Arman and I just finished up our week long journey in Melbourne Australia which was very productive. We visited the warehouses of the major hardware distributors and suppliers in the country. We also sat down with two major buyers in our category who expressed serious interest in Ajustlock, potentially introducing our innovation into the market via branded quarter pallet displays across numerous big box hardware stores (NOTE: These deals are not done yet; they are in active negotiations via our exclusive Australian distributor, LSC). What an amazing country with beautiful beaches. The people are very friendly and most Australians earn good incomes. The DIY market here is thriving. The only difference is that their popular item is a pad bolt instead of a barrel bolt.
We realize how important it is to be present in the market of adjustable barrel bolt and slide bolt lock that we are entering. We need to meet the key players face to face for initial negotiations. These kind of deals cannot be accomplished properly via Skype. They can be maintained with Skype. We spent some time researching and investigating into the local suppliers and deciding who would be the best player to bring us in the large retailer.
This is the same as lifting the hood of a car and learning what all the parts do and how it works. Now we have a clear understanding of how this market operates and we have a plan in place to be in every store in the next 90 days. Current tasks are to alter our packaging to reflect the market. They use MM in place of inches and we need to have a local contact number for customer inquiries or returns.
There are so many parts to get this process in motion. Meeting the buyers of the retail chains, choosing a supplier, negotiating pricing, customizing packaging, artwork for the merchandising displays, placing the order with our factory, shipping and logistics, payment, and more talks all have to come together synchronously to activate just one strong deal in this one country. We have to repeat this process in many countries including our home base (USA). We sure do have our hands full but we love it. We are currently in China so stay tuned for my next blog update about our China trip which is based on managing production.
Co-Founder & CEO, Ajustco