Typically a rep agency will handle products from many different manufacturers. The key in hiring and engaging a rep agency is finding agencies that have synergy in the product lines they carry, customers, both OEM and user along with complementary products that they handle.
Now that BIO-key is playing in both the OEM, user and consumer market, there may be a need to have two different styles of rep agencies representing the company. One that focuses on OEM and user and the other with that focuses on consumer retail.
The OEM and user rep would typically be charged with developing the industrial and electronic distribution channel, consumer, will develop the retail distribution channel along with the web based sales. They are typically handled very differently.
I continue to struggle with the reason why we have not engaged rep agencies to handle our products. It essentially cost us anywhere between five and 7% of the sale but by doing so you do not need to have a direct sales force expense which would be quite significant for our company. Primarily you use sales management personnel like regional managers to develop the rep agencies and the rep agency develops the sales channels as well as target markets and OEMs. It would be by far the most cost-effective way to take our product to market and develop a wide range of customers opportunities.
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