Presentation on theme: "Opportunity Assessment – What sort of market are we in? One sided, two sided – What is the demand ? Users? Dollars? – Does our product/service solve a."— Presentation transcript:
Opportunity Assessment – What sort of market are we in? One sided, two sided – What is the demand ? Users? Dollars? – Does our product/service solve a problem that somebody cares about – enough to change their behaviour and spending?
Competition as an influence Pure competition Oligopoloy Monopoloy Nature of Market How they will react? What is their product? What are their costs and prices? “What pricing will make them feel the worst?”
Map 1: service journey or “day in the life of the customer” Map 2: influence ecosystem Map 3: customer workflow as it impacts the purchase process
“Service/Product” Journey or “day in the life” of a customer “Who Is Your Customer or Customers?” – :idea: Sketch Your Product and the People it “touches” through it’s usage. Often it is difficult to determine who is your customer. The service journey gives you a “top level” insight. Link to Mkt R/S course 4
5 :Service Journey V0.1: MAP 1: day in the life Of the customer
A day in the life of your customer (think user) Once you’ve focused in on who your customer really is, can you describe (and sketch) a day in their life? In detail? What do they do? How do they do it? What are their pains? And potential gains? What would change if your product/service was adopted?
Market Adoption Key Opinion Leaders (KOLs) Medical Journals Continuing Medical Education Conferences Breast Cancer Advocacy Groups American College of Obstetricians and Gynecologists (ACOG) MammOptics Marketing MAP 2: INFLUNCE ECOSYSTEM A draft marketing and sales ecosystem Add their roles and connections
Customer Ecosystem ( A start on channels and customer relationships ) Can you identify the multiple players in the customer decision network? Their roles? And how they inter-connect? How are you going to get to your customer? Information Access Physical vs. web/mobile Map the ecosystem for – Marketing – Sales – Distribution Thinking about Get in Get,Keep, Grow
ACOG ACS Doctor specialty committee Hospital Administration Technician Radiologist Mammography MammOptics Customer Workflow Current market Insurance Map 3: workflow and customer Behaviour as it impacts buying decisions
ACOG ACS Doctor specialty committee Hospital Administration Technician Radiologist Mammography MammOptics Customer Workflow Current market But what would happen if we replace mammography? Insurance
ACOG ACS Doctor specialty committee Hospital Administration Technician Radiologis t Mammography MammOptics Customer Workflow Breast Radiologists Technicians Hospitals Loss of jobs Eliminates loss leader Puts emphasis on biopsies Insurance
ACOG ACS Doctor specialty committee Hospital Administration Technician Radiologis t Mammography MammOptics Customer Workflow Insurance Same cost as mammography ($140) Reduced number of biopsies ($1000) ACOG/ACS Improved healthcare (mammography weak technique) Insurance
Finding white space: from tech functions to customer benefits feature (benefit) US Comp 1 Comp 2 Comp 3 Sub 1 Sub 2 Sub 3 etc Tip 1: include substitutes as well as competitors Tip 2: think about the customer job to be done: pains removed, utility gains made Tips 3: Features are reasons to believe benefit claims
MammOptics Technology Comparison Risk Invasivenes s Resolution False Pos. False Neg. Device Cost Time Required MammOptics MammographyHigh.6 cm25%30%20-50k20 min. MRIMedium.1 cm70%5%1000k45 min. Ultra-SoundVery Low >.6 cm>30%>40%5-15k20 min.
Where is the money coming from? Revenue Model Choices Bits Physical Product WebPhysical Channel Direct Sales Products Subscription Upsell/Next Sell Ancillary Sales : Referral revenue Affiliate revenue E-mail list rentals Back-end offers Direct Sales Products Service Upsell/Next Sell Referrals Leasing Direct Sales Products Subscription Add-on services Upsell/Next Sell Referrals
How do we price the product? Pricing Model Choices
How do we price the product? 18 Product-based pricing Competitive pricing Volume pricing Value pricing Portfolio pricing The “razor/razor blade” model Subscription Time/Hourly Billing Leasing Pricing Models - Physical
22 Customer Discovery: Exit Criteria What are our customers top problems? – How much will they pay to solve them Does our product concept solve them? – Do customers agree? – How much will they pay Can we draw a day-in-the-life of a customer – before & after your product Can we draw the org chart of users & buyers