Avoiding a False Start – Marketing Tips For the Successful Commercialization of Novel Medical Device

The successful launch of a novel medical device technology requires a coordinated effort between several functional groups within the company. The coalescence of these group’s activities in line with a predetermined project timeline are essential to timely and successful product commercialization. Marketing team members play a vital role in this process beginning with providing market insight during the initial concept development phase through conducting a post-commercialization assessment of launch planning activities and marketing tactics.

A failed product launch can be disastrous from a financial perspective and to the reputation of the product’s brand in the marketplace. Since companies only have one chance to launch a product, it is vital that launch planning and preparedness activities cover the entire scope of known and potentially unknown roadblocks which could affect successful product introduction into the marketplace. As a result of its integral role as a part of the commercialization process, marketing has the primary responsibility for many of these activities.

While providing insight on the full range of marketing activities required for a successful product launch is beyond the scope of this article, the following are four key areas, based on the author’s experience, where good marketing planning and execution can help get the product successfully out the blocks without stumbling.

Obtaining Customer Feedback

From initial concept development through post-launch assessment, customer input into the design and positioning of new medical devices is essential. Attempting to bring a product to market without adequate customer feedback, or even worse, disregarding customer feedback, will ultimately limit product acceptance in the marketplace.

Examples of customer feedback parameters which are commonly obtained as a part of this process include validating market assumptions, assessment of the competitive environment, input on product specifications, determining the product’s value proposition, developing and testing product positioning, and obtaining feedback on the product’s ease of use. It is important to develop a decision making process which can be followed when heeding customer feedback would results in an increase in product development or manufacturing costs, or if implementing changes based on the customer input significantly changes the timeline for product launch.

Developing a Targeting Strategy

Identifying and targeting market segments which will result in a steeper adoption curve is vital to getting a strong start out of the blocks with a new medical device technology. Assessing differing market segments should not only be solely based upon the market potential, but also on the potential barriers to entry which may exist within these segments.

Market segments with the highest number of patients or procedural volumes may not always represent the best “first” markets to approach. These segments are often associated with greater competitive pressures due to the market opportunities they represent, or may be associated with higher visibility within a hospital setting from either a product approval or cost-cutting perspective. Segmenting customers by technology adoption characteristics is also important. Focusing initial launch activities towards early adopters who are quick to understand the potential benefits of the technology and limiting efforts directed at late adopters who require substantial clinical experience and more scientific evidence will maximize resources and drive initial sales growth.

Creating Economic Value

Most hospitals now have policies and procedures in place which require the review of new products prior to their use or purchase by the hospital. This has resulted in an expanded number of individuals who are involved in the decision making process and a greater focus on the cost impact of the technology to the hospital. Having evidence that a new medical technology provides a clinical benefit to patients is often not sufficient to gain entry into the hospital and many hospitals are now requesting cost justification analyses which demonstrate the economic impact of the adoption of the technology at their institution.

In order to demonstrate the economic value associated with a new technology, marketing must provide both the background training and the appropriate tools to empower the sales organization to communicate this type of information to customers. A typical tool is a pro-forma economic model where variables can be inputted based on clinical results associated with the products use and either standardized or customer specific cost data.

Developing a Publication Strategy

A successful product launch necessitates a meticulous plan for effectively communicating the value of a new medical technology along with developing a strategy for addressing anticipated objections from the marketplace. A key component of this strategy is the development and execution of a comprehensive publication plan. The timely execution of an effective publication strategy can accelerate the adoption of a new medical technology.

The sequential development and submission of manuscripts to key journals which target specific customer segments is needed to insure they receive continuous and pertinent information about the product. The overall objective for a publication strategy should be to disseminate clinical and economic information which supports the benefits and the positioning of the Company’s technology.

Conclusion

The development and timely execution of a comprehensive strategic launch plan is a requirement for the successful commercialization of a new medical technology. Proactive marketing leadership as a part of a product development and commercialization team can help to insure that potential hurdles in the marketplace are identified and addressed in advance of a product launch resulting in a greater potential for initial market success.

How to Create Your Own Product 2 – Setup and Marketing Approaches

MODULE 1

CHAPTER 12

How to Create Your Own Product 2

– Setup and Marketing Approaches

1.0 Introduction

2.0 Objectives

3.0 Main Content

3.1 Definition of Business Model

3.1.1. Types of Business Model

3.1.2 Email Marketing (Freemium Mixed Model)

3.2 Experts and Friends Appraisals

3.3 Payment Processor

3.4 Traffic, Traffic, Traffic

3.5 Launching Your Product

3.6 Two Important Decisions

3.7.0 Selling on Your Own Personal Website

3.7.1 Benefits

3.7.1.1 Be Your Own Boss

3.7.1.2 Cashing in on Your Virtual Authority

3.7.1.3 Ever-flowing Streams of Residual Income

3.7.1.4 More Opportunities

3.7.1.5 Top Secret Reason Why You Should Create Your Own Product

3.7.1.6 Expert-In-The-Making

3.8 Challenges

3.9 Selling Your Products on Third Party Websites

3.10 You Are In For the Long Haul

3.11 Rinse and Repeat

4.0 Conclusion

5.0 Summary

6.0 Assignment

1.0 Introduction

I covered most parts of this process in the preceding chapter. I purposely did that so I can have enough time and space to discussed other critical factors that may affect the profitability of your digital product(s).

The area so far covered include:

  • The Process
  • The Act and the Art, etc.

The following areas are to be covered here in details:

  • Your Business Model
  • Your Long-term Strategy
  • Friends and Expert Appraisals
  • Payment Processor
  • Product Launch
  • Traffic, Traffic, Traffic
  • Two Important Decisions
  • Among Others.

2.0 Objectives

At the end of this ecourse, you will be able to:

  • Know the different methods you can use to market your information product in online marketplace
  • Choose the best method to market your information product for higher profits
  • Choose the best method to market your information product for better control

3.0 Main Content

3.1 Definition of Business Model

Business model is the approach you are using to run your own business, in this case selling your own information product.

There are many definitions of the phrase ‘business model’.

It is only one of them that I am going to use here because, it is not too academic for our practical use.

That one is the definition provided by Investopedia which states inter alia:

‘A business model is the way in which a company generates revenue and makes a profit from company operations’.

3.1.1 Types of Business Model

In this case I want you to decide ab initio on which of the following models you are going to use to do your business:

  • Information Marketing (Mixed Soft/Hard Selling)
  • Email Marketing (Freemium Mixed Model)
  • Blogging (Mixed Soft/Hard Selling)
  • Guest Blogging (Mixed Soft Selling)
  • Forum Marketing (Soft Selling)
  • Niche Site Model
  • Review Site Model
  • There are many more models that could be listed…

You need to get used to one model and stick to it for a while, when you have become conversant with it then you add another one and so on and so forth.

For this reason I will only review only one model here.

3.1.2 Email Marketing (Freemium Mixed Model)

This is the best, simplest and possibly the fastest model to set up your online business and run it into 6 or even 7 figure in the shortest possible time, initially using free and later even paid resources to scale it up for higher profitability.

Running your business on this model involves 5 simple steps namely:

  1. Traffic
  2. One-page website
  3. Autoresponder
  4. Thank You Page
  5. Broadcasting (to email or phone sms)

You can find details of these steps here.

3.2 Experts and Friends Appraisals

Whichever model you choose to run your business on, do not forget to test-run it by yourself as well as using some experts and your friends, before opening it up to the public.

The experts are people with impeccable experiences in your chosen field who are willing to mentor you for success. They will later become your business associates (Joint Ventures) or provide some revered testimonials that will positively impact on your profitability.

On the other hand, you are going to sell to ordinary people like your friends and relations, thus their own side of views can give you some insights that will make your product to be readily absorbed in the market.

So give a sample copy of your own newly created product to them and request for their assessment and testimonials.

3.3 Payment Processor

The next thing to consider is how you intend to collect your money from the sales you make for your information product.

Today in most parts of the world, you can use online payment processor to sale any kind of product on the internet. This was not the case ten years ago when I first began this business.

Just Google for payment processor and you will have enough to choose from, ranging from PayPal, Shopify, WooCommerce, 2CheckOut, Stripe, AuthourizeNet, Amazon Payment, to Google Wallet.

The setting up process is getting easier by the day. Also the instructions on how to integrate them to your website are available on each site. Go there.

3.4 Traffic, Traffic, Traffic

Even when you plan to use other marketers to sell your products as affiliates, you will still need to do marketing by yourself to some extent. This is advisable so that you can get some proves to convince your affiliates on the marketability of your product.

For most beginners with little or no budget, using social media is the preferred way to go. This should be combined with other methods of free or inexpensive traffic like EzineArticles.

I will write more on this in another chapter of this ecourse.

3.5 Launching Your Product

The most important thing to do before your product launch is: planning.

Make a detailed plans of how you are going to swing the market momentum to your side to ensure the profitability from your product sales.

Such plan may include but not limited to:

a) Plan your launch date to start as early as possible, i.e. early planning

b) Get the Big Wigs of the Industry involved – possible make them joint venture partners, give certain percent of your profit.

  1. Make it easy for many people to learn about your product – Social Media
  2. Make Your Product Mobile-Friendly – today the mobile web holds the market sway, it will be foolhardy to ignore it
  3. Make it an Event
  4. Create a Suspense towards the launch date to heighten desire and expectation. This has been proven to increase sales on the launch date.
  5. Take beta pre-dated orders at a reduced price
  6. Use a Press Release
  7. Focus on your Avatar/Persona and not your product
  8. Create Your Universal Selling Point (USP)

There are other details on product launches here.

3.6 Two Important Decisions

There are 2 important decisions that you have to make after your new product is ready for sell. These are:

  1. To sale it on your own personal website or
  2. To sale it on a Third Party Website

3.7.0 Selling on Your Own Personal Website

If you are selling on 3rd party websites, most of the steps discussed above will be a walkover for you, as the company will do them on your behalf.

However there are some benefits that you will also miss for doing so.

3.7.1. Benefits

Such benefits include those listed below among others.

3.7.1.1 Be Your Own Boss

Selling on your own website controlled (managed, hosted) by yourself is the best way to become your own boss. You set your prices, you set your targets, you set your commissions, you set your own time of work, and you set and plan for the level of profits that you want to make.

Have you seen any other business that is sweeter than this?

You are really your own boss in the truest sense of the word! You are in full control and it is you that determines all of your monetization methods.

Building your information product is actually the easiest way to achieve everything that you want in life as well as helping others to realise their destinies and their dreams.

But you will miss all these and subsequent ones if you are selling on third party sites.

3.7.1.2 Cashing in on Your Virtual Authority

As a product owner you gradually build up your Goodwill over time. Of course I suppose that you and everyone else know the importance of a Goodwill. If you want to know more, ask the corporate giants and they will tell you that their Goodwill is worth Billions of Dollars.

And that is worth relying on over time as a product owner. To develop a high-value Goodwill, you need to develop a good product and not a scrap, as well as use your blog, vlog and social media skilfully.

3.7.1.3 Ever-flowing Streams of Residual Income

Residual income is type of income that you don’t regularly and actively work for it to provide a continuous cashflow. You only set up and forget, and the money keep flow ceaselessly to your bank account.

This is different from employment income that you have to work for it on a daily basis.

For your own information product, the initial work may be intensive, but subsequently, you only update it once in a while to keep up with trends in your industry.

The work is decrementally negligible while the product is incrementally profitable.

This means if you have 2 or more products, you can quickly attain a special status: unemployable.

3.7.1.4 More Opportunities

At this level of success you will be open to opportunities to joint venture with the captains of the Industry. And do not be surprise if you thenceforth experience not just success, but astronomical success: unlimited income.

Deals website like Groupon, Bloggers and other marketers with large Lists when properly targeted will open up a whole new world of internet marketing for you full of unlimited pleasant surprises.

3.7.1.5 Top Secret Reason Why You Should Create Your Own Information Product

– Affiliate Program. This is one main reason why you should own some information products online. When many people are selling your products for you, you will surely experience income explosion in your own business.

I have already noted elsewhere that affiliates bring to your business their own expertise as well as their large lists of free and targeted traffic. These are great assets that will have great impact on your business.

Setting up an affiliate program is getting easier by the day. Software like iDevAffiliate and Post Affiliate Pro are almost turning the process of selling your own products through affiliates to an all comers’ affairs.

3.7.1.6 Expert-In-The-Making

Everyone see you as an expert when you write a book. Even if you are just beginning, it is only you and your spouse that know that secret – that you are only a beginner.

If your info product is professionally written (even by a Ghostwriter or Ghostworker as they are often referred to) it opens up several windows of opportunities for you. These include but not limited to Conference Speaking, Guest Blogging, Joint Venturing, etc.

Purse for a while and think on these avenues, it is only expert that are invited to participate at such meetings. But even one product owned by you can open up those opportunities for you. As a newbie when they begin to come, do not be afraid to accept those invitations and confidently perform your work.

The basic truth is that even with this ecourse alone, you know more that 95% of your audience, you are already an expert (at least in the making).

3.8 Challenges

But there are some challenge along the way such as:

– having to deal with Customer Service and

– the Learning Curve involved, etc.

It is for these very reasons that some people prefer using third party websites.

3.9 Selling Your Products on Third Party Websites

There are so many third party websites that are waiting and ready to sell your own product for you. They include but not limited to ClickBank, Send Owl, JVZoo, Payspree, Commission Junction, DPD, Post Affiliate Pro, iDevAffiliate, and others.

You can also sell at Amazon by creating your product in their special format known as Kindle Book to be downloadable and readable in their special device known as the Amazon Kindle Device.

The main advantage all of them have are:

  • the setup speed (some are free, others one-time payment)
  • their wide array of experienced affiliate marketers,
  • payment processor
  • professional customer service and
  • free promo

But they will take the control of most aspect of your business from you. They can also de-list you at will and without any specified reason(s).

I want to state here that for obvious reason, it is better to learn and use both systems to maximize your profits over time.

3.10 You Are In For the Long Haul

When you have a product in the market, you are in this business for the long-term benefits.

What you do now will surely hunt you in the future for good or bad. So be a man of your own word, deliver on your promises and when not possible give cogent reason(s) as soon as possible and make refunds where applicable.

That is: – Transparency.

Over time this will result in positive reputation and a good public image for your business. These are the souls of Internet business.

Notice that most people that you deal with in this business do not know you in person. They only act on trust, please do everything possible on your side to preserve that trust.

Once beaten, twice ashamed, I think that’s a valid saying here.

As you might have suspected this is not a get-rich-quick kind of business. So if you were looking for such type of business, please dumb this one and look elsewhere.

However if you can pull yourself through the learning curve, I can assure you that there is no other business that can pay you returns on your investment that is as high as this one.

You will be unemployable!

3.11 Rinse and Repeat

The process of creating a digital product is as simple as that. Well, as you become more experienced, you can go on to add the fancies and jingles, but for someone who wants to make money as soon as possible, this is all that you will need to set up a successful business.

As the profits roll in, you can then think of other ways to upgrade your product for greater profits. You can also expand to create products in others niches with the sound reputation you built from your initial market niche.

Never be discouraged if you don’t make much money with your first info product. You only need to make sure that it is as solid as gold in terms of quality.

Down the road you will discover that it was the launchpad to your newfound success, a major milestone that shot you to limelight.

4.0 Conclusion

With a good product to sell, you need a little knowledge of market research, SEO and copywriting to launch out profitably. Some of them have been covered while others will soon be covered in other parts of this ecourse.

5.0 Summary

This is the concluding part of what you need to do to set up the information product you created and sell profitably.

Two powerful software (websites shown as images) were also introduced to simplify the process for you.

Next, you will need to create and set up a salespage and that is what we will discuss in the immediate chapter of this ecourse

6.0 Assignment

By now you might have started this business using Affiliate Product. This is important so that you can be making money along the way while working on your new product.

Please go over the last two chapters again and start experimenting on those ideas in your mind.

Yes, you can!

5 Marketing Tips to Grow Your Startup

Startups are progressing rapidly, for every second three new startups will be launched worldwide. By this we can figure it out that, the overall the startups that are launching in the worldwide per hour and day are: 11000 per hour and 25,9200 per day . But, the most awful aspect is, according to the latest research by CB Insights , out of all the startups which are launched, only 10% of the startup’s have succeeded and the reaming 90% of the startups failed.

It makes everyone to think, Why only 10% of the startups got succeeded and the remaining failed?

There can be many factors for the success and the failure’s of the startup. But out of all those, every startup must comprehend some of the marketing factors to be on the list of that 10%.

1.Website

In today’s digital world, a website is a necessity for a business whether it may be big or small. Moreover, 24/7 customers will be on the Internet. So, your business or company don’t have any visibility on the Internet, then your business to going to lose some great opportunities. A website is the one which makes to accomplish different marketing strategies and makes your business to grow.

2.Videos

Many businesses have yet to realise how videos plays a significant role in the corporate world. Videos are part of communicating with your customers, new product or service announcements, and product or service updates. Therefore, you have to ensure that your videos are of the highest quality as the success of your business relies on this factor. Videos can be of different types like corporate videos, explainer videos, demo videos, product or service videos, and presentation videos.

3. Apps

These days mobile applications are playing vital role in the business. A research shows that the time spent on the mobile phones has increased 575% when compared to the previous years. So, apps are becoming the dominant form of digital interaction. The customers in today’s world are on the move and they’re using mobile application platforms to get there.

4. Infographics

Infographics express complex messages to viewers in a way that enhances their comprehension. They represent the visual information which helps to engage your products or services. Images are often an extension of the content of a written article, but infographics convey a self-contained message or principle.

It creates a user engagement where they can understand easily about your product or service.

There are many types of Infographics like Cause and Effect Infographics, Quantitative Infographics, Chronological Infographics, Product Infographics. Choose the best infographics which your business needs.

5.VR&AR

The very existence of business depends upon how up to date you are. You simply cannot afford to miss any opportunity that is in front of you. These latest technologies can be tremendously helpful to you as a startup.

Here are some of the companies where they are using VR&AR and exploring their brands.

The above are the major factors through which you could create your own niche in the market as a startup.

We suggest you to checkout more about marketing and advertising strategies for startups.

Creative Marketing Ideas For Electronics Stores

In today’s technology-driven society, electronics stores don’t always have to do much marketing. There are enough “techies,” or technology fanatics, around to keep these stores in business, not to mention that technology is ever-changing and new products are released often. Nevertheless, every business has a slow season or two, so if you’re looking for ideas to boost the sales of your electronics store, you’ve come to the right place.

  1. New product launches-Electronics generate excitement and buzz naturally, so turn the release of a hot new product into a full “launch party.” Just like a midnight showing of a highly-anticipated movie, new product launches will ensure that your store is packed. Offer a drawing for one of the free products, or even a coupon to the first X amount of customers. Promote this event heavily, with yard signs and banners around your store that list the date of the party and the name of the product.
  2. Technical support-Many of your customers love your products but may not know how they work, that’s why they’re coming to you. Your employees, however, are very-knowledgeable and can be a great resource for your customers. Offer tech support services, whether this manifests as in-store assistance or actual in-home setup and repair. These services make your business more of a one-stop shop, which keep customers coming back to you. Create a section of your store for service and assistance, and clearly-define it using vinyl decals or a large banner so customers that need help know exactly where to go.
  3. Christmas giveaways-Electronics are always hot-sellers during the holidays, so create promotions that drive customers to you for the perfect Christmas gift. Hold raffles for this season’s hot-selling product, or even discounts based on the amount of money spent in the store. The idea is to do whatever it takes to get customers in your store and not your competitors’.
  4. Electronic marketing-Your tech-savvy customers will respond better to electronic marketing methods than, say, direct mail or a billboard. Utilize email marketing, SMS marketing, and social media to reach your customers directly. Don’t spam them or you’ll get on their bad side, but connect enough that they want to come into your store to see what’s new.
  5. Membership cards-Offer customers the chance to sign up for a membership program. This allows you to gather their information for marketing purposes, and in return they receive a card they can use to earn special discounts. By swiping their card they can receive discounts right away, or they can accumulate points that can eventually be redeemed for discounts to use in the store-it’s up to you!