Pharmaceutical, Medical Device, and Med Tech companies launch new products and services with great fanfare. However, it is estimated that two-thirds of drug launches fail to meet pre-launch sales expectations for the first year on the market. And unfortunately, less than 20% of product launches make significant improvements to the product market share trajectory after the critical 6-month launch window. Given the uphill battle to change the market share trajectory after six months, it’s crucial to get a product launched right the first time.
New product and service launches can fail because:
- Product managers focus too heavily on features and not the customer problems that the product solves and how this provides value
- Product managers focus too heavily on making a big marketing splash and not enough on enabling the sales team to sell the product or service effectively
- Product managers do not understand how customers will buy the product or service, and underestimate the time and difficulty required for a successful sale
If a product launch stumbles, it can get a bad reputation among the sales team and they avoid positioning it, even when there’s a potential fit for a customer problem.
We help organizations improve the success of new product launches by:
- Aligning product introduction strategy with market realities
- Conducting “Voice of the Buyer” studies and competitive analysis to objectively understand why, when, and how buyers will buy the new product or service
- Creating detailed personae of key players who will influence buying the product or service in an organization
- Creating an effective content marketing and demand generation strategy for the new product or service
- Facilitating white space analysis in existing accounts to identify and create new opportunities for the new product or service
- Aligning buyer and sales processes for new offering
- Defining the processes that customers will use to buy the new product or service, and aligning sales processes and activities to closely align with buyer preferences
- Establishing sales management cadence, process, and reporting for inspection of opportunities for the new offering
- Developing required skills to position and sell the new capability
- Developing video-based and mobile training on positioning and selling the new product or service
- Implementing a consistent approach for effective sales execution for the new product or service
- Identifying critical developmental needs and training necessary to position and sell the new offering
- Training sales managers to analyze pipelines and opportunities, and coach sales performance improvement for the new product or service
- Aligning enabling technology
- Developing supporting playbooks to enable easier sales process execution for the new product or service
- Introducing CRM-integrated tools and apps and streamlining necessary reports to make it easier for sellers to position and sell the new offering
With the right focus on effective process, methods, skills, and management, accelerating a new product launch and maximizing initial success in the market is possible. We can help to ensure that the sales trajectory of a new offering meets or exceeds desired targets.