The Set Up
Over the years I have been privileged to launch or direct the launch of nearly 100 medical devices. With that experience I have learned that launching a new product is not a marketing function. It takes an integrated team with an integrated mind set. I have assisted a number of clients in designing their new product launch plans. Several long-time colleagues have recently asked me to provide a thought check-list for their less experienced team members to aid in launch planning.
So I have decided to share that check-list with everyone. I caution that this is a list of decisions or thinking that should occur as you are designing your launch. Following this check-list doesn’t gaurentee success. So much of the success comes from the quality and deepth of thinking you put into the topics. So with that cautionary note here is the check-list. A conceptual thought that might make this clear to you is to think about the topics as section title slides for the Launch deck.
The Intent with an Integrated Launch
The way I have always thought about a product launch is parallel to a rocket launch. Planned well (correct trajectory to achieve the proper orbit) you apply a tremendous amount energy (time, resources, targeting) to a launch and once you break free of Earth’s gravity (market resistance to change) you fly along at a speed of 17,500 miles per hour with no fuel being utilized at all.
The Thought Check-list
Launch Summary
Product vision
Elevator pitch regarding the launch, not the product
Market Understanding
Therapy understanding
Technology understanding
Macro segmentation
Competition defined
Market drivers determined
Key success factors identified
Product Understanding
Product definition
Product description
Positioning statement
Value proposition
Health-economic story
FAQ
Trouble shooting guide
Allowed claims
Competitive comparison
Portfolio revelance
Launch Strategy
Launch goals/objectives
Financial
Revenue
Profit
Share shifting rate
Non-Financial
Quality
Complaint
Close success rate
Compliance to targeting
Business process metrics
VOC
Customer satisfaction product
Customer satisfaction service
Customer targeting
Channel considerations
Customer profile
Customer engagement strategy
External communication strategy
Launch Tactics
Launch structure (Controlled, Limited, General)
Launch campaign development
Team membership
Launch calendar
Sales process (Controlled, Limited, General)
Product sampling plan
Evaluation process steps identified and facilitated
Pricing (Controlled, Limited, General)
Reimbursement
Demand generation plan
Sales pipeline projections (1-12 months)
Demand/Supply plan
Revenue projections
Share penetration rates
Service plan
Sales training progression plan
Messaging Mix Development
Message development
Collateral development plan
Video
In-service video
Promotional video
Testimonial video
Digital
Promotion
Trade show plan / calendar / collateral
Poster and Potium plan
Advertising plan / calendar / collateral
PR plan / collateral
Social Media Use plan
Launch Controls
Team dashboard
Mgt. dashboard
Quality dashboard
Sales detail dashboard
Product Claims
Current claims
Desired claims
Gap analysis
Clinical evidence collection plan
Regulatory strategy
Multi-generational Product Portfolio Plan
Launch budget / spending plan by quarter over 12 months
Guidance
Not every launch will require all the check boxes to be checked. However, I strongly recommed that you think through the inclusion and exclusion of content from the list, defend the “in” and “out” decisions.
The higher the complexity of the technology / product / launch process the more likely it will be that you need to address each and every thought.
“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. www.theexperiagroup.com. Contact The Experia Group for a free 30-minute consultation to determine if 30-years of experience can contribute to your success.
© 2017, The Experia Group, LLC