“ Before you choose your best path forward, you’ve to come to a conclusion ”
When you launch new brand in Big pharma
Now that you’ve revealed an abundance of opportunities in your market through building your “MOM” Market Opportunity Map, you’ve also discovered there are more opportunities than there is time, team, or stamina to pursue.
You need to analyze, clarify and prioritize your opportunities so you focus only on those opportunities which are the most advantageous for your brand.
Before you choose your best path forward, you’ve to come to a conclusion about the merits of your product, you must reflect upon the probability of success your product will have in the market when addressing these opportunities.
Once you have developed a comprehensive set of insights about how your product is likely to be perceived by the market, and you also have a practical understanding of the different opportunities and its commercial value when you position your brand properly, only then, you should then turn your attention to an analysis of how to achieve your brand objectives through a solid tactical plan.
Assessing the Probability of Success: Four Factors
When measuring the probability of success with creating a change in your customer’s behaviour, there are four factors to consider.
1. The first is identifying your customer’s readiness for making a change. You can do this by analyzing drivers that will help with achieving your desired outcome.
2. The second factor is identifying the barriers that will work against you, limiting your capacity for success.
3. The third factor is assessing your available resources to ensure you are sufficiently prepared to make a significant impact and induce changes among your customers. Resources are not only financial resources but may include other elements such as available medical data to support your necessary competitive promotional claims, or your team’s current size, capability, and skills in guiding a prospect’s process of change from initial contact to willing acceptance.
4. The fourth factor to your success depends on the reaction of the other participants in the market. Just as your presence affects the market and triggers a reaction in other participants, so also do their reactions and behaviour influence yours, and they can restrict, modify or accentuate your path to success.
If, for example, you chose to differentiate your product from brands that currently serve this marketplace demand,
you would need to know how much supply they are providing, and the current level of satisfaction your target customers have with using their products and to anticipate their reactions to your tactics. You need to design your information strategy so it informs and enlightens you with these valuable insights, thereby increasing your probability of success.
