Questions

What sort of marketing strategy goes into selling a product prototype in the pharmaceutical industry? I'm looking at retailers such as CVS, Walgreens and Walmart.

Traction, product, and/or connections if you have them.

It's incredibly difficult to enter into such massive retailers as the competition is incredibly high. As a product in the pharmaceutical vertical, I'd also ask about your regulation and certification - likely things that those retailers take extremely seriously, especially in these aisles.

Many companies and small businesses that manufacture products which are then sold in CVS, Walgreens, Walmart, etc... usually start first by carrying their product in independent stores. They build their way up, one small branch at a time, one small store type at a time (independents => chain stores => mass retailers).

The selling gets progressively easier over time, as you have more proof that this product actually DOES sell and is something customers want.

It would be extremely difficult it would be to convince any of these retailers to carry your product when your product isn't a) finished b) has no proof of performance.

Several things that you mention are cause for concern:
- Selling a prototype to these massive retailers implies that you're just getting started. Even if you do get into those stores, how exactly would you prove your ability to scale to their inventory demands?
- If you're just getting started, how good are your financials? You should be aware that of the three you mentioned, Walmart is most notorious for late payments (relative to regular business cycles).


Answered 7 years ago

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