No items found.
Many technologies are released without a clear application. Imagine if the iPhone came out with no apps and everything was user-driven. Instead of adding convenience and efficiency to your life, it would consume your time and energy while you learned what it could and couldn’t do.Without a clear application, customers are left to determine your value proposition, and they’re the group who knows the least about your technology.Here are three ways to discover your technology’s highest and best use in the market.Tip #1: Be objective about your new technology.Take off the rose-colored glasses, so to speak, and view your technology objectively. Start with some research to see if someone else has already tried to develop and commercialize this technology or something close to it. Next, take a realistic look at the market to determine where your technology fits in. Is it something brand new, or does it improve upon an existing technology? Third, find out how your new technology scores on life science research performance markers like cost, sensitivity, throughput, plex, and workflow.Once you’ve taken an honest look at what you have, ask outsiders for feedback. Hire an independent firm that offers life science or clinical diagnostics market research to analyze your new technology. Also, ask a range of customers for their opinions. Sure, it’s more exciting to ask six Innovators at Stanford what they think, but you’ll also be restricting yourself to just 2.5% of customers. Early Adopters and the Early Majority will want to know whether your new technology is easy to use, reproducible, and affordable.
Tip #2: Focus on a specific application.
It’s a common mistake among new entrepreneurs and developers to introduce their new technology by saying, “It can do everything.” What if Apple had said, “You can do everything with your iPhone”? Many customers would draw a blank because of their limited knowledge, and others might discover the phone can’t actually do “everything.” For different reasons, both customer groups would likely move on to other devices that offer defined applications, even if they have to settle for fewer capabilities.By focusing on a specific application, you also simplify your new technology for customers. Tell them how it improves performance metrics or streamlines a lab technique. Explain how it allows them to do what they’re doing—better. Answer the question that’s on every customer’s mind: What’s one thing I won’t have to do after I buy your technology? Identifying a specific application reduces the hassle for customers.
Tip #3: Make your new technology stand out.
In a world where everyone is clamoring for attention, bypass the hyperbolic, non-specific marketing speak, and instead, show customers how your new technology actually works. One of the simplest ways to stand out from your competition is to let the data tell your story. No one has your data, so make a strong, data-based argument for why yours is the best option available. And don’t worry about getting your message out across the globe right away. People in life science research like to make discoveries, so let them discover you. It’s much better to have 10 scientists at one conference talking about your technology than it is to have one scientist at 10 conferences doing the same.Taking a realistic look at your new technology can be time-consuming, but it’s also time well spent. Acknowledging your technology’s weaknesses is a tough pill to swallow, but ultimately, doing so will improve its commercial potential. Sometimes, a weakness doesn’t matter for a particular application.Looking for strategic insights about your novel technology? Contact DeciBio today to get a clear picture of how your product fits in the current and future marketplace.
.png)
.png)
.png)
