Tag: marketing a new product

new product launch strategy

Infiniti’s New Product Launch Strategy Helped a Pharmaceutical Company to Successfully Launch their New Oncology Drug in a Highly Competitive Market

Business Challenge 

Pharmaceutical companies have long relied on successfully launching new drugs to drive growth. Recent studies show that about two-thirds of the new product launches don’t meet sales expectations. And at the same time, product launches are becoming extremely competitive. Given this changing landscape, pharmaceutical companies have been struggling to make the most of new product launches. Hence, the companies are looking to leverage new product launch strategy.

A multinational pharmaceutical company was about to launch two new high-profile oncology drugs. The client’s previous product launch failed since they were targeting the wrong market, chose the wrong timeframe, and incorrect pricing. This failure proved to be costly for the company. To overcome the odds, the client approached Infiniti Research to help launch their new drugs in the market. With Infiniti’s new product launch strategy, the client wanted to prevent catastrophes and plot a clear path for profits.

Request a FREE brochure to learn more about our new product launch strategy and uncover tips for successful product launches in the pharma industry.

Solutions Offered and Value Delivered 

Our experts adopted a comprehensive four-phase approach to help the client tackle various industry challenges. The phases involved determining market potential, securing approvals, developing product lifecycle stages, and product tracking.

The new product launch strategy helped the client understand the current competition in the market and anticipate future competitors. The new product launch strategy further helped the client to understand how well their new oncology drug will stack up against other players in the market. Also, with the aid of Infiniti’s new product launch strategy, the client was able to draw the best sales returns. Additionally, by examining the reasons behind the failure of their previous drug launch, the experts at Infiniti Research helped the client take advantage of credible metrics for product success.

Infiniti’s new product launch strategy helped the client launch their new oncology drugs successfully, ensuring its commercial success. The newly launched drugs significantly exceeded their revenue expectations. Also, with the aid of Infiniti’s new product launch strategy, the client was able to achieve a 20% increase in sales volume.

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How to Launch a New Product?

Launching a new product or service isn’t as easy as it used to be. The market is oversaturated with products, promises, and innovations. Hence, having a creative approach to creating attention around product launches is, therefore, a key component of successful marketing campaigns. With such a slim chance of success, a well-organized new product launch strategy could make the difference between success and failure in the market.

Businesses often make the mistake of presenting new products to consumers without adequate research or strategic planning. Today’s savvy consumers demand products that satisfy them on many levels including quality, price, status, and function. Hence, with a new product launch strategy, businesses can better make business decisions and market their products.

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New product development

New Product Development Strategy: How we Helped a Leading CPG Company to Develop New Products for Connecting with Millennial Consumers

With the millennial group becoming the generation with more buying power in the European market, it’s more important than ever for marketers to understand what makes millennials willing to open up their wallets. Also, for companies to remain relevant, it is essential that their products satisfy the ever-changing needs of millennial consumers. A failure to meet these demands can hamper the overall growth of the company. Therefore, companies are partnering with market research firms like Infiniti Research to leverage their expertise in offering new product development solutions to launch a new product in market satisfying the needs of the millennial group.

4 Millennial Shopping Trends Your Business Needs to Keep Up With 

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To capture the enormous purchasing power of millennials, you need to shift your techniques to match the preferences of these young consumers. It's high time to quit traditional marketing approaches and take up new product development plans. REQUEST A FREE BROCHURE to know more about our services portfolio.

Business Challenge

Our client, a leading consumer goods company based out of Central Europe that offers authentic and accessible food to customers, faced stagnant growth and rising competition in the rapidly evolving market. With evolving millennial food interests, from the rise of superfoods, to experimentation with flavor and form, to an increased interest in organic options, the company found themselves striving to develop and produce products specifically for this specific consumer group. In order to prepare for a future in which satisfying the ever-changing needs of millennial consumers is essential, the client approached Infiniti Research for a solution. With Infiniti’s new product development strategy, the company wanted to develop and produce products aimed at millennials. Also, they wanted to study the market and create an efficient innovation process that puts the consumer at the center of its thinking and product development.

Solutions Offered

To help the client introduce a new product for satisfying the millennial customers’ demands, the experts at Infiniti Research adopted a comprehensive four-phase approach. The new product development strategy involved determining market potential, securing approvals, developing product life cycle stages, and product tracking. Also, the experts conducted an ethnographic study of global emergent consumer tastes and food cultures in the European market.

Armed with new consumer insights, the company was able to conceptualize, produce, and release a series of products for millennial consumers. Our new product development strategy also supported the company to begin a health-centric overhaul of its current and upcoming products. The company also introduced new organic offerings in their meal, snack, and beverage categories. By placing innovative consumer-centric thinking at its core, the company has emerged as a robust food brand for the modern consumer.

With Infiniti’s new product development strategy, the company was able to strengthen their reputation as a resilient and modern food company. Also, they were able to enhance their sales rate by 33%.

Consumer preferences are evolving, and you must find ways to keep up with these changes. REQUEST A FREE PROPOSAL to know how our new product development strategy will help your company devise products meeting your customers' demands.

What is new product development? 

New product development is the process of bringing a new product to the marketplace. The process of new product development involves, conceptualizing, designing, developing, and marketing a new product or service. Having a well-defined plan for new product development can help businesses generate high profits. Today’s businesses need to engage in an new product developmet (NPD) process due to changes in consumer preferences, increasing competition, and advances in technology or to capitalize on a new opportunity.

What are the Stages in New Product Development Process? 

Bringing up a new product to the market can make a huge difference in a company’s sales rate. But, certain businesses fail while trying to launch a new product in the market. Have you ever wondered why? New product developments are extremely challenging. Therefore, companies must follow a step-by-step process while bringing up a new product to the market. Below, we have listed up the stages in the new product development process.

fbStage 1: Product idea brainstorming – Conducting market research and consumer surveys play an important role in this initial stage of new product development process. It is imperative for businesses to analyze products that customers are looking for. Therefore, better market research of the target customers can help companies uncover the needs of their customers.

Stage 2: Analyzing customers’ reaction towards similar products – Analyze the top competitors marketing similar products and study customers’ response and demand towards similar products.

Stage 3: Business analysis – Business analysis is a very important step in new product development process. Here, detailed business analysis is done. This helps the company figure out whether the new product would be commercially profitable or not.

Stage 4: Product development and distribution: In this stage of new product development process, production department makes plans to produce the product and marketing department makes plans to distribute them.

Stage 5: Commercialization: This process involves advertising the new product on mass media like TV, radio, newspapers, magazines, and more.

Stage 6: Review of market performance – In this stage of new product development process, company must continuously monitor the performance of the new product. They must make the necessary changes in their marketing plans and strategies continuously.

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Challenges in Marketing a New Product and Ways to Overcome Them

Generating organic growth in the next decade will largely depend on a company’s ability to create new products, business models, or services. As simple as it may sound, many of these efforts often fail. According to the industry experts are Infiniti Research, a new product launch is highly challenging as only about one in five among these survive for more than a year in the market. Consequent to these poor success rates, businesses often face massive losses. As the cost of introducing a new product in the market is high, it is vital for companies to develop capabilities that will help them in successfully marketing a new product. The go-to-market strategy should be based on precise calculations and data-based strategies that will minimize the chances of failure.

Planning a new product launch? We’ve got your back! Request a free brochure to learn how Infiniti’s data-driven solutions can help you foresee market challenges and devise an effective go-to-market strategy.

Here are some of the common challenges faced by companies while marketing a new product in the market. We also reveal how to overcome them:

Brand messaging and product positioning

Marketing a new product involves convincing the audience that they need your product. But the challenge here is to get the message across in such a manner that it resonates with the audience. If the marketing team is unable to create explicit brand messaging and product positioning strategy, the success rate of the product will consequently plummet.

Solution: Make it a point to promote the best features of a product that will benefit customers the most rather than merely promoting the brand or the product. Begin with targeting the right audience. This will enable to create better brand positioning strategies to suit the needs of the target audience. It can also help to better understand the problems faced by this group of people and communicate how your product can help solve it. Take the instance of Coca-Cola or McDonald’s who have started introducing healthier options as they were experiencing a drop in shares due to the changing preferences of consumers towards low-calories and low-sugar foods and beverages.

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 Audience targeting

Marketing strategy for new products becomes immaterial if you are not targeting the right audience. Going by random assumptions and stereotypes about a particular demographic favoring your product and a lack of proper research could prove to be a grave mistake while marketing a new product. This could also result in companies missing out on a potential audience base.

Solution: Thorough understanding of the audience and effective market research are essential elements for successfully marketing a new product. Identify which demographics conduct the most searches for your product category. Using the right tools to evaluate and target the right audience are also crucial while marketing a new product.

Marketing the product launch

Even the most revolutionary products might not take off in the market unless they are backed by a strong marketing strategy. The success of marketing a new product largely depends on your ability to choose the right platform to reach out to the target audience, and revealing just enough information to stir curiosity, and updating your audience on your progress so as to maintain their interest and build hype.

Solution: Firstly, ensure that you are using the right platform to reach out to the target audience.  The whole idea here is marketing a new product where the target customers are. Creating intriguing teasers and promotion strategies to build hype among the audience is a great way to launch a new product into the market.

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