The success of a new product launch depends on many factors, one of which is estimating the potential of a new product amongst its prescribers. Understanding the potential of a new product is crucial because it helps to guide decisions on marketing strategies, pricing, and resource allocation. Estimating the potential of a new product can be challenging, but there are some key factors to consider that can help improve accuracy.
In real life, estimating the potential of a new product requires a benchmarking process with similar products that have been launched but also a quantitative assessment of the attitudes and behaviors of targets concerning the new offer. We, first of all, establish a frame of reference by comparing it to existing products called “internal benchmarks” or by comparing it to products from other companies on the market.
When several products are launched simultaneously on the market, the goal is not merely to assess demand for a new product in particular but rather to estimate the potential demand or the size of the market considered. To achieve this, we use “syndicated data” and survey data (IDIs, online surveys). These surveys will shed light on the needs and attitudes concerning a new product and on the triggers that will impact its choice. In this way, it is possible to estimate future sales, obtain an overview of practices and evaluate the possibilities of improving these sales.
In Healthcare Market Research, in the case of prescription products, for example, we ask the physicians concerned to describe several of their patients suffering from a certain pathology. Having presented them with the new offer via a Product Profile, we ask them whether they would have prescribed the new product or not if it had been available when the consultation with each patient had taken place. Getting physicians to put themselves in a daily-practice situation enables them to assess the potential of a new product, its penetration rate, its competitive environment as well as the weight of each of the choice criteria.
We will discuss the secret to estimating the potential of a new product amongst its prescribers, and explore some key factors that can help improve accuracy in this process.
Understanding the market:
The first step in estimating the potential of a new product is to understand the market. This means researching the market to understand the needs and preferences of prescribers, as well as their behavior and decision-making processes. Conducting market research can involve surveys, focus groups, and interviews with prescribers to gain insights into their needs and preferences.
One of the most important things to understand about the market is the level of demand for the new product. This can be estimated by looking at the current market size and growth trends, as well as the level of competition in the market. Understanding the demand for the product is essential to determine the potential of the product amongst its prescribers.
Identifying the target audience:
Once you have a good understanding of the market, the next step is to identify the target audience for the new product. This involves identifying the prescribers who are most likely to be interested in the new product, as well as understanding their needs and preferences.
To identify the target audience, you can use a variety of methods, such as analyzing data on current customers, conducting surveys and focus groups, and researching industry trends. By identifying the target audience, you can focus your marketing efforts on reaching the prescribers who are most likely to be interested in the new product, which can help improve the accuracy of your estimations.
Understanding the product:
Another key factor in estimating the potential of a new product amongst its prescribers is understanding the product itself. This means understanding the features and benefits of the product, as well as how it compares to competing products in the market.
To understand the product, you can conduct product testing and research, as well as analyze customer feedback and reviews. By understanding the product, you can better understand how it will be received by prescribers and how it can be positioned in the market.
Assessing the competition:
Another important factor in estimating the potential of a new product is assessing the competition. This involves analyzing the strengths and weaknesses of competing products, as well as understanding how the new product compares to them.
To assess the competition, you can use a variety of methods, such as conducting competitor analysis, analyzing industry trends, and researching customer feedback and reviews. By understanding the competition, you can better position the new product in the market and develop marketing strategies that will be more effective.
Estimating the potential of a new product amongst its prescribers is a complex process that involves understanding the market, identifying the target audience, understanding the product, and assessing the competition. By considering these key factors and conducting thorough research and analysis, you can improve the accuracy of your estimations and increase the chances of a successful product launch.
Ultimately, the secret to estimating the potential of a new product amongst its prescribers is to take a data-driven approach that considers all of the relevant factors. By doing so, you can make informed decisions about marketing strategies, pricing, and resource allocation, which can help to maximize the potential of the new product in the market.
Related Read:
How to Rebuild Trust with Patients by leveraging these 6 Proven Tactics