How many times have you seen a product last for a year and then disappear into anonymity? It happens much more frequently than you think, and basically because the product’s creators forgot to consider a few simple, but important factors that could have saved their product’s life in the market. These factors are applicable to most business areas, but in the pharmaceutical business, they are the worst decisions to be made.
Here is a list of the most common mistakes to avoid when launching any product in the health care industry:
1. NO VARIATION: Vanishing cream under a different name is just vanishing cream. Don’t expect to become a market leader with that. But if your product is innovating in some aspect, you must tell the world about it. Prove that your product is better, more effective, lighter, or offers more benefits than your competitors. This is the only way your product can survive the strongest competition: sales. Find a pharmaceutical consulting firm to help you with this.
2. POOR INITIAL INVESTMENT: If you are the type of person who thinks that your product is so good that it will sell by itself, you should start re-considering your thoughts. Market positioning comes together with an important investment. Strong marketing campaign, effective promotion, and clever strategy are the keys to give your product an important place in the market. This is not for free.
3. SEGREGATED EFFORTS: The different parts of a plane can’t fly by themselves. Not even if you put them all together. Every part has a place and a role. The same happens with the different aspects of launching a product. Price, publicity, promotion, marketing strategies, etc., should be integrated into one single effort to build your image and get your place in the market. Doing the contrary will make poor use of your resources and your results will be disappointing. A good pharmaceutical consulting firm will help you even build a better business plan.
4. STANDARD PRODUCT FOR ALL COUNTRIES: Popular, soft, and creamy cosmetics in the North can create big allergies in the South. Clinical tests will help you determine what things to consider among regional or racial differences. Purchasing habits, treatments, and type of consumption vary from one country to another. If you stick to only one type of product, with no variation, you may lose your share in a country’s market.
5. NO INFORMATION: Your product looks nice, has a catchy name, a beautiful box and practical presentation. But, what is it for? People need to know what it does, why it is better and the benefits they can get by consuming it. Remember, doctors are the ones advertising your product by word of mouth, so they are the first to be informed. Consumers, on the other part, can become completely loyal to your brand if they know what your product does for them.
As you read this information you might have come to notice that you were already making some (or all) of these mistakes. Don’t panic. You still have the time and chance to revert the situation. The important thing here is that you are aware of the steps that you make and find the appropriate help to find your way into this competitive market. Just remember what things you need to avoid and focus on maximizing your opportunities by optmimizing your resources. And if you finally launch your product, well, good luck!