How to Effectively Launch a New Product

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PLANNING FOR A NEW PRODUCT LAUNCH

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MARKET RESEARCH:

To determine:
Target Market Market needs Positioning and strategy New product strengths and weaknesses Company strengths and weaknesses Packaging/ pricing

PLANNING FOR A NEW PRODUCT LAUNCH

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MARKET RESEARCH:

Focus Group Meetings

To distill product concept Key promotional messages Anticipate product resistances Know strong points of competition Unfulfilled needs of MDs

PLANNING FOR A NEW PRODUCT LAUNCH

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PRELAUNCH:

Marketing Plan
Anticipated date of registration approval Update of SWOT analysis

Preparation of training materials Clinical trials or seeding trials Organization of scientific meetings Participation at regional congresses Final marketing plan

PLANNING FOR A NEW PRODUCT LAUNCH

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PRELAUNCH:

Field Force Training:

Materials to be sent one month before launch With self-tests to check learning

Selection of Key Accounts

Hospital mapping MD targeting and profiling

Press Conference
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PLANNING FOR A NEW PRODUCT LAUNCH

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PRELAUNCH:

Final Launch Plan

Emphasis on skill building Provide time for role play All information should be given prior to launch date Involve the field force in launch planning to get Buy-In and generate enthusiasm

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PLANNING FOR A NEW PRODUCT LAUNCH

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PRELAUNCH:

Incentive plan, quota per Rep Distribution plan: initial stocking and terms Pre-announcement letters to MDs (teasers) Skills models
Video models for use at launch role plays

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PLANNING FOR A NEW PRODUCT LAUNCH

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LAUNCH:

Launch letters to MDs, pharmacists, et al. Press relations Symposia Video news releases Press kit

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LAUNCH:

Formulary kit Product monograph Collection of key clinical studies Seeding trials expanded Profiling target MDs Action plans per territory
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PLANNING FOR A NEW PRODUCT LAUNCH

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DURING THE LAUNCH PROGRAM:

Focus on Selling Skills

MD selection Pre-call planning Probing for needs Features and benefits Clinical studies The effective use of the monograph

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PLANNING FOR A NEW PRODUCT LAUNCH

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FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT:

Cost effectiveness Handling objections Handling competition Ensuring that first trials are successful Group presentations

PLANNING FOR A NEW PRODUCT LAUNCH

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FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT:

How to put the new product into the hospital formulary Doing a Hospital Action Plan Presentations to nurses, pharmacists Sampling allocation and plan

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PLANNING FOR A NEW PRODUCT LAUNCH

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LAUNCH:

Medical Education Program Patient Education Program Gimmicks, posters, etc.

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POST LAUNCH:

Analyze effectiveness of tactics and effectiveness of message Analyze competitive response Market and prescription survey Handling MD queries

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PLANNING FOR A NEW PRODUCT LAUNCH

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POST LAUNCH:

Handling MD resistance Post launch bulletin Producing the Audio Cassette Training Program, Post Launch Feedback Revising plans

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PLANNING FOR A NEW PRODUCT LAUNCH

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POST LAUNCH:

Celebrating successes Selling tips New ideas to reinforce messages Interviewing happy users of new product How to respond to Reps questions

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PLANNING FOR A NEW PRODUCT LAUNCH PAGE 16

NEW PRODUCT LAUNCH (Tactics)

The success of a new product launch depends largely on the planning and preparation you invest in the launch of your new product. Proper planning, preparation and practice prevent poor performance. - Yogin
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