Selecting your Pathway for Success: Identifying the Best Re-launch Strategies for your Product
When a pharmaceutical brand is not as successful as an organization hoped it would be, market leaders face the grueling challenge of re-launching a product. With millions of dollars spent in the development and marketing of new products, companies do not aspire to the financial and time-consuming challenges that are associated with product re-launch. Thankfully, by becoming more aware of how to confront these re-launch scenarios, executives can turn a failed product launch into a market success story.
Provided below are the first 3 tips on how to overcome the initial marketing and sales shortcomings that are associated with an under-performing pharmaceutical product.
1. Determine where you went wrong. This can be very challenging, as pinpointing one precise reason why the product failed is often not possible. Executives should look for a series of small errors that may have occurred that could have led to what went wrong with the launch. It is important to take these missteps and prioritize their influence on the launch. Assessing your missteps can help you to avoid making the same mistake twice.
2. Assess & Plan for the Re-launch. Planning on how to re-position the product can be extremely costly and time-consuming. Leaders must observe current market opportunities & map out a clear strategy for success. Depending on how serious the situation is, mapping out a re-launch strategy can range anywhere from simply refining your product’s position, to re-positioning your entire approach. This can include changing your team, expanding the sales force and major new training. Determining where you fall on the spectrum of possible approaches and tactics is a crucial second step.
3. Winning over the Sales Organization & Marketing Team for the Re-launch. In order to effectively market and sell the re-launched product, both the sales and marketing teams must be invigorated. Sometimes improving these teams’ effectiveness includes enhanced training, while other times it may mean expanding or completely altering the teams. Field research revealed that different re-launch strategies involve different tactics, risks and speed to peak lead sales.
In order to successfully approach a product relaunch, leaders must step back and effectively assess their current product position. Choosing to complete a re-do requires courage and thoughtful planning. No matter what the scenario for taking the product off the market and re-launching it is, objective research backed with solid data can provide executives with a clear-eyed vision for success.