Steps to Retail
- Research the consumer marketplace to guide product development:
determine market size, consumer preferences, and influences on purchasing
- Secure FDA marketing clearance.
- Get a reimbursement determination.
- 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.
- Develop a business case to show the retailer how placing a new product
on the shelf will help increase the store’s profitability.
- Develop retail packaging with the help of consumer and retailer
- Create consumer demand through advertising and co-op promotions with the
retailer and by leveraging the healthcare industry sales channel.
- Dedicate certain company personnel to the retail effort, and communicate
the importance of that effort to all employees of the organization.
- Consider outsourcing functions (such as consumer advertising) in areas
where the organization lacks in-house retail knowledge.