How to Effectively Launch a New Product

A. MARKET RESEARCH:
    To determine:
–    Target Market
–    Market needs
–    Positioning and strategy
–    New product strengths and weaknesses
–    Company strengths and weaknesses
–    Packaging/ pricing

B.    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.”
            - Yogin