{"id":6620,"date":"2022-07-07T10:00:26","date_gmt":"2022-07-07T10:00:26","guid":{"rendered":"https:\/\/www.rednovius.com\/?p=6620"},"modified":"2023-04-21T12:29:19","modified_gmt":"2023-04-21T12:29:19","slug":"product-launch","status":"publish","type":"post","link":"https:\/\/www.rednovius.com\/product-launch\/","title":{"rendered":"How To Nail The Perfect Product Launch"},"content":{"rendered":"\n
<\/div>\n\n\n\n
\"How<\/a><\/figure><\/div>\n\n\n\n
<\/div>\n\n\n\n

In an era of fierce competition, it is essential that pharma companies know how to nail the perfect product launch. For example, in 2021 more than<\/span> 50 drugs were approved in the US by the FDA (Food and Drug Administration). So, how does one stand out from the crowd? <\/span><\/p>\n\n\n\n

The pandemic has had a great impact on the pharmaceutical industry\u2019s paradigm of communication. Thus, forcing the elaboration of new models for a successful product launch. Knowing when and where to target your audience is now more important than ever. <\/span><\/p>\n\n\n\n

And so, we have compiled for you a guide with some of the <\/span>key tips and practices that will aid your company in<\/b> nailing the perfect product launch<\/b>.<\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

What does the market look like now?<\/h3>\n\n\n\n
<\/div>\n\n\n\n

COVID has brought a catalytic effect on the industry\u2019s digital shift. A field was once reliant on face-to-face interactions to consolidate brand awareness and loyalty. Yet, with busier schedules and restricted by social distancing, HCP\u2019s connection with sales reps has suffered a dramatic shift. <\/span><\/p>\n\n\n\n

From a survey carried out by <\/span>Accenture<\/span> in 2020 to physicians across the globe, including in the US, it was concluded that during the pandemic 65% of meetings with sales reps were held virtually. This reinforced obstacles found by pharma companies when planning an effective product launch. <\/span><\/p>\n\n\n\n

The question lies in how one can engage with the target audience at the right place and time<\/b>. <\/span><\/p>\n\n\n\n

The \u201cone size fits all approach\u201d is an obsolete reality. HCP and patients alike want to feel that their specific needs are attended to. And for that to happen, personalization needs to be taken into account as a key element in companies\u2019 marketing strategy. <\/span><\/p>\n\n\n\n

The pandemic has brought yet another life to the digital. Contributing to the deepening of the shift in information and content consumption from HCP and patients. <\/span><\/p>\n\n\n\n

In 2019 42% of US households used the Internet to search for health-related information (<\/span>NTIA<\/span><\/i>). On the other end of the spectrum, HCPs have spent more of their time virtually, attending conferences, accessing information, and even communicating with their patients. <\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u201cYet, as the digital accelerated during the pandemic, physicians began expecting actionable information at their fingertips.<\/i>\u201d – Corinne Yaouanq-Lyngberg, director of omnichannel strategic enablement at Novo Nordisk (<\/b>Pharmaceutical Commerce<\/b><\/em>)<\/b><\/p><\/blockquote>\n\n\n\n

<\/div>\n\n\n\n

So, one might say digital is now the way to go forward. It allows the establishment of a solid marketing strategy, while effectively launching products. With the assurance that the audience is targeted at the right place and time. <\/span><\/p>\n\n\n\n

It is the tools we can find online that should constitute part of your successful product launch. And we will just show you how. <\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

Product launch: Key practices<\/h2>\n\n\n\n
<\/div>\n\n\n\n

Digital options for product launches<\/span> excel in reach and engagement. But they are also valuable for their cost-effectiveness. Furthermore, consumers find value in these efforts. So, when moving toward planning the launch of your product, you must think of the digital as a complement to your in-person communication tactics. <\/span><\/p>\n\n\n\n

To do it effectively, you first need to: <\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

1 – Define your target market segment <\/h4>\n\n\n\n
<\/div>\n\n\n\n

An effective product launch is considerate of its primary target audience. These are the consumers that will benefit from your offer and are looking forward to it. They should be the center of your marketing strategy\u2019s attention. <\/span><\/p>\n\n\n\n

However, you must not fall under the mistake of targeting a wide, generalized group of people. Otherwise, you risk getting your message lost and the product surpassed by the competitor\u2019s offers. Then, for this not to happen, you must <\/span>define your target market segment.<\/b> <\/span><\/p>\n\n\n\n

A target market segment is a group of potential customers and buyers of your product that fit within its features. For instance, if you are selling an anticoagulant pill your target market will be physicians within the area of cardiology and patients with cardiovascular conditions. <\/span><\/p>\n\n\n\n

So, for you to narrow down your audience effectively, you must think of and define: <\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n