how to effectively launch a new product ppt @ bec doms mba bagalkot

How to Effectively Launch

a New Product

MARKET RESEARCH:

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

MARKET RESEARCH:

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

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

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

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

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

LAUNCH:

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

LAUNCH:

Formulary kit Product monograph Collection of key clinical studies Seeding trials expanded Profiling target MDs Action plans per territory

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

FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT:

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

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

LAUNCH:

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

POST LAUNCH:

Analyze effectiveness of tactics and effectiveness of message

Analyze competitive response Market and prescription survey Handling MD queries

POST LAUNCH:

Handling MD resistance Post launch bulletin Producing the Audio Cassette Training

Program, Post Launch Feedback Revising plans

POST LAUNCH:

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

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