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Buyers for major retailing chains show up for a meeting with Boaz Shonfeld expecting to be sold discount gourmet food items, such as gift baskets loaded with coffee, teas, fruits and spices. Instead, they're sold an experience.
The South Hackensack, New Jersey, founder of 30-person Shonfeld's USA Inc. doesn't start by showing prospects the products he has for sale. Instead, he presents a slide show detailing how he will work with the retailer to decide which product will sell the best, for the highest margin, to that particular store's shoppers.
It's far more involved than a simple take it or leave it, says Shonfeld, 31. The process of research, analysis, design and revision of product plans with a typical large retailer may take months. Why so long? Shonfeld doesn't just provide products; he helps his clients revamp their businesses by introducing new and aesthetically pleasing items, thus enhancing their shoppers' in-store experiences. This process can involve the consideration of details as fine as the colors most likely used to decorate customers' kitchens. Not infrequently, retailers learn a lot about their own businesses, Shonfeld says.
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