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pharma competitive intelligence

Developing an Optimal Launch Strategy for a New Injectable Cholesterol Drug – Pharma Product Launch Engagement

Pharma Product Launch Strategy

With the European pharmaceutical market becoming more reliant on new products to fill the gap left by the patent cliff, ensuring successful product launch is becoming vital for pharma companies. However, the real challenge lies in creating new drugs that meet payer standards and differentiating themselves from the crowded marketplace on areas such as safety, efficacy, and pricing. This necessitates pharmaceutical companies to adopt strategic planning and tactical implementation process for new product launches. Having a sound pharma product launch strategy helps pharmaceutical companies to better plan their new drug launches and achieve huge success in the market.

For a successful pharma product launch in Europe, businesses must have a thorough knowledge of the market and its regulatory policies. Our product launch strategy engagement can help you achieve these objectives. Request a FREE proposal today!

Business Challenge

The client is a pharma company based out of Central Europe.

The client, a European pharma company wanted to launch a new product in the market. With nearly 70% of new drugs failing to deliver the expected outcome, the client did not want to take a chance for their new injectable cholesterol drug launch. Also, they noted that their competitors were planning to launch a similar drug in the market. Therefore, they realized the need to thoroughly understand the current market condition and key value drivers to set optimal launch prices. As such, they approached the experts at Infiniti Research to leverage their expertise in offering pharma product launch strategy. By leveraging Infiniti’s pharma product launch strategy, they wanted to execute a successful go-to-market strategy.

New drug launches face intense competition today than they faced a decade ago. So, its high time for businesses to leverage pharma product launch strategy to tackle the challenges in the pre-launch and post-launch phase. Contact us to leverage our pharma product launch engagement.

Other challenges the client wanted to tackle by leveraging our pharma product launch strategy were:

Tackle compliance risks – The highly diverse regulatory landscape in Europe increased compliance risk for the company. Also, the client noted that mid-sized companies like them opted to out-license their drug to larger pharmaceutical firms. Therefore, by leveraging Infiniti’s pharma product launch strategy, they wanted to identify the right business partner to support them in the new product launch plan.

Rising supply chain complexities – To successfully reach their target customers, the client realized the need to develop capabilities for local distribution and commercial sales. However, the pharma supply chain process was becoming more complex with rising taxes and distribution regulations. By leveraging the pharma product launch strategy, the client wanted to understand how their competitors tackled the supply chain challenges. Also, with our pharma product launch strategy, they wanted to analyze in detail the prevailing and potential risks impacting their supply chain operations.

Meeting manufacturing quality requirement – As undergoing medical testing and following cPMG (Current Good Manufacturing Practice) regulations was mandatory for a successful pharma product launch, the client wanted to keep pace with evolving cPMG regulations. Additionally, by leveraging our pharma product launch strategy, they wanted to understand all the processes to be followed during a new product launch to meet manufacturing quality requirements.

Request for more information to know in-detail the approaches undertaken by our experts to help businesses successfully launch a new product in the market.

Solutions Offered

To help the client in devising a sound product launch strategy, our experts followed a three-phased approach. The initial phase of the pharma product launch engagement involved conducting a risk analysis study. The factors such as risks related to new drug R&D, adverse drug reactions, supply chain, and product liability were taken into consideration during the analysis.

In the next phase of the pharma product launch engagement, our experts conducted a price analysis study. In this phase of the pharma product launch engagement, our experts helped the client to analyze the prices of similar products in the market. In addition, our experts helped the client to understand how well their new injectable cholesterol drug will compete in the market compared to their competitors, in terms of the product price and capability.

As a part of the pharma product launch engagement, our experts also conducted comprehensive market research. The factors such as evolving regulatory policies and drug testing process in the European pharma industry were analyzed. This phase of the pharma product launch engagement helped the client to keep pace with evolving cPMG regulations and clinical trial processes.

Furthermore, by leveraging Infiniti’s expertise in offering marketing strategy engagement, the experts helped the client to understand the sales and marketing strategies gaining popularity in the market. Also, they helped the client to revamp their traditional marketing models.

Results Obtained

With the insights obtained from our engagement, the client was able to devise a sound pharmaceutical product launch strategy. Also, they were able to adopt risk management approaches by understanding the current and potential risks in the market.

Our pharma product launch strategy further helped the client to clear the pre-clinical testing for their new injectable cholesterol drug in the first attempt. Our solutions even helped the client to successfully devise a marketing and sales plan for promoting their new drug. In addition, we helped the client to identify the right partners to out-license their drug.

The client’s newly launched drug was able to generate sales of over €1.2 million in its first twelve months in the market.

Request for FREE brochure to gather more insights into our pharma product launch engagement and know their benefits for your business.

new product launch

Attaining New Product Launch Success in the Pharma Industry

A new product launch is one of the biggest expenses incurred by pharma companies worldwide. The right product launch strategy can help ensure that the product is recognized and accepted by physicians, KOL, and patients alike. Pharma companies invest considerable time and money into drug development and clinical trials. In case a new product launch plan does not give the desired results, the burden becomes too heavy on pharmaceutical companies. While the level of clinical differentiation plays an important role in guaranteeing a drug’s success, there are many examples of successful drugs that were not considered a major clinical breakthrough during the product launch. Here are some tried and tested strategies for companies in the pharma industry to improve a new product launch.

A new product launch strategy in the pharma industry today requires greater coordination across the entire organization, including market access, patient services, medical affairs, regulatory, marketing, and sales. Request a free proposal to know how our solutions can help you ensure a successful and smooth new product launch.

New Product Launch Strategies for Pharma Companies

new product launchGo beyond clinical trial results

Today, new product launches in the pharma industry face unprecedented intensity in terms of competition. The average window of time in which a drug remains in the market before competitor products arrive has dropped down from approximately eight years to less than five years. This onslaught of new drugs makes it highly challenging for pharma companies to use phase III clinical trial data alone to differentiate their drug in front of physicians, health insurers, and regulators. Companies can ensure success in the case of a new product launch only if they are adept in communicating both the clinical and non-clinical benefits of a new product to physicians and decision-makers.

Focus on timing

Timing is critical to the success of any new product launch. Pharma companies need to plan and be prepared months ahead of the actual new product launch date. As the launch date gets closer, companies can initiate discussions on social media platforms and forums on the disease that is being targeted. Even after the new product launch, provide actionable content using those exact same channels. Provide scientifically accurate information on how your new product aids in combating the targeted disease and enhancing patient outcomes.

Pharma companies that repeatedly outperform expectations for a new product launch develops new sources of differentiation, focus on building superior customer experiences, and treat drug launches as a micro-battle. Get in touch with our experts to know how our solutions can help you get there.

Build customer advocacy

Physicians generally tend to consider a much wider set of clinical data before prescribing a drug. This includes clinical protocols, drug pricing, and the type of patient to whom the drug should be prescribed, and the treatment regimen involved. According to pharma industry experts at Infiniti, brand preference of most physicians are attributed to customer experience factors beyond the product.This includes factors such as how well pharma companies support physicians by providing answers to medical questions, identifying patients, and connecting physicians with peers.

Learn more about Infiniti’s solutions for companies in the pharma industry

Product demand analysis

Evaluating the Potential Demand for a New Consumer Electronics Product in Europe | Infiniti’s Product Demand Analysis

Product Demand Analysis for the Consumer Electronics Industry

Globally, the market for consumer electronic products is expected to proliferate over the coming years. However, companies in the consumer electronics industry will still need to track key industry trends, opportunities, and potential threats to sustain a leading edge in a new market. Also, to succeed in today’s competitive marketplace, consumer electronics companies will need to focus on launching new products that meet the changing market demand. This is where companies realize the real power of leveraging product demand analysis.

Are you looking to analyze the demand for your product in a new or existing market? Our product demand analysis can help. Request a FREE proposal today!

Business Challenge

The client is a well-known consumer electronics company based out of Europe. With a multitude of new products being introduced in the consumer electronics market each day, the client faced challenges in gaining traction for their products. Also, the client’s previous product launches failed as they did not take into consideration the demand for similar products in the market.

Therefore, before launching their new product in the market, the client wanted to evaluate the demand for that product in Europe. Also, they wanted to evaluate the market potential for their new product by efficiently analyzing the demand.

To do so, they approached the experts at Infiniti Research to leverage their expertise in offering product demand analysis.

With Infiniti’s product demand analysis solution, the client also wanted to:

Assess their ability to compete in the market – With Infiniti’s product demand analysis, the client wanted to identify the market size and niche market segments in Europe to promote their products. Also, they wanted to evaluate how efficiently they could compete in the marketplace in terms of product price and capability.

Evaluate the growth potential – With Infiniti’s product demand analysis solution, the client wanted to evaluate their long-term growth. Also, they wanted to forecast the average sales potential for their new product by analyzing the demand and market potential for similar products in the Canadian consumer electronics market.

Our product demand analysis can help you evaluate the success rate of your new product and understand how well they will compete in the marketplace. Contact us today!

Solutions Offered

By leveraging our expertise in offering market size analysis solutions, we helped the client to estimate the market size by analyzing factors such as sales volume, the potential number of customers, and average sales revenues.

Also, as a part of the product demand analysis, our experts conducted a competitor analysis to monitor the client’s key competitors’ new product innovations and understand similar product’s win rate in the market. This phase of the product demand analysis helped them to understand how efficiently they could compete with their counterparts in terms of their product prices and capabilities.

Furthermore, by conducting customer needs assessment, our experts helped the client to understand their customers’ demands and differentiate their product to meet the market demand. With Infiniti’s market potential analysis, the experts also helped the client to evaluate their long-term growth potential and understand their customer needs and requirements.

Results Obtained

With Infiniti’s product demand assessment, the client was able to evaluate the success rate of their new product and understand how well their new product will compete in the marketplace. Also, by understanding the customer needs and demands, they were able to incorporate certain changes in their product offerings to gain maximum market share. Furthermore, with Infiniti’s product demand analysis solution, the client was able to successfully launch their new product and realize savings of over 23% within two years of product launch.

PRODUCT DEMAND ANALYSIS

Request for more information to gain insights into our product demand analysis and their benefits for your business.

New product launch

Infiniti’s 5 Step Guide to a Successful New Product Launch

Whether you’re launching a new product or a service, it isn’t easy as it used to be. With a multitude of products being introduced in the market each passing day, businesses today are under the pressure to effectively build buzz for their offerings, reach their target audiences, and achieve their sales target.

Also, with more than 70% of product launches failing in the market, businesses are under the pressure to overcome the challenges coming their way and plot a clear path for success. In this context, savvy companies have realized that an efficient product launch strategy is a pre-requisite for today’s businesses. In this article, our experts have unveiled 5 steps to a successful product launch in market.

New Product Launch: Key Steps to Follow

 NEW PRODUCT LAUNCH

Are you struggling with launching new products? If yes, our experts can help you efficiently devise launch strategies and campaigns. Request a free proposal!

1: Identify gaps in the market

Before launching products in today’s competitive marketplace, businesses need to evaluate how well it will stack up against the competition. Also, it becomes imperative for companies to conduct qualitative and quantitative market research and monitor the sales potential of similar offerings in the market to efficiently evaluate the market potential for their new products.

Small and medium enterprises can conduct customer surveys to collect and analyze market data. However, conducting customer surveys cannot completely help companies gather complete market insights and identify gaps in offerings. This requires the support of the right intelligence partner.

2: Price products competitively

Once the gaps in the market are identified, the next step to a successful launch involves efficiently pricing the product. There are several factors to consider while setting the price for a new product. The factors include manufacturing cost, overhead expenses, raw material prices, and workforce investment. Also, product pricing strategies differ from one product to the other. Hence, businesses must choose the right pricing strategy to achieve maximum profit margins. Here are some of the major pricing strategies you can consider during a new product launch.

  • Penetration pricing strategy
  • Economy pricing
  • Price skimming
  • Promotional pricing
  • Value pricing

3: Target the right audience

According to our market research experts, “Major brands run out of money as they waste time, resource, and effort on targeting the wrong audience.” Therefore, the third step to a successful product launch strategy is to identify the ideal customer group. Understanding lucrative customer segments can help businesses better position a new product in the market and differentiate their offerings to meet customers’ needs and demands.

So, are you wondering how to efficiently focus on lucrative customer segments and save millions of dollars in the marketing budget? Our customer segmentation analysis can help you tackle this challenge. Contact us today!

4: Devise a product marketing plan

The next step is to devise effective campaigns to promote your offerings. However, this step requires identifying channels and tactics to promote products, constantly measuring the marketing results, and making changes in marketing initiatives when required. Also, constantly reviewing competitors’ strategies and marketing plans can support businesses in devising efficient campaigns.

5: Constantly review the result

The final step is to measure the results obtained and review the success rate after the product launch. This step is very crucial as businesses need to make changes in marketing strategies and plans by constantly by monitoring competitors’ strategies and actions.

Looking to learn more about a new product launch strategy? Request for more info now!

new product idea

Secrets Behind Successful Product Launches: A Weekly Round-Up of Popular Articles on New Product Launch Strategy

LONDON: Infiniti Research, a leading market research solutions provider, has announced the release of their new storyboard series on how a product launch strategy helps businesses to successfully launch a new product in the market and gain maximum traction from customers.

The market space, today, is far more competitive than it used to be a decade ago. Millions of new products are being introduced daily in the market. Unfortunately, many companies still spend millions of dollars on product development stages and ignore the most important process, i.e. the product launch. Consequently, they end up with product failures and high R&D expenses. In the wake of such developments, savvy companies have realized that a product launch strategy is inevitable for businesses if they are aiming to stay at the top of their game.

With over 15 years of experience, Infiniti Research, has helped many organizations to avoid the common pitfalls of product launches and develop a successful product launch strategy. Below, we’ve listed out some of the success stories that highlight how our product launch strategy has helped companies to gain a leading edge in today’s competitive marketplace.

Developing a product launch strategy could be challenging. With years of expertise, we at Infiniti Research have mastered the art of helping our clients with tailored solutions to suit their market needs. Request a free brochure to know more about our services portfolio.

#1: How a product launch strategy helped a pharmaceutical company to successfully launch its new oncology drug?

With almost 80% of the product launches failing to make an impression in the market, it’s not very easy for businesses to attract customers towards their new product. Are you facing similar challenges? If so, take a look at our latest success story where a pharmaceutical company encountered similar challenges and approached Infiniti. Our experts adopted a comprehensive four-phase approach to help the client develop a product launch strategy. The approach successfully helped the client to gain traction from target customers and ensured their product’s commercial success. Want to know more, here is the complete story.

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

#2: Infiniti’s product launch strategy helped a CPG company to successfully develop new products targeting millennial customers

With the millennial group becoming the generation with more buying power in the European market, it’s becoming more important than ever for marketers to understand what makes millennials willing to open up their digital wallets. Also, to tap the enormous purchasing power of millennials, companies needs to shift their product development techniques and match the preferences of these young consumers. Don’t you agree? If so, find out how a CPG company based out of Europe leveraged Infiniti’s expertise to conceptualize, produce, and release a series of products for millennial consumers. Furthermore, Infiniti’s solution helped them to strengthen their reputation as a resilient and modern food company. Read the complete story here.

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

#3: Planning a product launch? Have a look at the challenges in marketing a new product and ways to overcome them

Launching a new product in a competitive market is extremely challenging since in most cases one in five products survive for more than a year in the market. As a result, businesses often face massive losses. As the cost of introducing a new product in the market is high, it becomes vital for companies to develop capabilities that will help them in successfully marketing a new product. This latest article from Infiniti Research reveals some of the common challenges faced by companies while marketing a new product in the market and also explains the ways to tackle them. Read the article below to gain more insights on Infiniti’s product launch strategy.

Challenges in Marketing a New Product and Ways to Overcome Them

#4: New product launch strategy for a tech giant

Given the multitude of new products available in the market, it becomes extremely difficult for companies to set themselves apart from the global competition. Do you agree? Well, the case becomes extremely challenging when it’s a tech product. This was a similar case with a multinational tech giant. The company developed a new product line completely focussed on home automation. But, unfortunately, with several competitors out there in the market, the company encountered a tough competition. The company, therefore, approached Infiniti to develop a product launch strategy to reinforce their image as a purveyor of high-quality home automation systems. With Infiniti’s expertise, they were able to generate much-needed attention by attracting customers and generating huge profits for the company. Interested to know the approach undertaken by our experts to help the client? Well, read this complete success story here.

Developing a New Product Launch Strategy for a Tech Giant – A Case Study by Infiniti Research

#5: How to roll out a successful biopharmaceutical product launch plan?

Rising regulatory issues, growing stakeholder expectations, numerous market-access hurdles, and stiff competition are some of the critical hindrances coming in the way of biopharma companies. Are you running a biopharmaceutical business? If yes, these challenges must be common for you. So, in between all these challenges, how are you planning to roll out a successful product launch plan? Well, biopharmaceutical companies should study innovative pricing strategies during product development and make pricing a core pillar of the product’s profile. Are you interested to know the other points to focus upon for a successful product launch? This article from Infiniti Research will give you more insights.

How to Rollout a Successful Biopharmaceutical Product Launch Plan

Choosing the right product launch strategy is a highly critical task. Are you equipped to meet the challenges coming your way? If you are not sure, request a proposal to know how Infiniti’s product launch strategy solution can help your business to be prepared.

#6: Find out how competitive intelligence helps in product launches

Competitive intelligence supports all stages of a new product launch. Are you wondering how? Well, this is clearly evident in the success story from Infiniti Research. This success story highlights how competitive intelligence supported a retail industry player address robust issues pertaining to the pricing and marketing of various products. Also, find out how competitive intelligence helped them to embrace new sales channels, improve marketing efforts, and enhance product assortment. Read the full story here.

Competitive Intelligence Engagement Helps a Retail Client Deal with Product Launch in 10+ Countries

#7: A chemical sensors provider achieved market share in the South American market

Developing a robust product launch strategy to target specific customer segments is essential if you are trying to establish your business in any specific region. A chemical sensors provider was finding it difficult to segregate the customers in terms of need-based and value-based segments in the South American market. Infiniti’s solution helped the client to discover the value of each segment to tailor their marketing efforts. Furthermore, these solutions helped them maximize cross and up-selling opportunities. As a result, the client successfully launched a new product and realized a significant improvement in their customer retention rate. Get more insights here.

Market Entry Advisory Helps a Leading Chemical Sensors Provider Launch Their Products in the South American Market

#8: Understanding the basics of a product development strategy

For a product launch success, it’s important for companies to produce the best quality products. An effective product development strategy proves to be helpful in winning businesses from the competitors who are unable to meet the new performance levels of the company. Making quality improvements as a part of the company’s product development strategy also make it easier for companies to enter the markets with stringent quality and regulatory requirements. This latest article from Infiniti Research will help you gain more insights about product development strategy. Read the complete article here.

The Basics of a Product Development Strategy

CONTACT US to know more about our product launch strategy engagement.

industry competitor

Enhancing Product Development Strategies for a Consumer Electronics Company – A Product Research Engagement

The world is quickly and constantly transforming with the advent of advanced technologies. This rapid pace of change has heavily affected the consumer electronics industry, which brings in the biggest and newest innovations every year. In this competitive business world, for product-oriented companies, it becomes imperative to launch new products to differentiate themselves from competitors and drive revenues.

New product development and marketing is not an easy task, especially when it comes to launching a new technology product. Given the multitude of new products available in the market, it becomes extremely difficult for companies in the consumer electronics market to set themselves apart from the global competition. This is where the real importance of a product research strategy is realized by companies looking to position themselves competitively in the consumer electronics industry. For over 15 years, Infiniti’s product research strategy has helped many organizations to formulate a smart approach and successfully introduce a new product in the market.

Launching a new product is a daunting task and can cost you dearly if you don’t plan them properly. Request a FREE brochure to know more about our services portfolio and to know how our product research engagement can help your business plan better product launches.

Business Challenge

The client is a consumer electronics company based out of the United States. The company employs around 11,000 people and has nearly 79 outlets. The client introduced a new product in the market, but, unfortunately, the product failed to succeed. The main reasons behind the product’s failure were the management’s failure to exploit new market opportunities and their inability to leverage digital platforms effectively. This failure subsequently affected the company’s sales rate and the company failed to make enough profits. During this time, the company lost about $7.8 million.

The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering product research solutions. With Infiniti’s product research solution, they wanted to introduce new products with good market demand. Also, they wanted to make improvements to their existing products lines.

Other challenges faced by the client included:

  • They were facing predicaments in analyzing their customers’ needs and technology adoption. by leveraging Infiniti’s solution, they wanted to identify products with the best market demand.
  • Due to the evolving customer attitude, they faced major challenges in positioning themselves in the market. Therefore, before launching new products in the market, the client wanted to analyze their target customers and build effective marketing plans to successfully sell their products to the intended customers.
  • Cost reduction was another major motive of the client. With the aid of an accurate product research engagement, the client wanted to reduce costs by using lower-cost materials, eliminating features that the market does not need, and by redesigning the product to simplify the manufacturing process.

Are you looking to simplify your product line and drive the best returns? Our experts are here to help! Request a FREE proposal to know how.

What is product research and development?

Launching a new product can be an exciting task for any company. Whether it is the first product the are offfering or an upgrade, the excitement associated with a new product launch cannot be undermined. However, before presenting new product to the masses, every company needs to perform a thorough product research to better understand the market demand.

The goal behind any organization investing time and effort in product research is to quantify or increase business knowledge. And if the business has plans to introduce new products in the market or try any new function, it won’t be wise on its part to just gather information about the product and market them. Rather, understanding the market requirements and competitor offerings can help better market the product.

Importance of product research

Gaining a competitive edge – Companies that undertake regular product research have a higher chance of succeeding in the global market compared to their competitors.

Manifold increase in sales – There is a direct and undefined connection between the efforts undertaken by an organization for product research and the performance of a company. Thus, it can be said that product research subsequently improves the sales rate.

 

Want more information on our product research solution portfolio? CONTACT US.

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