Advice for Caribbean Hemp Investors
Work with a group of professional brokers.
Most distribution deals aren’t closed by in-house sales reps or at trade show booths. Instead, they’re often stitched together by groups of professional brokers. Many of these brokers have domestic operations as well as overseas offices staffed with multilingual distribution reps who can leverage their global networks.
Get to know the staffers working for your distributor.
When working with a distributor, ask for contacts in their accounts payable, marketing, sales, shipping and other departments. If your product isn’t selling or you have a question about an unpaid invoice, you want answers and solutions. Don’t get lost in an automated phone system. Instead, forge connections with people throughout your distributor’s office. Once you’ve made those contacts, be sure to document everything in writing. That’s where follow-up emails come in handy. Document your conversations and confirm your understandings in emails.
Spread your bets.
Don’t count on one or several big accounts to sustain your business. That’s risky. You can build a big business on small accounts. Earthly Body built its brand with small wholesale and retail accounts. Now, larger distribution deals make up most of its revenue, but Earthly Body still works with small accounts the company has had for 20 years. There are challenges to working with hundreds of smaller accounts, but there’s less risk if you lose one.