How to Commercialize Your Healthcare/IT/Media Product

Transcript

1. By Shahid N. Shah
   CEO, Netspective Communications LLC
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2.  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)
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3. Source: Brand Autopsy Blog 3
   

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4.  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.
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5. Payer
   Benefiter
   User
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6.  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
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7. Increase
   revenue
   (topline)
   Maintain
   capabilities
   Reduce costs
   (bottomline)
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8. 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
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9. 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!
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10.  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.
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11.  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
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12.  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
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13. Software as a
    Service (SaaS) and
    subscription model
    Consulting and
    Solutions model
    Licensed model
    Freemium model
    (and open source)
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14.  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
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15.  Research based products that are proven
    effective
     Partnering and endorsement with accredited
    institutions or associations.
     Partnering with private sector (Pharma,
    Managed Care, etc).
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16.  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.
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17. Shahid.Shah@netspective.com
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