What Conditions Should Be Met for New Product Launch Event Planning?

The process formulation of a new product launch event is very important. Since a company's new product launch event is related to future sales, a reasonable or even outstanding process planning will have a positive impact on the introduction of the new product. So, first of all, we need to clarify what conditions should be met for new product launch event planning?

New products to be launched should first meet the following conditions to reduce the resistance encountered during the launch.

1. The existing market size of the product category is large. The market size of the category in which the new product is located must be large. When the market size is large, whether it is replacing competition or developing new markets, there is good growth space and potential.

2. Market barriers are relatively low. How to judge the intensity of market competition? It depends on the measurement of the category development index and brand development index of the product. In short, for the category market where the new product enters, the total market share of the top five homogeneous competitive products should be less than 30%. There is no monopoly brand among competing brands, and the barrier to market entry is low. The chance of success for the new product entering the market is high.

3. Consumer satisfaction with similar products is not high. In this category market, consumer satisfaction with similar products is not high. The reasons can be the competitive products' average efficacy, low safety, narrow indications, inconvenient usage, high price, poor taste, inconvenient packaging, strong substitutability, weak technological sense, low-grade outer packaging, etc. These can all become the reasons and motivation for our new product launch.

4. Market growth rate is relatively high.

The compound annual growth rate of the category market that the new product enters has reached 15% in the past three years, indicating that the product has good incremental space, stable market demand, consumers' recognition of the product's efficacy, and that similar competing manufacturers are all striving to make the cake bigger with sustained market investment.

5. Sufficient market investment funds.

With the introduction of the new medical reform policy, the market will become increasingly standardized. A rational judgment should be made on the expected launch of new products. Launching a new product requires a growth period of about 1-3 years. A rational break-even analysis should be conducted for product launch research, publicity and promotion, academic activities, and early-stage investment. Sufficient fund preparation is directly related to the growth of the new product and the future development of the enterprise!