The CPG broker is an important link between manufacturers and retailers. Manufacturers depend on them to sell their products to retailers and also, the retailers want them to offer quality products that can help boost sales. Manufacturers tend to benefit a lot from CPG broker relationships, because it helps them to achieve tremendous amounts of success with minimal effort in selling their products. Therefore, it is paramount that they manage these relationships well and get the best out of it.
Here are a few tips on how to do that:
1. Have a written agreement
Depending on your goals for your company and products, put on paper a clear statement of your expectations for the broker. This will guide the CPG broker to know what to do and help you achieve your aims. The agreement should also contain the broker’s terms so that a mutual relationship is developed. The company’s goal is well understood by the broker and his goals are clearly understood by the company. This will foster a relationship that benefits both parties.
2. Live up to your terms and he will live up to his.
Keep your end of the mutual agreement you have with your CPG broker, if you want to better manage your relationships with CPG brokers. A big problem is encountered if the client’s dispositions towards brokers are not well received by the broker. Living up to your terms of the agreement with a CPG broker will ensure that he does the same.
3. Communicate well with your broker
A strong relationship with CPG brokers, which produce better results is managed by establishing a solid communication bridge. You have to keep a regular schedule of meetings with your broker. Also, provide insights concerning your products, so they know how better to sell them to retailers. Be attentive to their questions and seek to help whenever they report problems they face while selling your products.
The success of your CPG brokers in producing the results you want is dependent on how well you manage your relationships with them. And you can only get better if you exchange the right information with each other.
4. Compensate your brokers well.
Ensure you compensate the efforts of your CPG brokers appropriately. Make sure to reward their efforts at the industry pay standards. Try to create incentives that will encourage your brokers to work well, especially if they are doing up to, or more than expectations. Proper recognition of their effort will help you build and manage better relationships with your brokers.
On a final note, better relationships can be created and effectively managed with your CPG brokers if you are willing to commit to maintaining the relationships. The honest truth is that, you need them if you want to grow your sales faster; thus, you have to make the choice to manage better relationships with them.