Originally published on RubinSpann.net
In general, global product launches are sub-optimal. Revenue is often left on the table by not launching in all markets. The truth is, there’s a lot of project management and planning involved in a successful global marketing launch, and you have to remember that a one-size-fits-all methodology simply won’t work.
But here’s the problem: a lot of global marketing teams fail because they’re too cautious. Many global marketing teams shy away from launching products simultaneously in multiple markets because they (1) they don’t have the personnel/market resource and (2) they have no interest because they get concerned with what’s going on.
In short, they wait for later but later never comes.
The fact that revenue is left on the table by only launching in North America and mature European markets is a hard pillow to swallow, but it’s one that many global healthcare marketing executives must.
Don’t Stagger the Launch (When Possible)
Staggering the product launch appeals to the uber-conservative minded. It’s safe. It’s comfortable. But it’s not going to take your revenue to the next level.
The focus of your global healthcare marketing team should center around revenue and wisdom. What do I mean by this? Well, launching in markets like North America, Europe, Asia, and the Middle East (when possible) not only increases your revenue but it also allows you to get more patient feedback on the product and refine as you go. As a global healthcare marketing team, you want to make sure all of your advisory boards and time in the field is complete upfront, that way you can launch and focus on refinement.
The truth is, this is easier than ever now. With the explosion of the digital age, social media has affected the healthcare industry much in the same way it has affected many other industries—with more information. With social media, you can get your product directly to future patients. This can prime the market so when your product is ready to launch, the patient is more ready and eager to receive it.
In fact, some tech-savvy doctors and HCPs are even implementing their own paid search campaigns, with some of the budgets nearing the $10,000 a month mark. The power of remarketing ads and social media integration in the healthcare industry is something that is revolutionizing the way the industry is operating, and it’s time global healthcare marketing executives take notice.
Learn and Launch
But here’s where the beauty of launching in multiple markets truly lies. Launching in global markets allows you to market test the product as you go. It also allows you to tailor fit the message to each market. And in the case of global healthcare marketing, timing is everything – both for the sake of revenue and for the sake of ushering out a product that can truly help the customers.
This is where the importance of “living with the customer”, something I recently wrote about on RubinSpann.com, is so important. Understanding the differing needs of global markets and the customers that those markets affect is drastically important.