6 tips for finding the right broker

finding the right broker

The market is filled with a wide spectrum of natural products brokers, from small to medium to large. Most cover food, non-food, supplements and body care, but some specialize in one or more of these areas. The key is to find the broker with the best fit for your organization but finding the right broker can be tricky.

Here are six tips that can help you find the right broker for your natural products brand:

1. Ask a prospective broker for a roster of their principals (lines they represent) and look for complementary lines (e.g., if you are a frozen food company, look for other frozen food companies that they worked with successfully).

2. Review their “prospectus”—their book on who their principals are, territories and chains they cover, retail coverage, number of people in the organization, and any additional services they offer (EDI, planogramming, etc.).

3. Look for other companies of your approximate size with which they have been successful.

4. Ask buyers (distributor and retailer) for their confidential recommendations. Sometimes they will just give you a list of brokers with whom they work. Often they will give you their off-the-record recommendations. Be sure to ask if they see the broker they are recommending to be a good fit with you – not just a good broker who calls on them.

5. Solicit input from peers in the industry about whom they work with, and who has a good reputation.

6. Ask your current brokers for recommendations on their peers in other markets—it’s a small world and they often know each other and their reputations.

These 6 steps will go a long way in finding the right broker.

 

Blog credits to NextAccelerator

Leave a Reply

Your email address will not be published. Required fields are marked *