Whats the average ad budget when introducing a new product?
While the required ad budget for a new product will vary considerably from one therapeutic class to another, the physician audience (core versus specialists) is the major factor that should influence the print spend level. Ads for new products, new indications and new information are more quickly recognized than ads for more established products. This is true within both the primary care (core) markets as well as the specialty markets. New product interest and promotion coordination probably play important roles in creating attention to these new campaigns. Companies need to take advantage of this unusual interest especially since many have found that impressions formed in the first six months are critical. Importantly, they need to incorporate words like “new,” “unique” and “only” in headlines to attract attention. In the summary chart shown below, we see that within the Primary Care Market, the average print budget ($3,544,000) for the 111 new products that were studied resulted in a
