Many of your manufacturing partners previewed or introduced 2015 products at Medtrade last fall. The new year is here and your orders are arriving. Do you have a plan on how to best introduce these exciting, innovative new products in your market? Before you develop your plan, or even consider introducing an item to your customers and your market, make sure you and your sales team understand the product. Schedule a product training in-service with your manufacturer's rep. Make sure that your team understands everything there is to know about the product, including features and associated benefits, in terms the average consumer can understand. Have enough literature and support materials available, including sell sheets, hang tags, posters, ad slicks and other items to support your retailing efforts. If the item is coded, make sure your team knows the assigned code and understands the reimbursement level for it. If the item is not coded, and it is retail cash only, make sure your team understands the MSRP and any special pricing or discounts available to consumers. Consider stocking product versus lead times. If it's a small product that you can stock in volume in your back room, then lead times are not an issue. However, if it's a larger product, such as a lift chair or scooter, and you have limited room for stocking it or displaying it on your showroom floor, make sure you clearly understand the manufacturer's lead time to replace what you sell. Most importantly, never sell the last product sample that you have. No matter what. You can\'92t sell a $2,000 lift chair if the consumer can't see it, touch it and experience its features and benefits first hand. Unless your manufacturing partner has invented a brand new product never seen before in the DME industry, whatever new products have arrived in your showroom are a better or different version of something that already exists. Conduct your own research on similar products selling in your market. Evaluate how your competitors are marketing the product by paying close attention to their advertising, website and other marketing initiatives. Focus your marketing efforts on the customer who is most likely to buy your product. Consider the reasons why a customer would need or want your product and leverage this in your marketing messages. It is much easier to target the right customer who has a need and desire for your product than to try to create a market for a product. For example, if a competitor sells to a particular group of people (hip replacement patients), determine how your product serves a better purpose for the group and then use this information to market to your customers, and to target your advertising. Never underestimate your company's value. Your unique selling proposition (USP) is what makes customers want to buy from you rather than your competition. You may offer services—free delivery, nighttime and weekend technical service, or free health screenings in your community—that the competition doesn't. Use your USP to craft marketing messages, create a brand for your product and differentiate your product from products that are the same or similar to yours. When it's time to the launch the product, public relations and media coverage can play a vital role. In previous articles, I have written about driving traffic and developing a marketing plan of action. This is the point where a plan can successfully drive your marketing program for a particular product. Media coverage in local newspapers or on local radio that reaches your target audience helps to create a buzz. Hosting an open house or health fair to drive traffic to your store for a weekend can help you focus your in-store marketing efforts on your new products. Having these products strategically placed in your showroom with professional signage, and well-placed price tags will help drive the customers to those products once they are in your showroom. Tie all of these marketing practices together with a knowledgeable sales team and your new product introduction is sure to be a success.
