Thursday, May 20
OTC Perspectives Conference
The last two days I attended the second annual OTC Perspectives conference in Philadelphia. It's a great venue for marketers of OTC products to gather together and share information. And to talk about industry issues. The organizers asked me to kick off the conference, which was a great opportunity. I used Lady Gaga as a case study to inspire the group to do great marketing, but that's another story!
I love these events. Seeing old friends and meeting new ones ... and especially for keeping on the learning curve on what's going on in our space.
It also occurred to me that using "OTC" is a bit limiting. The lines are blurring between OTC products, HBA products, food stuff, and so many other categories. So many brands offer health and wellness benefits, that we shouldn't limit our view to just those products with an active ingredient.
A few interesting tidbits from the various presenters:
- Wal-Mart DOMINATES, and if it were a country, it would be the 7th largest economy
- look for a rise in BTC (behind the counter) products as new products get introduced and as Rx products switch over
- shoppers are sticking to the essentials, eliminating all extra purchases
- retailers and manufacturers alike are cutting extra SKUs, focus is key as consumers don't really care about having SO many choices
We also spoke a lot about FDA regulation, as that is surely about to change and continue to intensify.
The conference ended with an awards ceremony honoring the top OTC Marketers of the Year, and it was wonderful to see clients new and old get honored.
Thanks, OTC Perspectives, for the opportunity to learn and exchange.
What's your experience? jim.