You’re ready to share your new product with the world, but is the world ready for your new product? The challenge with launching any innovation is that the market isn’t always eager to embrace it. The market may not realize the need, or it may be unwilling to change, resulting in delayed adoption and stalled success.
With market development, we prime and prepare the target market so that when your product launches, there’s already an established need for it, as well as interest, excitement, and a willingness to adapt. For example, in the biopharma and biotech industries, market development might include practice change, disease awareness, payer outreach, policymaker engagement, and a set of integrated pre-approval activities – all designed to create a favorable and supportive environment for your new product or innovation.
Market landscape analysis is the first step in market development. It’s where we identify the key customers, or stakeholders, within the market, and uncover the true needs, barriers, and opportunities in the marketplace.
Market development planning is the critical step before implementation, wherein we establish an actionable plan with defined objectives, concise messaging, and clear stakeholder engagement activities and timelines.
Market shaping is the execution of the market development plan, including the implementation of campaigns, the engagement of external stakeholders, and metrics that evaluate the resulting changes in the market.
To successfully launch a new product or innovation, the target market must first understand the need for it and believe it’s in their best interest to adapt and embrace it. Without comprehensive research and planning, organizations risk misunderstanding or misaligning with the market they are trying to reach.
To learn more about how Orangefiery can help your organization develop the market and achieve early adoption for a new product or innovation, complete the form below or give us a call at 415-384-8677. While we specialize in market development for healthcare, pharmaceuticals/biopharma, and biotech, we also provide world-class services to a wide range of partners in other fields.