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Go to Market Solutions for Health Innovators

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Go to Market Strategies: Commercialization of Innovation

You start with an idea and end with a best-selling product. In theory, it seems simple enough, right? Not quite. Just because you had a good idea that the market ‘needs’ doesn’t mean you’ll reach market success.

The vast majority of new innovations fail. Only about two products are launched out of every 3,000 ideas, say business analysts, and roughly one out of 5,000 inventions have successful product launches. And, the U.S. Patent and Trademark Office states that roughly two percent of patents actually earn significant profit for their inventors. The odds are disconcerting, but they are not set in stone.

What can you do to change the odds of circumventing failure, increasing adoption, and maximizing ROI?

In a word, or three: look to Commercialization of Innovation when creating your go-to-market strategy.

Commercialization is considered the most critical stage of the technological innovation process.  Success requires several layers of well-researched strategy and tactful planning that go from, product and service selection, to pricingstrategies, to targeting strategies as innovative as your product. It’s a formula – a precise process – known as commercialization of innovation. 

Health Innovator Go-to-Market Strategy

Breaking it down, there are eight key steps the commercialization of innovation go-to-market process, each of which requires keen attention.

They include:

  • Doing Your Research – Understanding Market Need
  • Making Sure You Have Funding
  • Defining a New Product Concept
  • Identifying and Segmenting Your Target Market
  • Engaging Adopters: Positioning the Innovation in Their Hearts & Minds
  • Setting Pricing
  • Determining Launch Timing
  • Establishing Partnerships & Alliances

Forget the guesswork. Rely on science. At Legacy DNA, we’re experts in developing go-to-market strategies that are based on the science of commercialization of innovation. With doctorate-level intel and experience in taking a multitude of healthcare innovations to market – we’re trusted to teach these strategies at the university level.

If you’re ready to take your healthcare innovation to market, click here to get a free consultation. We will help you maximize the success of your innovation.

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