Market Tests
Importing success can never be guaranteed. However, any importer who is able to develop a product needed in the market should be on the way to a successful business.
After you have checked out products in your category on the retail market, check to see if wholesalers are in your area. Ask for an appointment with the wholesale buyer. You can discuss your product with the buyer without showing your prototype or drawings. If the buyer is interested, discuss price ranges and market potential. Ask if there are trade shows where importers display products in your field. You will probably get a truthful answer and even locations and dates. If you get a favorable response from the buyer, say you will return when you are further along.
It is a good idea to visit major U.S. tradeshows in your field. You will see the newest introductions in your field before they are available in stores. This will tell you if an importer is introducing a product similar to yours and the price structure.
Try to obtain a buyer's badge so you are admitted and feel free to enter showrooms of your choice. Call the tradeshow office in advance for details regarding qualifications needed. You will need a business card. They may look up your company name and not finding it, they may reject you. The next step would be to apply on your letterhead. Indicate your business is new and you are prepared to buy product at the show.
You will come away from the tradeshow with new ideas for product development in your line. Feel free to speak to principals in showrooms, telling them that you are a product designer. Ask them if they are open to new products in their line. They may tell you of needed products in their markets. At this point you can describe your product to hear of any interest. Working with an existing importer with a vast distribution network is a good start for many designers and potential importers. After visiting all the makers and importers at the show who distribute similar products to yours, you should have a good idea as to where your price points need to be.
In my book, "Import Your Ideas," you will find locators to all domestic and international trade shows.
Next time, I will discuss changes in the importing business.