So your product is ready. Beautiful bottles or tablet displays stare at you from the shelves, waiting for their opportunity to reach consumers’ homes and prove that the years spent in research were worth the effort. You feel proud and ready to contribute with your product to save lives, ease the pain, or protect from virus or bacteria. This is your moment. But wait. Your journey to the Hall of Fame has just started. The end of the line is the consumer, but to get there, you require a lot of extra effort, hard work, and a good business plan.
In general, there are 5 important factors that can make of a new medication or treatment a real success. They have been depicted by many pharmaceutical consultants and are listed below.
Innovation: Vital for the creation and launching processes. The new product must be better than those existing in the market. More of the same will not sell. How well is your product doing in this area?
Initial investment: Little money, little success. The money you invest at the beginning must ensure your product’s initial market positioning. There is a direct relation between money spent on effective marketing campaigns and product success. The idea is to obtain a good share of the market in the first two years. The most effective campaigns are not necessarily the most expensive, though.
Integration into a synergic campaign: Maximize your opportunities by integrating all your decisions and actions to pursue your one objective: market positioning. Some companies are even including social networks into their campaigns.
Customize product according to each country’s needs: Haiti does not have the same needs as the UK or Chile, for example. Adapt your product and/or promotion according to the market you are facing: price, market niche, people’s habits, and idiosincracy, race or even skin pigmentation are important here.
Inform consumers: Communicate the differences and advantages in comparison to existing medicines or healthcare products. How will they buy your product if they don’t know it exists or what it does? If a patient or consumer knows what his medication or product is doing for him and the benefits he obtains, he will remain loyal to the brand.
Pharmaceutical consultants will usually provide you with all the important information and help to make your health care product a success in sales. They can help you create your businees plan and develop all the appropriate strategies to reach the market in the best possible condition. They will help you with your “P” list (price, product, promotion, publicity, and place in the market) that will permit the best commercialization of your product .
You should be able to set clear differences with the other products (innovation), make the adequate investments in the right media, and at the same time be able to customize your strategies according to your market’s needs. Those are the key issues to get your market positioning and make it stay in the minds of doctors, patients and/or consumers in general for a long, long time. So, stop staring at your product, thinking about your good ideas. The time to conquer the market has come!