how to effectively launch a new product
TRANSCRIPT
PLANNING FOR A NEW PRODUCT LAUNCH PAGE 1
How to Effectively Launch
a New Product
Perri Cebedo and AssociatesSales and Marketing Training International
PLANNING FOR A NEW PRODUCT LAUNCH PAGE 2
MARKET RESEARCH:
To determine:– Target Market
– Market needs
– Positioning and strategy
– New product strengths and weaknesses
– Company strengths and weaknesses
– Packaging/ pricing
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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
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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
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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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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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PRELAUNCH:
Incentive plan, quota per Rep Distribution plan: initial stocking and terms Pre-announcement letters to MD’s (teasers) Skills models
– Video models for use at launch role plays
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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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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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FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT:
Cost effectiveness Handling objections Handling competition Ensuring that first trials are successful Group presentations
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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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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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POST LAUNCH:
Handling MD resistance Post launch bulletin Producing the Audio Cassette Training Program, Post
Launch Feedback Revising plans
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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 Rep’s questions
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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.”
- Perri