Drug Store News recently spoke with Greenwood Group president Pat O’Leary about the challenges small- and mid-tier companies face in the mass market.
DSN: Has the barrier to entry into mass gotten higher for smaller companies?
Pat O’Leary: It’s a function of retailer expectations as much as anything. As they’ve become more sophisticated and the need to make a profit has become a [priority over] a more finite period of time, the manufacturers are challenged to meet those expectations. They’re not unrealistic, ... [but] you have to be prepared.
DSN: How do you overcome those barriers?
O’Leary: Really understand who your consumer is. Really understand how the category is going to impact you and how you’re going to impact the category. ... Retailers are looking for new products that are going to bring incremental profit.
DSN: What are some of the long-term success strategies?
O’Leary: The four Ps [pricing, product, placement and promotion]. ... Get the right fit with the right retailer — you may not have to be everywhere overnight.
For the full audio Q&A, click here.