Juvenile Retailer Buying Groups
As business owners, checking the latest stocks and
watching the daily news has become an item on your daily to do list. The staggering economy is enough to cause instant anxiety regarding the future of your business. Many retailers have cut back on spending and new ideas, fearful of closing their doors. They are left wondering how to not only survive but to thrive in their competitive markets.
Customer Service isn't enough
The age old saying of "customer service makes all the difference" is one way to stay on top, but is it enough? Will it keep your customers flying in or should you be doing more? Many retailers do not have the option to slash merchandise prices or promote daily door busters and at some point, customer service can only do so much.
Today, managing your business is multifaceted. Decisions on what to display, how to merchandise, as well as quantity of orders are even more imperative than they were a year ago. One bad decision that causes a loss is not an option and can't be afforded. How valuable would the ability to discuss your marketing ideas with experienced retailer friends be to your business?
As a retailer in the juvenile product industry, your business has the unique opportunity to have access to that very option by becoming a member of one of three major buying groups––National Independent Nursery Furniture Retailers Association (NINFRA), Baby Furniture Plus Association and Baby News.
The motive behind these groups began with the philosophy of giving local retailers a competitive edge through vendor discounts and unique products.
Today it has grown to mean so much more in having a network of like retailers to discuss current marketing ideas, issues and new innovative products.
According to Rafael de Castro, Executive Director of NINFRA, "as changes are taking place with membership benefits; many retailers may question if the investment in being a part of a buying group is justifiable."
Networking is Key
Although times have changed, retailers must be smart with their business decisions. There is someone out there who has been in your shoes, taken the walk and found themselves at the wrong or right destination. Joining a buying group today is all about the advantages of networking.
When a retailer joins an organization, they now have a bond with like retailers who share their concerns, passion and ideas. "This platform allows retailers to swap ideas, marketing techniques and sometimes even merchandise," says de Castro. "A perfect example would be a recent situation where one of our members had a customer who almost walked out of their store due to a missing side piece for a discontinued layette set. The member was able to get on our online forum, find the piece and make the $1000 sale. It benefited both members."
We treat you like family
Limiting memberships to locally owned juvenile retailers; the buying groups do not accept applications from franchised or publicly held companies. This allows the members to gain information, discounts and information to help them compete against big box retailers.
Comparable to a family meeting, several of the organizations have an annual membership meeting, allowing members to develop relationships and share ideas. "The great thing about these meetings is you can relate to each other," says de Castro. "It can give a retailer a sense of belonging; knowing they are not alone and that others are having the same issues or questions they do."
Annual meetings consist of round table discussions where members share ideas, hot sellers and decisions that make them money. A member may learn of a new product that they never considered purchasing but through the success of others, made the purchase, and enjoyed the profits.
Members are also provided access to internet forums to ask questions and obtain tips and ideas at any point of the day. According to de Castro, networking is huge and is the main advantage to a business owner. "At our last meeting I made a statement that holds true for members of all groups.
You want to know the number one benefit of belonging to this group? Stop a second and look around, you have access to hundreds of experienced buyers working for you."
What to look for
Once you have made the decision that your business cannot afford not to be involved in a buying group, it is important to know what to look for. De Castro offers tips to ensure the investment in the future of your business matches your needs.
Active in Industry - Ensure that the group you choose is very active in the juvenile merchandise industry. This industry is very dynamic, especially on the legislative side (with the government always enacting new safety standards). You want an organization that makes sure it is protecting your interest in this industry and is at the front line not only fighting the fight for you but also keeping you up to date with what is happening.
Priority of Group - Look for a group that helps its members be more important to their vendor partners. One that will make sure you are on their vendor partner's radar and that the size of your business does not determine your importance.
Take Ownership - Your business will benefit most by joining an organization that is very tight knit, like a family. It is essential to make sure the members take ownership in the organization. Call some of the members and ask them about their experiences and the benefits they have received.
Editorial provide by Theresa Payment, Associate Publisher of Baton Rouge Parents Magazine and Rafael de Castro, NINFRA's Executive Director. Mr. de Castro has over 20 year experience in the juvenile industry both as a brick & mortar retail store owner and Executive Director of The National Independent Nursery Furniture Retailer's Association (NINFRA).
|
