What You Need to Consider Before Launching a New Product

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It should be a great time for launching a new product in the life science research community, especially if it represents new technology. Then why is it difficult? 

The blizzard of media choices is one problem, marketers are not sure where to spend precious funds for the best return. Traditional media is suffering with circulation dropping at journals, and fewer people attending conferences.

“I don’t know if I should keep building the same marketing platforms,” a high-level life science marketing executive told me.

Inadequate funding is another. With little or no marketing support, new products make little headway. Scientists, like anyone, need information to make a decision, especially if your product will change their routine – they want to know if it fits their workflow. By not developing adequate tools (marketing materials) to address these concerns, your launch effort is handicapped.

There’s more: Are you are selling to scientists in big pharma? If so, you have to comply with procurement guidelines, and approval does not guarantee orders will come in. What are you doing to maintain coverage and keep pressure on scientists to buy?

Media decisions and budgeting are directly related, so it’s a good idea to have a carefully constructed media plan – it’ll be easier to manage the budget. The best approach is to consider every customer facing opportunity, and I mean everything from face-to-face sales calls to operating manuals to displays at conferences, as your media. It really is a good idea to pay attention to these details.

If you’re interested in discussing what works and what to look out for, send me a message. Let’s talk about it.

Posted on April 23, 2013 and filed under Media, Campaigns.