How to Effectively Launch a New Product Perri

How to Effectively Launch a New Product Perri Cebedo and Associates Sales and Marketing Training International PLANNING FOR A NEW PRODUCT LAUNCH PAGE 1

MARKET RESEARCH: n To determine: – – – Target Market needs Positioning and strategy New product strengths and weaknesses Company strengths and weaknesses Packaging/ pricing PLANNING FOR A NEW PRODUCT LAUNCH PAGE 2

MARKET RESEARCH: n Focus Group Meetings – – – To distill product concept Key promotional messages Anticipate product resistances Know strong points of competition Unfulfilled needs of MDs PLANNING FOR A NEW PRODUCT LAUNCH PAGE 3

PRELAUNCH: n Marketing Plan – Anticipated date of registration approval – Update of SWOT analysis n n n Preparation of training materials Clinical trials or seeding trials Organization of scientific meetings Participation at regional congresses Final marketing plan PLANNING FOR A NEW PRODUCT LAUNCH PAGE 4

PRELAUNCH: n Field Force Training: – Materials to be sent one month before launch – With self-tests to check learning n Selection of Key Accounts – Hospital mapping – MD targeting and profiling n Press Conference PLANNING FOR A NEW PRODUCT LAUNCH PAGE 5

PRELAUNCH: n 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 PLANNING FOR A NEW PRODUCT LAUNCH PAGE 6

PRELAUNCH: n n 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 PLANNING FOR A NEW PRODUCT LAUNCH PAGE 7

LAUNCH: n n n Launch letters to MDs, pharmacists, et al. Press relations Symposia Video news releases Press kit PLANNING FOR A NEW PRODUCT LAUNCH PAGE 8

LAUNCH: n n n Formulary kit Product monograph Collection of key clinical studies Seeding trials expanded Profiling target MDs Action plans per territory PLANNING FOR A NEW PRODUCT LAUNCH PAGE 9

DURING THE LAUNCH PROGRAM: n Focus on Selling Skills – – – MD selection Pre-call planning Probing for needs Features and benefits Clinical studies The effective use of the monograph PLANNING FOR A NEW PRODUCT LAUNCH PAGE 10

FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT: n n n Cost effectiveness Handling objections Handling competition Ensuring that first trials are successful Group presentations PLANNING FOR A NEW PRODUCT LAUNCH PAGE 11

FOCUS ON SELLING SKILLS TO SELL NEW PRODUCT: n n How to put the new product into the hospital formulary Doing a Hospital Action Plan Presentations to nurses, pharmacists Sampling allocation and plan PLANNING FOR A NEW PRODUCT LAUNCH PAGE 12

LAUNCH: n n n Medical Education Program Patient Education Program Gimmicks, posters, etc. PLANNING FOR A NEW PRODUCT LAUNCH PAGE 13

POST LAUNCH: n n Analyze effectiveness of tactics and effectiveness of message Analyze competitive response Market and prescription survey Handling MD queries PLANNING FOR A NEW PRODUCT LAUNCH PAGE 14

POST LAUNCH: n n Handling MD resistance Post launch bulletin Producing the Audio Cassette Training Program, Post Launch Feedback Revising plans PLANNING FOR A NEW PRODUCT LAUNCH PAGE 15

POST LAUNCH: n n n Celebrating successes Selling tips New ideas to reinforce messages Interviewing happy users of new product How to respond to Rep’s questions PLANNING FOR A NEW PRODUCT LAUNCH PAGE 16

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 PLANNING FOR A NEW PRODUCT LAUNCH PAGE 17