How to Effectively Launch a new product

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How to Effectively Launch a New Product : 

How to Effectively Launch a New Product

MARKET RESEARCH: : 

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

MARKET RESEARCH: : 

MARKET RESEARCH: Focus Group Meetings To distill product concept Key promotional messages Anticipate product resistances Know strong points of competition

PRELAUNCH: : 

PRELAUNCH: Marketing Plan Update of SWOT analysis Preparation of training materials Final marketing plan

PRELAUNCH: : 

PRELAUNCH: Field Force Training: Materials to be sent one month before launch With self-tests to check learning Selection of Key Accounts targeting and profiling Press Conference

PRELAUNCH: : 

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: : 

PRELAUNCH: Incentive plan, quota per Rep Distribution plan: initial stocking and terms Pre-announcement letters (teasers) Skills models Video models for use at launch role plays

LAUNCH: : 

LAUNCH: Launch letters Press relations Symposia Video news releases Press kit

LAUNCH: : 

LAUNCH: Formulary kit Product monograph Action plans per territory

DURING THE LAUNCH PROGRAM: : 

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: : 

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: : 

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: : 

LAUNCH: Gimmicks, posters, etc. promotion

POST LAUNCH: : 

POST LAUNCH: Analyze effectiveness of tactics and effectiveness of message Analyze competitive response Market survey Handling queries

POST LAUNCH: : 

POST LAUNCH: Handling resistance Post launch bulletin Producing the Audio Cassette Training Program, Post Launch Feedback Revising plans

POST LAUNCH: : 

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) : 

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

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