A well-planned and executed product launch strategy can power rapid product sales uptake. However, developing a comprehensive strategy and communicating it effectively across the global organization is challenging. Although the foundation of successful new product launch remains the same – a sound sales and marketing strategy – the level of complexity continues to rise. Product teams must continuously refine and review launch strategy to address established or emerging trends such as increased payer influence, tougher competition, focus on health outcomes, shift toward specialty products, global scalability, impact of digital media and tighter budgets. Benchmarking product launch strategies and post-launch management tactics can help mitigate the risk associated with overspending or underfunding as well as help avoid failure points.
From benchmarking the marketing mix to detailing pre-launch and post-launch activities, Best Practices, LLC excels in uncovering winning new product launch strategies and tactics of the world’s top biopharmaceutical brands. Key focus areas include: new product launch, product planning/ forecasting, product marketing/ innovation, product staffing/ support and product lifecycle management.
Specifically, executives use our benchmarking services to:
- Compare individual launch plan components against industry benchmarks
- Conduct launch budget and staffing resource assessments
- Create a comprehensive strategy that address key stakeholders (thought leaders, payers, patients and physicians) across geographies (global as well as local)
- Optimize sales and marketing plans, including marketing mix and activity allocation
- Calibrate strategy to avoid cannibalizing sales of an existing brand
- Effectively communicate launch strategy across the entire organization
- Leverage new technologies such as the iPad
- Identify successful innovative product launch tactics and strategies
- Troubleshoot new product plans against market entry failure points
- Access case studies illustrating success factors and key pitfalls