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Steps to Retail Success

Originally Published MX September/October 2005

ADVERTISING, DISTRIBUTION, & SALES

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Cracking the Consumer Market

  1. Research the consumer marketplace to guide product development: determine market size, consumer preferences, and influences on purchasing behavior.
  2. Secure FDA marketing clearance.
  3. Get a reimbursement determination.
  4. Develop a channel strategy: decide whether to sell directly to consumers or to use channel partners such as independent/specialty stores, catalogs, e-tailers, or chain stores.
  5. Develop a business case to show the retailer how placing a new product on the shelf will help increase the store's profitability.
  6. Develop retail packaging with the help of consumer and retailer feedback.
  7. Create consumer demand through advertising and co-op promotions with the retailer and by leveraging the healthcare industry sales channel.
  8. Dedicate certain company personnel to the retail effort, and communicate the importance of that effort to all employees of the organization.
  9. Consider outsourcing functions (such as consumer advertising) in areas where the organization lacks in-house retail knowledge.

Copyright ©2005 MX

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