Useful Advices - Business

Each product category in your store has a best seller. This product will not necessarily be the cheapest or lowest gross profit item, but it will be the favourite product purchased by

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

your customers in that category. You can use this to your advantage if you introduce some simple management strategies…

1. Identify the best sellers in each category

To take advantag

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

of the best seller concept, you’ll need to know the best seller in each category. For some categories, for example beer, the best-selling product will probably stay the same throughou

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

t the year. For other products, such as fruit in a greengrocers, the best-seller will change with the seasons and you will need to analyse your sales results on a monthly basis.

2. Po

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ition best sellers strategically in the category layout

Do not use the prime location in the category layout for best sellers because they will sell anyway. Put your best sellers in w

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

at would normally be a lower selling position in the layout. They will help you increase sales in the overall category.

Customers need to see your best sellers, and shelf talkers will

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

help you achieve this. Use your prime selling positions for impulse sales.

3. Have the team promote the best sellers

Hilary Kahn, the Melbourne based retail consultant, suggests you

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

can increase your bottom line by getting your team to recommend the best sellers.

Best seller checklists - If yours is a large store with many categories, prepare a list of best selle

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

rs each month and make it available to all team members. This gives them the extra confidence and the opportunity to sell in categories apart from their own.

Train the team to sell be

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

t sellers - When customers are unsure about what product to select within a category, get your team to promote best sellers as one of their selling options. A great selling opener is a

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ways ‘Our best seller is …’. It will give the customer confidence in the salesperson as it shows they have knowledge of their products.

The result of this is they start to trust your

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

team member and will then readily accept that person’s advice.

Train your team to sell up - In many situations customers will purchase the best seller simply on a team member’s advice

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

- or allow your team member to sell up to a more profitable line.

4. Educate your customers

Consumers like buying best sellers. If they do not know the product category very well, th

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ey are happy to purchase best sellers since, when they are unsure, they seek comfort in conforming.

Use shelf talkers or general point of purchase signage to highlight best sellers.

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

his signage could say:-

“Our best selling ‘x’ this month is ……..”

“Our best seller”

“The top selling ‘x’ in our store”

“Our customers' favourite ‘x’”

The important thing is that y

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

u are honest with your customer.

5. Match promotions with fact

When introducing a best selling strategy, make sure your advertising, internal promotions and sales team are giving the

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

same message to the customer.

Management Memo

Best selling strategies work brilliantly in some retail sectors and are under-used in others. The book and record industries have used

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

his technique for many years with merchandising strategies that show the top 10. I recently worked with a retail client where we introduced the best selling strategy for the first time

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

. Prior to my visit they were unaware of which products were their best sellers. Once we introduced the strategy and used shelf talkers, their sales of best sellers increased four fold

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

What was even more interesting was that the overall sales within the category also increased. I believe this was due to the consumer gaining more confidence and trust in the retailer

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Useful Advices - How to Get the Most Out of Best Sellers

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