Business owners are meticulous about the service provider they engage. Partnering with individuals or companies with a bad image could result in the same for the business, and it’s why these owners perform a thorough vetting process. If you hope to get a deal or contract with a specific manufacturer, you can’t visit their premises and expect them to trust you without doing a background check. You must ensure that nothing negative will come out of their review before pitching your idea. Otherwise, you’ll have wasted a lot of time that the manufacturer could spend on doing something more meaningful. If you’re positive that your input is worth paying attention to, develop strategies to ensure that the manufacturer invests in your idea.
Prepare a simple presentation to show the manufacturer how your design will look like after production. Ensure that this presentation is brief so that the team you’ll be presenting to remains interested. During the presentation, avoid a lot of jargon, even if you’ll be pitching your idea to people with technical knowledge. Instead of preparing a PowerPoint presentation, you can carry a sample of the design with you if you have one. Doing this will increase the chances of the manufacturer accepting the product design because they’ll see its features first-hand.
Develop a budget stipulating the maximum amount that the manufacturer will spend on production if they accept your design. Preferably, let the cost be relevant to the manufacturer’s financial capability because, if not, they will not consider your pitch. If the manufacturing process will require too much money than they can afford, seek a different option unless you can convince them that the profits will be worth every coin spent. Make sure to approach your manufacturer’s team with numbers and not promises only. They’re only interested in learning about how high the profits will be, compared to production costs.
Every business owner intends to be better than their competitors. Be confident that your design can make the manufacturer rise to the top of their competition. You can do this by ensuring that your idea is unique, meaning that no other manufacturer knows of it yet. Selling a differentiated product will increase the chances of more customers approaching the manufacturer than if the item is already in the market. Another way to ensure your design results in a competitive edge is by keeping the cost down for it to go for a price lower than that charged by other producers. Keep in mind that an affordable business owner attracts more customers than an expensive one.
If you’ve partnered with other manufacturers before, share the outcome that resulted from selling a particular product, provided it was positive. Doing this will assure your manufacturer that collaborating with you will significantly benefit their business. Please don’t be afraid to share the mistakes you made previously and how you plan on ensuring they don’t happen again. The team should hear the truth from you than from other sources. If there are disadvantages that could result from partnering with you, make them known for the manufacturer to decide whether they are willing to take a risk or not.
When presenting your design idea, be confident, as this will prompt the manufacturer to want to know what you have to offer. Anticipate their questions early enough and decide how to answer them in a manner that assures them of the legitimacy of your pitch. The team members could question your intentions if they notice that your voice is shaky and you’re sweating a lot, so ready yourself by speaking in your friend’s or family’s presence. However, don’t overthink too much, as doing so could compromise your presentation’s quality. If they pose a question that you have no answer to, be honest about your lack of knowledge and ask whether it is okay to get back to the manufacturer or not.
Please don’t give promises that you cannot keep as this may lead to a waste of resources. Avoid over-pitching yourself because the outcome may be adverse if your promised profits don’t come to life. Get ready to answer some tough questions as the manufacturer will want to be confident that investing in your design is the best decision for their company.