The 21st century is the age of technology. Technology plays a role in virtually every aspect of our lives, both personally and professionally. Every day, we learn about new technological breakthroughs that offer promise of revolutionizing the way we live and interact.
In a normal market, competition drives continuous improvements in quality and cost. Rapid innovation leads to rapid diffusion of new technologies and better ways of doing things. Some competitors prosper and grow, while weaker rivals either adjust or go out of business. Companies use innovation to achieve competitive advantage, adapt to changing market and customer demands, create value and growth, and improve performance.
In recent years, the healthcare industry has experienced a surge in the development and acceptance of revolutionary technologies. Breakthroughs in mobile health (mHealth) free patients and physicians from the confines of wires and cords, allowing smartphones and tablets to become personal healthcare devices for monitoring health and exchanging information. Telemedicine offers a critical lifeline for those who can’t receive traditional on-site care. Wearables like Google Glass allow surgeons to access critical medical information and broadcast live streams of groundbreaking medical procedures. We will see more innovation in healthcare in the next five years than we have in the past 25.
Why Do So Many Innovations Fail?
Gaining widespread adoption might not be as easy as it appears. Research indicates that a startling 40-to-50 percent of technology innovations fail. Innovators often fall in love with their new product or process and automatically think that the rest of the world will feel the same way. Another common mistake companies make is to invest bundles of time and money into the development process, and leave very little resources left over to introduce the innovation into the market.
It’s not just about having a good product, but do you have an effective launch strategy. Commercialization is the costliest phase of the innovation process, yet it is often the least well-managed stage. How do we overcome this challenge to ensure market acceptance and increased profits from the innovation?
Commercializing Your Innovation
Commercial success can be defined and measured by the degree of customer acceptance and financial performance achieved by the innovation. Regardless of whether it is a disruptive, radical, or incremental, strategic commercialization is critical for both short-term and long-term success. Healthcare innovators can benefit in knowing the marketing factors that influence the commercialization process to improve the adoption rate and maximize the innovation’s return on investment.
The 8 Dimensions of Commercial Success
Successful innovations generally have several marketing factors in common. Keep in mind that there’s no cookie-cutter order in which these should be planned and implemented – this will vary depending on what’s best for your particular innovation. However, it’s important that every innovator applies special strategy to eight key areas of the commercialization process.
The eight dimensions of commercial success are as follows:
- Partnerships and Alliances
- Whole-product Configuration
- Communication (Advertising)
When bringing a technology innovation to market, innovators simply can’t afford the financial and performance costs of a poor strategy. Honing in on each of these eight dimensions can be the difference between the next game-changing invention and a groundbreaking product that just never made it off the ground. Stay tuned for upcoming installments of the 8 Dimensions of Commercial Success series. We’ll dissect and explore each of these dimensions, their importance in the commercialization process, and how you can apply these marketing concepts to break through the healthcare haze and achieve success.
How Can Legacy DNA Help?
There are many strategies to consider in the commercialization of innovation process. What market segment will be early adopters? What are their consumption patterns? Should you be first to market? How should you position your innovation in the marketplace? Legacy DNA's Aster and FHSPRM award-winning team takes a scientific and creative approach to healthcare marketing to ensure you reach commercial success. We are eager to be your marketing partner. Talk to Legacy DNA today!