Bord Bia Marketplace Notes 06 01 15
Floor Discussion
Q1. Building rapport with the buyer. What are some sample questions you could ask?
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Is this your first trip to Ireland?
How long have you been with the company? ….. To determine their seniority and background
in the company.
Are you already dealing with other Irish Suppliers? – Maybe they understand that Irish
suppliers can provide solution.
Showing you have done research, mention something relative to them,
Ask them how their business is performing?
Language and legalisation
Q2. What are the questions you need to ask to understand buyers needs/wants?
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General category enquiries; “how is your category performing, during a visit to your stores
recently, I noticed that….”
Ask questions to relate to why they are interested in your business
How they feel they are positioned with the current trend, and what is happening in their
market place?
What is their position in the market, top line gaps
How the category performed over the last year
Any particular products that performed well
What are the gaps, and where we could fill them
Q3. What concerns might you typically anticipate?
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Anticipate concerns, continued supply, volumes,
Would our flavours fit the local market
Maybe we need to tweak the recipe or flavour…., re cultural taste difference
E.g. honey, Asian countries is very strong, knowledge of market helps
Can you provide product all year round
What are peak times in different countries, seafood industry has peak times (seasonality)
Price demands, delivery and continuity…….
Financial strength & stability…- are you going to be in business this time next year (love
product, love profile, buyer could be saying do they have capacity, can they cope, and not let
me down)
Too much of the same product
How will you manage shelf life from Ireland
Find out about the buyer, who is the buyer
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Bord Bia
LinkedIn
Phoning people (co opetition), people who have met them before that you may know
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Who they are buying from in your category
Handy to know a buyer interest (research knowing a little about them is as important as
knowing their business)
Terry Cooke – actually evident to him from a lot of meetings that people had not gone onto
his website. They owned several other businesses but producers’ didn’t know. Do
homework, extract any information that you can. For example you are familiar with “what
is their growth strategy for retailers in Ireland” – reasonably familiar e.g. at Christmas time
Dunne’s Stores focus on buying market share etc.
it is critically important that you are as informed to those you will be meeting from other
countries
Tip: Put the buyers company on Google Alert to news feeds on the companies’ activities
o Monitoring the companies, and your segment and category in different geographies
Origin Green, if it’s a match having done your homework, important it comes across in your
presentation. You are looking at matching and fulfilling their needs.
The buyers are at Marketplace as it is an efficient way to do business and looking for new
product, or fulfil a gap, they are there where they are not being disturbed, and they are
there to buy. Your chances of success are really high, that is benefit of participating in
Marketplace International……
If you’re planning to rock up to market place not having spent time getting intelligence and
doing homework, then better not be there. Buyers are smart and will see you have not
prepared
Market place environment allows them to shorten the process.
Things Buyers will expect
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You will know your product, you can articulate your Value Proposition and USP’s
That you know their market
Need to understand their needs
How good are you at investigating market or based in overseas market
o Based in market
o Key things to get regular communication going
o Buyers moving around, get position on what is going on in their live
o Geography and market segments changing
o Trying to monitor new markets to see development
o Sharing insights between different retailers – careful and discreet
o Understanding how product is used in foodservice outlet
o Buyers think they know how it will happen, and how product works but good idea to
get into foodservice operator to demonstrate – spend time before you meet buyer
with kitchen chef
Chambers of Commerce is a good source, very helpful
They are linked to international local chambers
What mind state potential is a buyer in, one of three, buyers reaction by and large will be
determined by your interaction and credibility; your own persona, some people are good,
handshake, aura, all in selling business…….often done business with people because we like them
(persona), presentation skills, remember every buyer you meet, see person after person, they make
very quick assessments, your ability to question and interact will be vital.
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First mind state, could be frustration…. these guys don’t know market, or category, etc.
Second mind state, they have clocked out, not held attention, they are going through
motions, decision made – actually you are determining how this person is behaving
Third mind set, fully engaged…….clear focus on what happens next…..
How many use website, twitter, FB to communicate, (good show of hands)….. they deliver messages
and information about your company and products that buyers will pick up, whether they visit your
website or talk to your customers in Ireland, remember buyers are connected……they will talk to
your customers……..what messages can you get out there…….is value proposition clearly articulated
so that buyers come to Marketplace International already well informed ..Is this on your website, ask
the buyer if they have visited your website ….” did you visit our website or come across our new
packaging?”……did it excite the buyer?
Buyer Interview……Heart of the Process
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Really understand the buyer’s needs, get them to talk to you……don’t go on, remember to
ask him, what is going on in his business…..treat this not as a sales pitch, but really like an
interview, asking open ended questions, and actively listen and in particular if they have
given you an insight into their business, that is what you want to hear. Paraphrase and
clarify………….
Need for preparation – each buyer you are going to meet, make a list of what you think they
might need, based on product, what you know about their business, product
category…..what specific type of information to understand those needs to maximise those
needs….write questions in to uncover the information……..this gets you to answers, basic
questions
o Who, what, where and when
o Don’t hog conversation give the buyer ample opportunity to tell you what they need
or want
o Follow up questions,…..”can you share with me the criteria you use to list new
products in your category?” “Which ones are more important to you?” etc.
o Importance of listening, human nature to jump in and provide solution…….you may
be hearing the symptom and not the problem, do not jump in….listen to the buyer
o Effective interview, focus on buyer and needs not what you are selling, make buyer
focus point… create dialogue, 80% time listening, verbalise, give nod, gesture that
you are listening…. By showing them you are interested, they are picking up signals
that you know they are interested.
o In our interview, never begin be selling, begin by rapport, identifying needs and then
matching…………
Exercises
Role of seller and buyer –
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Why should I buy your product over the locally produced product
We did a gap analysis on your stores and we feel you need xxxxxx
Was her strategy as a buyer to continue their pricing strategy etc…………
How can you adapt your product to meet convenience market
Demonstrating and improving your value proposition is there any relevance, what is value
proposition
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Ability to meet customers’ needs
Not anything to do with price, more to do with what can you offer to the business, maybe
through training or brand proposition
USP, identify your key points of difference relative to competitors, wouldn’t necessarily be
same needs for all buyers an innovation service or feature…………………………………
LinkedIn Value Proposition – connecting, talent with opportunity at massive scale
USP’s – generic words, farm to fork…….so what, now not relevant…….articulate what is different,
elevator pitch….25 minutes is how you communicate value proposition……demonstrate relevance
Don’t bore people with features that are of interest to you but not to the buyer……….”I don’t need to
know your family history…..”
Also opportunity to deliver with passion and confidence; demonstrating your belief in your products
and how they meet the buyer’s needs ; Grasp this opportunity, you may not see them again unless
you hit the nail on the head, they will understand then how you will add value to their business.
Now Validate all Good Information when talking to buyer
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Expert testimonials, chef making a comment about your product
Don’t make promises you can’t keep……..if they want delivery in two weeks and cant, then
don’t say it
Awards have been brilliant “Blas na hEireann”, etc. ……. Bring it to life but don’t say “Award
winning product”
Over a period of time awards show consistency of product
Something that you delivered before to another customer – an achievement……..(be careful
of example you give)
Consumer preference – significant survey – budget allowing
Exercise – Two things we have not picked up validation to buyers
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Number of years in business
Having health balance sheet
Product samples
Images
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Track record
Stats, facts and figures
Standards BRC, etc.
Current customers
Common ground, in terms of shared contacts
Personal validation from you as an individual
12 audits a year, 4 unannounced
Demonstrate how your sales grow
Service levels
Feedback from last Marketplace buyers on “Competiveness” was in the low 20’s – pricing is
important – look at pricing structure, what is niche market, influence cost of getting you there, not
taken into account re domestic market….ensure you can make money out of it. Be prepared…make
sure you understand the pricing structure in their market ……be ready to give indicative pricing but
make sure it is competitive and that you will make money…..If in doubt ask the buyer for
clarification……
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Take pricing model on per unit basis…..start at retail price
Did you check competitor price, don’t assume current Irish price is competitive in
international market. You need to measure it up and ensure it is.
Look at wholesale price, is there VAT
What is wholesaler margin
What discounts or promotions are customers going to look for
What are distribution costs
Do you need insurance,
Are you selling in foreign currency
Look at two different pricing models
Incorporate things discussed.
There are many potential “hidden” costs that can differ from market to market and customer to
customer.
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Familiarise yourself with these
Ask Bord Bia overseas offices for assistance
Talk to some of your peers who are already dealing with customers in your export markets
Other costs also
Brand bank, EDI, come and inspect you (you pay for that)
Magazine feature for new product launch
Exchange rates
Exhibition costs
Local tariffs
Wastage
Billing, match invoices to every location and proof of delivery
Cost of sampling
Size of the price needs to be big enough
When with the buyer, if unsure about price, ask them; “tell me a little about how your pricing
structure works” – “do you have penalties for non-compliance with deliveries?” – Ask them about
compliance, e.g. your pallet might need to be a certain way, labelling, etc. – these can add costs to
your business
Closing Steps
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Unique opportunity to do business
25 minutes
Much of real work begins at end when process is over, leave with great leads, anticipate
pressure, what do you need to do to get sample out, prices out
The cut and paste carbon copy presentation words, does not work, a buyer knows after 5
sentences, this is cut and paste
Preparation in advance
Be clearly able to validate value proposition
Get message out promptly and appropriately to relevant person
Any Extra Valid Points
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Translations for packaging, etc.