Product Launch
Inherent with launching a new product is uncertainty and complexity. Launches can involve new industries, customers, competitors, or ways of thinking within your organization. Throughout the launch process, several demanding decisions and trade-offs will have to be made. THRIVE leverages its experience launching several blockbuster products to help clients uncover the right segments to target, determine how to educate and drive adoption of your new product or service, allocate the appropriate resources, and ultimately, work with you to help make the tough decisions.
Situation Overview
Client was a leading global biotech company preparing to launch a portfolio of products that was fundamentally new for both the company and the market. The portfolio of drugs represented a multi-billion dollar opportunity for the organization, and the the first product had the potential to reach blockbuster status.
The new product and portfolio, however, faced several challenges internally within the organization and externally in the marketplace. Internally, the portfolio was competing for resources with several simultaneous product launches and represented a divergence from the traditional business model. This resulted in a lack of organizational buy in, as many felt this portfolio represented a threat to / divergence from the traditional model. Externally, the product would be launching into a marketplace characterized by more competition than the client had ever been exposed to and encompassed substantial regulatory uncertainty. The client felt their current launch strategy was unclear, under-funded, and would have substantial repercussions if not successful. To this extent, the client felt that if this launch was not successful, the entire portfolio of products may be at risk and the organization as a whole would suffer due to the amount of investment to date.
The Challenge
What we did
Developed Strategic Goals & Internal / External Fact Base
» Internal Fact Base
- Conducted interviews with executive committee and internal subject matter experts
- Prepared SWOC analysis
» External Fact Base
- Developed baseline assumptions for the marketplace, competitive environment
- Conducted competitive assessment and outlined points of differentiation
- Segmented and identified key stakeholders
- Conducted comprehensive risk assessment
» Strategic Goals
- Developed strategic vision for the product
- Outlined launch strategic imperatives and critical success factors
Developed Comprehensive List of Strategic Options
» Strategic Choices
- For each strategic choice, created list of all potential strategic options
- Evaluated pros and cons of each option and their probable impact on the overall launch
- Outlined relationships between each of the strategic options
Provided Strategic Recommendations
» Provided Recommendations on:
- Optimal strategic path
- Risk mitigation strategies
- Resources required for each strategic recommendation
Prepared Final Launch Readiness Materials
» Final materials
- Prepared executive level pre-read with all key information condensed into actionable insights
- Created engaging final presentation for members of client executive team
