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How to Commercialize Your Healthcare/IT/Media Product
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How to Commercialize Your Healthcare/IT/Media Product

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    How to Commercialize Your Healthcare/IT/Media Product How to Commercialize Your Healthcare/IT/Media Product Presentation Transcript

    • By Shahid N. Shah CEO, Netspective Communications LLC 1
    •  CEO, Netspective (http://www.netspective.com)   17+ years of entrepreneurship experience 10+ years of executive technology management experience as CTO, Chief Architect, etc. in healthcare IT firms Lead/Analyst/Consultant on numerous consulting projects in the past 9 years. Sample clients:         Executive Office of the President U.S. Patent & Trademark Office (I train them and I have a patent) Northrop Grumman CardinalHealth NIH American Red Cross Read my blogs to learn more:  http://shahid.shah.org (technology)  http://www.healthcareguy.com and http://www.hitshere.com (healthcare IT) 2
    • Source: Brand Autopsy Blog 3
    •  Healthcare folks are neither technically challenged nor simple techno-phobes (they’re busy saving lives)  Most product decisions are no longer made by clinical folks alone, CIOs are fully involved  Complex, full-featured, products are not easier to sell than simple, stand alone tools that have the capability of interoperating with other solutions are   Hospitals will not buy unless one proves value. Selling into doctors offices is not easy. 4
    • User Benefiter Payer 5
    •  Need vs. Want, Demand & Desire  Value - the benefits your customers gain from using your product versus the cost of obtaining your product or not buying at all.  Satisfaction - Based on a comparison of performance vs. expectations.  Performance > Expectations => Satisfaction  Performance < Expectations => Dissatisfaction 6
    • Increase revenue (topline) Maintain capabilities Reduce costs (bottomline) 7
    • Customer Gives You Get • Money • Time • Energy • Commitment • Referrals • Past experience • Expectations • Knowledge You Give Customer Gets • Product • Price • Value • Convenience • Selection • Service • Warranty • Brand 8
    • Target health sector? Number of employees? Annual sales volume? Geography? Number of hospital beds? Number of patients? Type of patients? The list goes on and on…be specific! 9
    •  Many public/behavioral health products are provided by the government or non-profits for free.  Critical for your product to have a discriminator (technology or innovation)  Price points generally have no relationship of the cost to produce. 10
    • Competing with “do nothing” or “wait” Competing with products that are provided for free  Shrinking resources (money) available for purchasing products  Too much noise in the market place  Saturation of products in market place  Niche markets don’t support ROI for marketing   11
    •  Find the right search terms for your industry or product. Don’t be esoteric.  Using your search terms, locate your competitors and existing firms  Once you know your competitors, call them up and ask them about client references  Call up their clients and talk to them about their products and services and what can be improved 12
    • Software as a Service (SaaS) and subscription model Consulting and Solutions model Licensed model Freemium model (and open source) 13
    •            Easy to explain Defendable and differentiated Attractive partnership opportunities Word of mouth opportunity Potential for PR Scaleable staff and systems Scaleable product — build once, sell many times Uncomplicated Focused Sales model is scaleable and predictable Own relationship with and information about customers 14
    • Research based products that are proven effective  Partnering and endorsement with accredited institutions or associations.  Partnering with private sector (Pharma, Managed Care, etc).  15
    •    Establish realistic success criteria up front Success may not be measured only in terms of revenue Set up systems to track sales and distribution in house or through distribution partners. 16
    • Shahid.Shah@netspective.com 17