New Product Launch in the Medical Device Industry

TikaMobile solution is particularly well suited for new product launch in Medical Device Industry

It takes about 3 to 5 years for FDA to approve any new device in the medical field. Millions of dollars are invested in the research and resources by medical device organizations before the final launch day of the product arrives. New Product Launch is a major investment for any company. A successful launch can bring revenue as well as great customers for the company. A clear launch goal has to be set to understand the objectives and identify the market for the product. Below are the factors that need to be considered in a new product launch in the Medical Device Industry.

       Setting objectives

Coordinating your sales strategy with your sales reps is becoming increasingly important to organizations. It is important to set clear and measurable objectives to work with. Some key objectives while launching a new product in an innovative field such as Medical Devices are:

  •    What should be the essential customer documentation?
  •    How will the physicians and medical departments react to it?

New product launch is a complicated process and without a clear set of objectives it can get tedious and confusing. It is imperative to know the value proposition behind the product and its market need. The potential use of the product has a deeper influence against competitor products in the market.

       Sales Strategy

You have spent years creating your product. The question that concerns is; how are you going to align your sales strategy with your launch objectives? Providing the sales team with accurate product documentation and tools is extremely imperative. A well-defined sales strategy includes:

  •    Creating a compelling messaging or value proposition weeks before the final launch to ensure brand awareness
  •    Utilizing sales connections
  •    Developing training material for the sales reps
  •    Establishing training programs and collateral for new customers
  •    Identifying the key channels that would work the best (e.g. direct selling, distribution, contracting models)

 

Companies need to identify what would work the best for their product and create effective communication with the target audience during the launch. Digital can influence everything today. Leveraging the new product launch by having a digital presence can create a big difference in the sale strategy and final execution.

        Challenges

There are many challenges that the medical device companies can face while doing a new product launch. Any failure in a new product launch can cost millions of dollars to the company. Inadequate resources for the launch process, insufficient data and collateral for the sales reps, lack of communication between various units of the organization can add up to the challenges a medical device company can face while strategizing for a new product launch.

Core challenge for medical device organizations is setting up an accurate distribution channel. Key distribution channel functions would include: Making sure the product is available when it is time to launch, aligning your sales team with your product launch sales strategy, getting near real-time visibility into the performance of your launch, is your product selling? United States is a vast country and planning your distribution channel well in advance is critical. TikaMobile solution makes it possible for you to access all this information in real-time to ensure that your sales and marketing teams are better equipped to execute the launch strategy.

       The TikaDevice Solution

The TikaMobile solution is an effective solution for New Product Launches in the Medical Device Industry. TikaDevice is built for medical device. It eliminates costly and timely customization of non-industry specific solutions. Designed with best practices, TikaDevice can be easily adapted to your workflows, preferred metrics (KPIs) and available data which guarantees your sales team will be aligned to your sales strategy. With TikaDevice your organization will enjoy more streamlined and effective product launches and promotional campaigns – ahead of your competition.

TikaMobile helped one of the most innovative and global medical device company with a great product to launch successfully and roll out a cutting edge mobile BI solution in weeks, not years. So what was the end result? A transformation in how they conduct business worldwide. The TikaMobile solution can help your sales strategy to execute effortlessly when the time comes. All the information about aligning your distribution channel is now accessible to you now 24*7.

Our ability to do mid course corrections is the difference between success and failure of your product launch!

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