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How to effectively launch a new product

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  • 1. How to Effectively Launch a New Product Perri Cebedo and Associates Sales and Marketing Training International
  • 2. MARKET RESEARCH:
    • To determine:
      • Target Market
      • Market needs
      • Positioning and strategy
      • New product strengths and weaknesses
      • Company strengths and weaknesses
      • Packaging/ pricing
  • 3. MARKET RESEARCH:
    • Focus Group Meetings
      • To distill product concept
      • Key promotional messages
      • Anticipate product resistances
      • Know strong points of competition
      • Unfulfilled needs of MDs
  • 4. 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
  • 5. 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
  • 6. 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
  • 7. 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
  • 8. LAUNCH:
    • Launch letters to MDs, pharmacists, et al.
    • Press relations
    • Symposia
    • Video news releases
    • Press kit
  • 9. LAUNCH:
    • Formulary kit
    • Product monograph
    • Collection of key clinical studies
    • Seeding trials expanded
    • Profiling target MDs
    • Action plans per territory
  • 10. 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
  • 11. FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT:
    • Cost effectiveness
    • Handling objections
    • Handling competition
    • Ensuring that first trials are successful
    • Group presentations
  • 12. 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
  • 13. LAUNCH:
    • Medical Education Program
    • Patient Education Program
    • Gimmicks, posters, etc.
  • 14. POST LAUNCH:
    • Analyze effectiveness of tactics and effectiveness of message
    • Analyze competitive response
    • Market and prescription survey
    • Handling MD queries
  • 15. POST LAUNCH:
    • Handling MD resistance
    • Post launch bulletin
    • Producing the Audio Cassette Training Program, Post Launch Feedback
    • Revising plans
  • 16. POST LAUNCH:
    • Celebrating successes
    • Selling tips
    • New ideas to reinforce messages
    • Interviewing happy users of new product
    • How to respond to Rep’s questions
  • 17. 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