by Colleen Volheim for our 99 Ways to Make a Positive Difference in Your Pharmacy series
New items are critical to growing your business. Regularly adding new-to-market products to your assortment keeps your inventory and selection fresh, and gives customers the impression that you are a progressive store that keeps up with trends.
When you’re deciding which products to add, look for high-performing new items. Seek out the brands that spend a significant amount in promotions and get their items set up with wholesalers as early as possible.
How do you know which ones are the right ones? Start with brands that have performed well in the past, those utilizing new technology, first-of-its-kind products, and Rx-to-OTC switches. Rx-to-OTC switches in particular have been very popular the last few years.
Watch for information about new item launches through various outlets. Television commercials, magazine advertisements, and newspaper free-standing inserts (FSIs) are used as part of the promotional push to introduce new products. What you may not be watching, but should, is social media. Many brands build demand among online fans and followers using popular social media channels. Follow Facebook and Twitter accounts of CPG manufacturers whose products do well in your store.
TEMPS® New Item Alert monthly publications from your wholesaler is a one-stop-shop for new item information and promotional signs. HRG analysts research, evaluate, and rate new product introductions each month. Additional consideration is given to products that will perform well within independent pharmacy. New Item Alert is a component of our TEMPS category management program.
HRG reviews thousands of new product launches each year. The key is to look to experienced resources or use your best judgment to select the ones with the most potential to add to your store selection.
Colleen leads the Category Research & Analysis department in gathering category information, reviewing new items and analyzing data to develop the industry’s best planograms to maximize category results. Colleen actively supports the Account Development team by working directly with clients to understand needs, define solutions, and deliver results.
