You must have experienced a eureka moment, like every other entrepreneur, when you walked into a pharmacy store and saw a product similar to yours. The product might have even been less packaged compared to yours, and you might be wondering how such a product made it to the stores. If you are willing to put in the hard work, then your pharmaceutical product can be up and selling in any store of your choice. Here are points to help you make that happen.
Have a Solid Infrastructure
This factor is key to the delivery of top-notch products and services and strategic company growth. You should ask yourself if you truly have a solid and dependable means of production, logistics, and shipping. This also encompasses your ability to take on and deliver large orders. Understand that for a commodity market such as this, a retailer looks for the best packaging for any product. Packaging aside, you might want to factor in your sales margin. Make sure it is properly structured.
Have Solid Terms
You must be able to take charge of your own game. The goal here is to impress the retailer with the best packaging and protect your financial returns on the product. Before you decide to appear before a pharmacy storekeeper, ensure that you have the following major terms and condition in check;
- The minimum order you can take per time.
- Your payment methods and terms.
- Your delivery and shipping options.
- Exchange and return policy.
- Turnaround time in-between deliveries.
Set Up A Meeting
Don’t rush to set up that pitch meeting without doing proper research on the store itself. Learn about the store’s history, reputation, and relationship with its suppliers, customers, and more before deciding to go in for a meeting. You will get firsthand information if you can contact beforehand some of the store’s current suppliers’ in-person. If such a store is not a direct competition, they should be willing to tell you all you need to know about the store.
Alternatively, you can choose the option of sending a pitch package to the corporate office of a prospective store if needed. You pitch package should contain your drafted terms and condition and some product samples especially. Thereafter you give some time for reviews and for the product to be properly evaluated. However, in-person pitches are mostly advised. After your presentation, leave room for questions that might arise and give the best answers in response.
Prepare A Sell Sheet
The importance of a sales sheet cannot be overstated. This document points to the retailer all about the product at a glance. It contains information on the retail and wholesale prices, product benefits that surpasses that of your competitors.
Follow Up
Although it is important to give out time for retailers to make their researches, also give out time for follow-ups after your presentation. Don’t assume that the retailer will get back to you instead. You can start with a thank you mail to your host for giving you the audience. Also, use that opportunity to restate the benefits they stand to gain from having your product on their aisles.