At some point, you will want your organization to grow. And this means expanding to include more products. In the next entry, you’ll learn how to manage the addition of a new product to your portfolio.
There are several options to work around this situation. You can: add a product to each promotional cycle; increase the number of cycles per year; or adjust cycles to hold all your products while meeting the cycle requirements.
Each of these options has pros and cons. You will see them listed below:
Consider the image above as your current promotional plan—four cycles with three products. In the next screenshots, we add a new product called PainEase that will be launched/re-introduced in the market during the tail end of the year.
- Give 100-percent focus
In this first scenario, we introduce PainEase in Cycle 3 while giving it 100 percent focus. This is the best way to promote a new product.
As seen here, Cycle 3 is all about PainEase while in Cycle 4 we begin normalizing the product cycle by bringing back SootheSkin. Using this approach lets us avoid changing the structure of the promotional plans—meaning strain on the marketing department and sales reps.
- Majority of focus for new product
In this scenario, we retained all products throughout all the cycles—but we allocated more focus to the new product in the final two cycles.
While this is an option, the usual approach to introducing new products is to give it as much effort as possible (typically 100 percent). For more on creating promotional cycles, please read my post about creating promotional cycles.
- Add new cycles
Increasing the number of cycles per year means opening up 6 additional slots for products. This entails shortening the length of each cycle from three to two—resulting in six two-month cycles for the entire year.
However, this strategy involves a lot of work from the marketing department because they have to adjust to six cycles, which comes with massive changes to marketing materials. It also involves big adjustments for the sales reps, as they have to change their focus six times this year instead of just four.
These are the basic options. Depending on your sales force, one may work better than the others. The important thing is that there must be buy-in from all individuals involved—this is what’s needed for the plan to succeed.