a major competitor in the industry. However, some manufacturers give these brokers access to manage every part of their business and eventually get to lose the profit of the business.
There are a lot of challenges in hiring a broker sale, these challenges are surmountable by following these steps:
Prove Your Expertise
It is not advisable you sit back and watch the broker do everything. Let them also know that you have an idea about what should be done. Take the lead, direct, state your goals and how you want them accomplished clearly and distinctly, so that all possible errors can be avoided. Ensure the hired broker is performing the required obligation. Give your brokers the best support they need, it will make them achieve better result.
Control your business
It is important you own and control the broker and every communication within the trade. Don’t allow the sales broker or marketer to control the image and message you want to convey. It is your brand, be in charge of selling, marketing materials, business intelligence and business reviews.
The most important thing in every business is communication. ensure yourself and the broker do not have any misconception about anything relating to your business. If possible, schedule regular meetings and follow up on your broker. Always update your brand on the latest development in the market. it is also paramount you provide this new information to your broker and marketer so that they can align themselves with your expectations and latest trend.
Measure The Performance Of Your Broker and Marketer
There are different ways of measuring the capacity of your broker, one of the most reliable is the use of the key performance indicator. Always check the rate of change for each of the 4p’s in marketing: price, place, promotion and product. You can always measure the rate of change in your products by the increase in profit, you can also check that of place by calculating the percentage of the market that you have as customers. Vividly state your merchandising, distribution, promotion objectives and pricing benchmark. So that you can always ascertain if the marketer or broker is underperforming or not. Be opened to opportunities around your key performance indicators and maximize them effectively to grow your sales. Finally ensure you draw up a score card to monitor and track you broker and marketers progress.
The essence of CPG brokers is to make your business better, however if your business is not improving, check their performance and take appropriate step to curb their excesses and put them on track.