Inc. Magazine’s 56 Insider Tips for Selling to Walmart

Walmart is often considered the “holy grail” for vendors looking to make a big sale. It’s the biggest retailer in the business and while it often means selling to smaller and competing retailers can be impacted in such a sale, vendors are often willing to take that chance for the opportunity for the business.

Inc. magazine recently surveyed business owners and experts to come up with what it calls “the ultimate guide to winning at the world’s biggest retailer.” It identified 56 “Insider Tips,” some of which are good old plain common sense and some hidden tricks companies have used to land Walmart orders.

“The tips may be straightforward,” Inc. writes, “but working with Walmart is anything but. Those who try say they face rigorous demands, while the partnership itself can feel one-sided. Still, there are few better ways to ensure your product finds as much reach, while giving shoppers the chance to see, touch, feel, and experience your brand. In other words, it’s worth the effort.”

The full report is available on Inc.’s website -- but among the highlights:

• Don’t start with Walmart: They don’t like to be pioneers, they want proven winners.
• Have a balanced distribution mix: Walmart doesn’t like to be more than 15 to 20 percent of any vendor’s overall business.
• Be visible at trade shows: Believe it or not Walmart buyers work shows and markets looking for new products.
• Know your target customer: Walmart is fanatical about understanding shopping patterns, especially theirs’s.
• Understand Walmart’s merchandise mix: Know where you’ll fit best in their assortments.
• Be prepared: Have your finances, pricing, and sourcing all lined up before you talk to Walmart.
• Ask questions: Don’t be afraid to ask Walmart questions, especially dumb ones, to make sure you fully understand the potential deal.
• And be transparent: the worst thing you can do is not be upfront and truthful in negotiations.

Those are just some of the highlights, but these are not just for suppliers. Retailers of all sizes can learn best practices by learning what’s important to Walmart when it comes to buying.