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Gemini Rebranding 2010 (Specialty Soft Contact Lens Launch Project)

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Proposed Marketing Plan regarding rebranding and launch process for enhanced specialty soft contact lens product "Gemini"; plan covers market analysis, competitive review, marketing objectives, …

Proposed Marketing Plan regarding rebranding and launch process for enhanced specialty soft contact lens product "Gemini"; plan covers market analysis, competitive review, marketing objectives, utilization of sales and internal resources, SWOT Analysis, and action timetable

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  • 1. Gemini Rebranding 2010 Tom Furlong January 2010 NOVA Contacts
  • 2. Presentation Outline  Market Review  Awareness Campaign  Sales Team Deployment  SWOT Analysis: NOVA & Gemini  Channel Development
  • 3. Market Review
  • 4. Competitive Review  #1 Market Share- CooperVision – Successful with OTS/MTO Leverage  Several Labs with Multipack Products – Goal: Maintain Market Share – Passively Targeting New Business  Website  Direct Marketing to Current Clients  Infrequent Trade Publication Advertising
  • 5. Market Opportunity  2 to 2.8 Million Potential Made To Order (MTO) Lens Patients – 40 Million Contact Lens Patients Overall – Current Off The Shelf (OTS) lenses fit 93%-95% of all SCL patients  70,000 new MTO patients every year
  • 6. Market Opportunity  Build Business Within Current Accounts  Attract Competitive Fits  Encourage Fits from Younger Practitioners  Develop Niche Within Chain Accounts  Leverage Fits from other Apollo Subsidiaries & Client Bases
  • 7. Product Enhancements  Replacement Schedule Change – Quarterly → Monthly Replacement  Packaging Conversion – Vial 12 Unit Multipack→ – Annual Supply per Eye  Simplified Pricing Structure – Low Trial Lens Fee – Competitive Price for 12-Pack
  • 8. Marketing Objective 1  Develop Aggressive Strategy to Capture New Business – Support Branch/Customer Relations – Specific Market Blitz Program  Awareness Campaign Implementation
  • 9. Marketing Objective 2  Determine Advertising Budget – Utilize New Media Options – Develop Trial & Fit Set Strategy  Functional Sets for Empirical Fitting  Reduce Fitting Costs  Decrease Trial Cost/Revenue Ratio
  • 10. Marketing Objective 3  Evaluate Consumer Marketing Avenues – Reach Challenging Fit Cohort  Promote Gemini Opportunity – Roll Out Campaign Year 2-3
  • 11. Marketing Message 1: Add Revenue Without Adding Patients  Develop Specialty SCL fittings with all complex visual needs patients – Utilize Patient Success Estimator to qualify patient before evaluation process – Utilize Potential Patient Calculator to quantify number of possible extra fits in practice  Help Practice Grow- not Sell In Product
  • 12. Marketing Message 2: Two Days Not Two Weeks  Promote Two Day order turnaround – Most fittings require 1+ reorder from initial trial lens to final working RX – Extended fitting time frame of 4-6 weeks discourages even highly motivated patients  NOVA can cut fitting period to 1-2 weeks – Enhanced practitioner reputation – Increased patient satisfaction
  • 13. Branding Strategy  Meet Needs of Challenging Vision Patients  Patient Motivation Enhanced By Fitting Convenience  Patient Compliance Ensured By 12-Pack Monthly Replacement Modality
  • 14. Awareness Campaign
  • 15. Paid Media Plan  Print Ads in Targeted Publications  Selected Trade Show Presence – Three Major National Shows – Three- Five Large State/Regional Shows
  • 16. Free Media Plan Campaign 1  Optical & Contact Lens Trade Publications – Reach Out to Writers/Editorial Staff – All Trade Categories – Quarterly Press Releases  Med Device & Life Science Media – Reach Out Beyond Optical Industry – Build NOVA Recognition & Reputation
  • 17. Free Media Plan Campaign 2  Message Board Activity – Initiate Specialty Lens Threads – Monitor Feedback – Capture Competitive Product Feedback – Build Product Support Network
  • 18. Free Media Plan Campaign 3  Social Media Utilization – Facebook  Create Fan Page  Target Prospective Patient Base – Consumer Web Site  Promote Gemini Features to Public – Twitter  Quickly Convey Product Messages to Practitioners
  • 19. KOL Network Development  Gain Practitioner Peer Recommendations – Most Credible Marketing Tool Available  Identify Potential Advocates from Top Fitters – Get Quotes Supporting NOVA & Gemini – Reference in Company Communications – Speaker Sponsorship for CE Credit
  • 20. Virtual Marketing Campaign  Webinar Sessions – Practice Opportunity Fitting Specialty Lenses – Introduce Gemini Enhancements – Fitting Overview w/ Consultants – Promote NOVA Partnership Value  8-12 Webinars/Year – Vary Times to offer Best Convenience  Coordinate with Sales Market Blitz
  • 21. Sales Team Deployment
  • 22. Sales Objectives  2009 Sales: $X.X mil  Growth Target: 20%($Y00K)/year – 2010: $X.X mil  Maintain $Y00K/year growth for 5 years  2014 Sales Target: $Z.Z mil
  • 23. Sales Team Utilization  40,000 Eye Care Practitioner Universe – Target Top Specialty Lens Practices  Build Awareness in Branch Markets – Identify Largest Competitive Accounts – Direct & Inside Sales Contact – Capture Account Information  Target National Accounts Aggressively
  • 24. Branch/Consultant Utilization  Promote Gemini on all Inbound Calls – Offer Alternative to RGP lenses – Review Fitting/Evaluation Techniques  Identify Top Potential Accounts in Area  Help Build Market/Customer Knowledge
  • 25. Sales Market Blitz  Concentrate Inside/Field Sales Efforts  Target Large Population Markets  Contact Current & Prospective Accounts – Identify Top Potential Fitters – Reach Private and Retail Accounts – Schedule Field Sales Visit – Promote Webinar Sessions
  • 26. Legacy Product Conversion  Target Current RGP Patients When: – Looking For Lifestyle Enhancement – Willing To Trade Acuity for Comfort – Teenage Patient  Convert New RGP Patient Orders – Suggest Gemini Option – Offer Free Trial Lens with RGP Order – No Risk Evaluation
  • 27. Segmentation Strategy  Tailor Message to Customer Generation – Baby Boomer vs Sandwich Generation – Gen X Practitioners  Help Practitioner Target Patient Cohort – Gemini Presentation to Gen Y – Teen Patient Message
  • 28. SWOT Analysis: NOVA
  • 29. NOVA Strengths  Ownership & Management Team  National Footprint  Strong Company Reputation  Experienced Specialty Lens Manufacturer  Largest Team of NCLE Consultants – 8:00am ET to 5:00pm PT Support
  • 30. NOVA Weaknesses (1)  Inorganic Growth Process – Growth by Acquisition, not Innovation  Limited Integration between Branches – No Consistent Product Message – No Branch/Sales Team Synergy  Inconsistency in RGP Product Lines – Different Packaging, Pricing Options – Differing Product Marketing Strategies
  • 31. NOVA Weaknesses (2)  Lack of Market Intelligence – Outdated Call Reporting Software – Unable to Organize Call Data from Multiple Customer Contact Points – No Account Sales Potential Rating System – No Account Specific Data – Inefficient Sales Data Delivery
  • 32. NOVA Opportunity  Become Leader in Crowded Field  Attack #1 CooperVision – Not Defending MTO Business – Vulnerable to 2-Day vs 2-Week Message  Become Share and Sales Leader  Build Practitioner Partnerships  Set Base for Future Product Launches
  • 33. NOVA Threats  Leading Manufacturers Attack Segment  Accelerated Erosion of Primary Products  Parent Company Strategic Shift
  • 34. SWOT Analysis: Gemini
  • 35. Gemini Strengths  Product Reputation and Awareness  2 Day Order Turnaround  12-Pack First To Market  Consistent Product Quality  Three Lens Material Options
  • 36. Gemini Weaknesses  Perception as “Me Too” Product  Legacy Lens Material  Legacy Lens Designs  “Old School” Current Packaging  Practitioner Loyalty to Current Vendors
  • 37. Gemini Opportunity  Build Practitioner Customer Base – Never Fit → Occasional Fit – Occasional Fit → Loyal Fit – Loyal Fit → Advocate  Aggressively Gain Marketshare – Convert Fits from #1 CooperVision – Bring New Wearers to Specialty Lens Modality
  • 38. Gemini Threats  Manufacturing Unable to Match Demand  Aggressive Competitive Counter Measures to Support Market Share  Failure of 12 Pack Initiative  Promote Product to Wrong Targets
  • 39. Channel Development
  • 40. Practitioner Channel (1)  Identify Top 100 Fitters/Branch Market – Managers/Consultants Collect Contact Info – Sales Team follow-up  Blitz Market Campaign – Inside Sales Cold Call into Specific Market – Profile for Potential – Sales Call on Field Visit
  • 41. Practitioner Channel (2)  Identify Top 300 House Accounts  Synergy with Apollo Partners – Identify Top Traffic Accounts – Contact Practices with Little/No NOVA Activity
  • 42. Retail Channel  Coordinate w/ Chain Counterparts – Frequent Contact w/ Home Office – Present to O.D. Advisory Boards – Inclusion on Intra-Company Communications  Gemini Enhancements  Bottom-Line Profit Potential – Stress NOVA Partnership Advantage  Identify Top Specialty Lens Fitters/ Chain
  • 43. 2010 Roadmap
  • 44. 2010 Roadmap (1)  FDA Approval: April 2010  Product Launch: July 2010  Account Profiling- Ongoing  KOL Network Development: 2Q  Free Media (PR) Campaign: – Initial Contact 1Q & 2Q – Launch Press Release July 2010 – Media 2.0 Roll-Out 2Q
  • 45. 2010 Roadmap (2)  Print Advertising: 3Q  Webinars: Start 2Q – Promote Specialty Lens Concept pre-launch – Promote Enhanced Product post-launch  Retail Channel Mgmt Presentations 2Q  Blitz Market Campaign 3Q & 4Q  Launch Process Evaluation 4Q