How to effectively launch a new product

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How to effectively launch a new product

  1. 1. How to Effectively Launch a New Product Perri Cebedo and Associates Sales and Marketing Training International
  2. 2. MARKET RESEARCH: <ul><li>To determine: </li></ul><ul><ul><li>Target Market </li></ul></ul><ul><ul><li>Market needs </li></ul></ul><ul><ul><li>Positioning and strategy </li></ul></ul><ul><ul><li>New product strengths and weaknesses </li></ul></ul><ul><ul><li>Company strengths and weaknesses </li></ul></ul><ul><ul><li>Packaging/ pricing </li></ul></ul>
  3. 3. MARKET RESEARCH: <ul><li>Focus Group Meetings </li></ul><ul><ul><li>To distill product concept </li></ul></ul><ul><ul><li>Key promotional messages </li></ul></ul><ul><ul><li>Anticipate product resistances </li></ul></ul><ul><ul><li>Know strong points of competition </li></ul></ul><ul><ul><li>Unfulfilled needs of MDs </li></ul></ul>
  4. 4. PRELAUNCH: <ul><li>Marketing Plan </li></ul><ul><ul><li>Anticipated date of registration approval </li></ul></ul><ul><ul><li>Update of SWOT analysis </li></ul></ul><ul><li>Preparation of training materials </li></ul><ul><li>Clinical trials or seeding trials </li></ul><ul><li>Organization of scientific meetings </li></ul><ul><li>Participation at regional congresses </li></ul><ul><li>Final marketing plan </li></ul>
  5. 5. PRELAUNCH: <ul><li>Field Force Training: </li></ul><ul><ul><li>Materials to be sent one month before launch </li></ul></ul><ul><ul><li>With self-tests to check learning </li></ul></ul><ul><li>Selection of Key Accounts </li></ul><ul><ul><li>Hospital mapping </li></ul></ul><ul><ul><li>MD targeting and profiling </li></ul></ul><ul><li>Press Conference </li></ul>
  6. 6. PRELAUNCH: <ul><li>Final Launch Plan </li></ul><ul><ul><li>Emphasis on skill building </li></ul></ul><ul><ul><li>Provide time for role play </li></ul></ul><ul><ul><li>All information should be given prior to launch date </li></ul></ul><ul><ul><li>Involve the field force in launch planning to get “Buy-In” and generate enthusiasm </li></ul></ul>
  7. 7. PRELAUNCH: <ul><li>Incentive plan, quota per Rep </li></ul><ul><li>Distribution plan: initial stocking and terms </li></ul><ul><li>Pre-announcement letters to MD’s (teasers) </li></ul><ul><li>Skills models </li></ul><ul><ul><li>Video models for use at launch role plays </li></ul></ul>
  8. 8. LAUNCH: <ul><li>Launch letters to MDs, pharmacists, et al. </li></ul><ul><li>Press relations </li></ul><ul><li>Symposia </li></ul><ul><li>Video news releases </li></ul><ul><li>Press kit </li></ul>
  9. 9. LAUNCH: <ul><li>Formulary kit </li></ul><ul><li>Product monograph </li></ul><ul><li>Collection of key clinical studies </li></ul><ul><li>Seeding trials expanded </li></ul><ul><li>Profiling target MDs </li></ul><ul><li>Action plans per territory </li></ul>
  10. 10. DURING THE LAUNCH PROGRAM: <ul><li>Focus on Selling Skills </li></ul><ul><ul><li>MD selection </li></ul></ul><ul><ul><li>Pre-call planning </li></ul></ul><ul><ul><li>Probing for needs </li></ul></ul><ul><ul><li>Features and benefits </li></ul></ul><ul><ul><li>Clinical studies </li></ul></ul><ul><ul><li>The effective use of the monograph </li></ul></ul>
  11. 11. FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT: <ul><li>Cost effectiveness </li></ul><ul><li>Handling objections </li></ul><ul><li>Handling competition </li></ul><ul><li>Ensuring that first trials are successful </li></ul><ul><li>Group presentations </li></ul>
  12. 12. FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT: <ul><li>How to put the new product into the hospital formulary </li></ul><ul><li>Doing a Hospital Action Plan </li></ul><ul><li>Presentations to nurses, pharmacists </li></ul><ul><li>Sampling allocation and plan </li></ul>
  13. 13. LAUNCH: <ul><li>Medical Education Program </li></ul><ul><li>Patient Education Program </li></ul><ul><li>Gimmicks, posters, etc. </li></ul>
  14. 14. POST LAUNCH: <ul><li>Analyze effectiveness of tactics and effectiveness of message </li></ul><ul><li>Analyze competitive response </li></ul><ul><li>Market and prescription survey </li></ul><ul><li>Handling MD queries </li></ul>
  15. 15. POST LAUNCH: <ul><li>Handling MD resistance </li></ul><ul><li>Post launch bulletin </li></ul><ul><li>Producing the Audio Cassette Training Program, Post Launch Feedback </li></ul><ul><li>Revising plans </li></ul>
  16. 16. POST LAUNCH: <ul><li>Celebrating successes </li></ul><ul><li>Selling tips </li></ul><ul><li>New ideas to reinforce messages </li></ul><ul><li>Interviewing happy users of new product </li></ul><ul><li>How to respond to Rep’s questions </li></ul>
  17. 17. NEW PRODUCT LAUNCH (Tactics) <ul><li>“ The success of a new product launch depends largely on the planning and preparation you invest in the launch of your new product.” </li></ul><ul><li>“ Proper planning, preparation and practice </li></ul><ul><li>prevent poor performance.” </li></ul><ul><li>- Perri </li></ul>

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