The key strategic focus in the
Shaping the Product phase involves product claims, war-gaming
market and stakeholder reaction,
healthcare economics, and market
size. Some of the key questions
to consider are what is the market size and opportunity, what is
our initial positioning and market message, and what claims are
necessary to win? The consideration of these key questions is of
course critical to agree on very
early, as execution of the strategy
behind them takes a great deal
of time, resources, and money.
Some warn against falling into
the good data trap – the idea that
the high quality or design of the
product guarantees your forecast
and success. For some, the prod-
uct development writing is on the
wall many years before a launch
and commercialization. Market
access, pricing strategy, evidence
generation resourcing, and reim-
bursement planning are key pieces
to validating a credible forecast.
Depending on the device, drug
or complexity, this phase can take
from 24-36 months.
Some of the key
questions to
consider are what
is the market size
and opportunity,
what is our initial
positioning and
market message,
and what claims
are necessary to
win?
Shape the Market
In the Shape the Market phase,
positioning and pricing come
front and center. Heavy customer
research – with things like needs
mapping, focus groups, and mes-
sage testing – validate that we will
be on the right path when the
launch commences. Key Opinion
Leader (KOL) identification for
training and teaching is critical in
this phase as well. It will be these
thought leaders who begin to bring
the message, positioning, and value
proposition to the market and to
payors.
Demand generation, or market
seeding, becomes very important
at this time as well. Voice of customer at trade shows and in focus
groups, supported by direct marketing to key segments, begins to
share the “buzz” already started in
the KOL training process. Beta, or
test and learn sites are identified
to begin heavy experiential use
or teaching. Also, Value Analysis Committee (VAC) or payor
meetings take place to review the
economic strategy and acceptance.
The word begins to get out. It is
also here where early orders and
demand supporting our forecast
and speed to peak sales begin to
emerge.
One way to ensure speed to peak
sales is to leverage pent-up demand. I often think of this as a
group of surgeons, endocrinologists or insurance payors camped
out in tents outside of a hospital
loading dock, waiting for the latest surgical device or injectable
like a consumer might wait on
the sidewalk for the latest smartphone generation. Ridiculous,
right? Maybe. But the idea is how
to properly educate all stakeholders in the right way that the need
your product solves is indisputable;
the received or consumed value
of our product is undeniable. You
