New Product Launch Evaluation

Situation:

A new product in healthcare with a large market opportunity was preparing to launch in Canada, but was 2nd on the market vs. a large competitor in this therapeutic category.

Top Management was resting the future of the company on the success of their new brand so they brought in a new team of marketers and research expertise to focus on the brand.

Actions:

The evaluation process first identified pre-launch the market measures leading to building a model of the market dynamic. After qualitative and quantitative benchmarking, a program of regular tracking studies was conducted. This program lasted 4 years.

An advanced analytics market share model was built with different market segments represented as targets. Correlation, factor, cluster and Knowledge Seeker analysis were applied to build the modeling process. This model evolved with the market and at each step identified the direction and communication messages most likely to gain share.

Different waves of data were combined to provide a larger sample for a very targeted analytical investigation and to build direction for strategic marketing efforts.

Results:

The product launch was successful and the brand gained parity with the first brand on the market within 8 months.

The brand grew over the first three years as each market segment’s needs were solved by promotion and education.

Unlike the rest of the world (and USA) where the new brand reached 36% share, in Canada the grand gained 58% of the $300 million market within 4 years.