Writing a Great New Product Launch Objective for the Medical Device Market

The Set Up

If you are a reader of this blog, then you have heard it before all Marketing Strategy development must start with a clearly stated objective. Preferably one that links directly to the Corporate strategic plan.  The richer the objective then the more right on target the strategy will be.

objective

Poorly Thought Out Marketing Objective(s)?

  •  Dominate the xyz segment.
  • Destroy the competition.
  • Go to number one in unit share for the xyz product class
  • Reach $100,000,000 in sales by January 20xx.
  • Enter the XYZ product segment in North America, while achieving a 76% GM on all sales.
  • Must be successful in 200 accounts by Christmas (Which Christmas? and What is successful?)

You may have received marching orders like these before. Why are they not actionable?  They don’t provide any insight into why, how, or how not to accomplish the goal or objective. They are all two general.   It is a delicate balance between being perscriptive and too general.

At the very least make your objective(s) or goal(s) SMART ones.

S – Specificsmart-goals-221x300

M – Measurable

A – Achievable

R – Relevant

T – Time-bound

Your SMART goal(s) should include some of the following characteristics of a launch:

  • Quality
  • Timing
  • Cost
  • Adherence to plan
  • Share (dollars or units)
  • Penetration rate
  • Repeat orders
  • Customer satisfaction levels

Make all definitions as specific as possible.

Great Marketing Objective(s)

The objective for the launch of our newest widget is to be the first to enter the growing North America segment of xxxx therapy, to grow revenue in the over all xyz business and provide a full product line. Hence, blocking any in roads ZZZ competitor might make with their widget expected to launch 6 months after our widget.

  • Penetrate 22 targeted Pioneering and Early Adopter accounts within 3-months post launch.aim
  • Establish an overall successful close rate of 85%.
  • Achieve a 95% re-order rate for every account closed within the first 9-months post launch.
  • Average cost to close a targeted account should not exceed $1,000.
  • Realize $25 million in new sales within the first 12-months post launch.
  • Cannibalize no more 10% of the existing Xwidet and Zwidet sales.
  • Every representative or agent engaged must close 2 accounts within 6-months post launch.
  • Clinical/technical success will match the clinical/technical success rate of the pivotal trial results as reported at XXX conference.
  • On time delivery of product 98% orders in by 3PM EST shipped by 5PM EST sameday.
  • 100% of product complaints are filed within 12 hours of first notification and are investigated within the second 12 hours.
  • Product return rate will not exceed 2% of units shipped within the first 6-months post launch.

Internal Validation of Integrated Goals is Critical

If you develop a weekly dashboard you can monitor the progress toward each of these goals and act accordingly. But please internally validate the legitamcyPass-Fail-Internal-2xydjwp43kgnp9vngqcrgg of the goals. As an example, could 22 accounts produce $25 M in revenue? Did your soft launch suggest that you could achieve an 85% close rate? Is there enough accounts that you can win in 22 of them and not cannibalize more than 10% of the other product sales?

If you spend a week developing the right goals to match with your objectives it is more than worth it.

Once you have the objective the way you want it and it is approved by Sr. Management, then you can design your strategy to meet the critical aspects of the objective and your tactical plan will have met all the criteria that you need.

“The way to achieve our goals is to hold them tightly and our strategies [tactics] loosely.”                         MEGAN HYATT MILLER

“Experience is what you get, right after you need it most.”

Make it a great day,

Tim Walker

Tim Walker is the Principal consultant for The Experia Group. A small consulting firm that specializes in providing experience and expertise during critical device commercialization phases to increase the probability of success.

Contact us to schedule an initial call to see how we can apply our 30+ years of experience to your issues that are preventing you from being successful. www.theexperiagroup.com.

© 2016, The Experia Group, LLC

 

6 thoughts on “Writing a Great New Product Launch Objective for the Medical Device Market”

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