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Marley's Health Advice

How to Succeed in the Healthcare Field Using Private-Labels

11 September 2018

Grace Henderson

If you're a student of the retail industry, you will keep a close eye on trends and will know what appears to be selling and what isn't. You will certainly be aware of the growth in the healthcare sector and know that people will often pay over the odds to try and find a solution to their problems here. Consequently, you may be thinking about introducing a product to the pharmaceutical sector that you believe would be particularly beneficial to consumers and by definition, make you a good return. Yet why does this sector, in particular, require a special approach in order to succeed?

Diversification

While this market segment may be growing, and people may be especially motivated within, that does not mean that you can afford to be too cavalier. If you think you have a good idea for a product, perhaps you should diversify and introduce several different varieties so that you can zero in on one. You might also think about diversity in terms of your product outlets, rather than putting all your eggs in one basket. Perhaps you would be better off trying to break into independent stores or natural health outlets, rather than trying to capture the mass market.

Slow and Steady Wins the Race

Patience is a virtue, even if you do want to hit the ground running. You may have visions of getting your product into thousands of stores as quickly as possible but should be prepared for a slow but steady growth instead. Buyers will certainly be sceptical of your product at the outset, and you don't want to learn your lessons the hard way either.

Always Test

Test the market in particular regions and with one modality first, before you crank up your activity. Once you've got your feet wet with some of the smaller outlets, you can determine your investment with the "big guys."

Systems and Processes

Don't underestimate the cost of breaking into any market, however. You will need to spend your budget wisely in a variety of different areas, including at trade shows. You also need to come up with a very strong website and work on your branding message, making sure this translates into good packaging materials.

Do you have a robust system in place to deal with questions, returns or complaints? This will require a solid infrastructure and is one of the main reasons why any upstart fails in the early days.

USP

It might be obvious, but you absolutely need to have a unique selling proposition. You don't have to be revolutionary, but you do have to give consumers a reason to choose your product over something else. Remember, retailers only have a certain amount of space on their shelves, and they will want to know what is in it for them.

Giving It a Go

With proper preparation, you can certainly succeed. This will be particularly satisfactory in this sector, as you will be helping people to overcome a significant problem as you do so.

For more information on private label pharmaceutical products, contact your local suppliers. 

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