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What DOES This “REALLY” LOOK Like?

Lean Launch Pad – fast forward 6 weeks. What DOES This “REALLY” LOOK Like?. But, Realize They’re Hypotheses. 9 Guesses. Guess. Guess. Guess. Guess. Guess. Guess. Guess. Guess. Guess. MammOptics. MammOptics. Business Model Canvas 1 of 4. Business Model Canvas 1 of 4.

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What DOES This “REALLY” LOOK Like?

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  1. Lean Launch Pad – fast forward 6 weeks What DOES This “REALLY” LOOK Like?

  2. But,Realize They’re Hypotheses

  3. 9 Guesses Guess Guess Guess Guess Guess Guess Guess Guess Guess

  4. MammOptics MammOptics Business Model Canvas 1 of 4 Business Model Canvas 1 of 4 Product Development IP Clinical trials FDA Strong clinical data Training Maintenance Initial guess Initial guess Hospitals Leading doctors 3rd party manufacturers Distributors Pioneering radiologists in hospitals Radiation-free Earlier detection Non-invasive Test: Customer segment Value proposition Initial guess IP Leading doctors Technical Expertise Direct sales to hospitals Product Development Clinical trials Operating Costs Initial guess Capital equipment sales and disposable item

  5. Finding the right customer From radiologists to gynecologists

  6. How do you test these hypotheses? • Research • What type? • Role of secondary….. • Role of primary……qualitative • Observation • Interviews and focus groups • Hypothesis • Test • Interpret • Repeat

  7. MammOptics Excursions into hospitals Debra Ikeda Jason Davies Jafi Alissa Lipson Sunita Pal Leading doctors 6 women >40 8 women <40 Patients Alicia X-ray mammography Technicians Hospital Managers Paul Billings Holly V. Gautier

  8. MammOptics Hospital purchasing decision tree

  9. MammOptics Hospital purchasing decision tree Hospitals Complex purchasing decision tree. Several saboteours

  10. MammOptics Private practice purchasing decision tree

  11. MammOptics Private practice purchasing decision tree Private practice Faster adoption rate Attractive value proposition ✔

  12. MammOptics Business Model Canvas 2 of 4 Product Development IP Clinical trials FDA Doctors: Earlier detection Price Accuracy Patients: Radiation Free Non-Invasive Strong clinical data Training Maintenance Hospitals (Capital Spending Committee) Leading doctors 3rd party manufacturers Distributors Research Hospitals Pioneering Doctors Hospitals OB/GYNs PCPs Direct Sales to doctors IP Leading doctors Technical Expertise Product Development Clinical trials Operating Costs Capital Equipment Sales and disposable item

  13. MammOptics Business Model Canvas 2 of 4 Product Development IP Clinical trials FDA Doctors: Earlier detection Price Accuracy Patients: Radiation Free Non-Invasive Strong clinical data Training Maintenance Hospitals (Capital Spending Committee) Leading doctors 3rd party manufacturers Distributors Research Hospitals Pioneering Doctors Hospitals OB/GYNs PCPs How do we get to our customer? Need sensitivity and specificity Direct Sales to doctors IP Leading doctors Technical Expertise Product Development Clinical trials Operating Costs Capital Equipment Sales and disposable item

  14. Getting to our customer The world of direct sales and medical marketing

  15. MammOptics Interviews Breast Cancer Advocacy Groups Be Bright Pink Jennifer Glover Dr. Cindy Woo Dr. Jags Powers Dr. Aaron Shuvkan OB/GYNs Katrina Bell Tanay Dudhela Jed Hwang Medical Sales FDA/Clinical Trials Phyllis Whitely Carl Simpson

  16. MammOptics Marketing

  17. MammOptics Customer Workflow Current market Insurance Mammography Radiologist Technician Hospital Administration ACOG ACS Doctor specialty committee

  18. MammOptics Customer Workflow Current market But what would happen if we replace mammography? Insurance Mammography Radiologist Technician Hospital Administration ACOG ACS Doctor specialty committee

  19. MammOptics Customer Workflow Insurance Mammography Radiologist Breast Radiologists Hospitals Technicians Loss of jobs Eliminates loss leader Puts emphasis on biopsies Loss of jobs Technician Hospital Administration ACOG ACS Doctor specialty committee

  20. MammOptics Customer Workflow Insurance Mammography Radiologist Insurance ACOG/ACS Same cost as mammography ($140) Reduced number of biopsies ($1000) Improved healthcare (mammography weak technique) Technician Hospital Administration ACOG ACS Doctor specialty committee

  21. MammOptics Business Model Canvas 3 of 4 Product Development IP Clinical trials FDA Publishing Strong clinical data Training Maintenance Conferences CME courses Doctors: Earlier detection Price Accuracy Patients: Radiation Free Non-Invasive Leading doctors Key Opinion Leaders 3rd party manufacturers Distributors Breast Cancer Foundations ACOGACS OB/GYNs PCPs Direct Sales to hospitals Distributor IP Leading doctors Technical Expertise Product Development Clinical trials Operating Costs Marketing Costs Capital Equipment Sales and disposable item Per use fees

  22. MammOptics Business Model Canvas 3 of 4 Product Development IP Clinical trials FDA ReimbursementPublishing Strong clinical data Training Maintenance Conferences CME courses Doctors: Earlier detection Price Accuracy Patients: Radiation Free Non-Invasive Leading doctors Key Opinion Leaders 3rd party manufacturers Distributors Breast Cancer Foundations ACOGACS OB/GYNs PCPs Learned how to reach the customer How do we build a company based on this? Direct Sales to hospitals Distributor IP Leading doctors Technical Expertise Product Development Clinical trials Operating Costs Marketing Costs Capital Equipment Sales and disposable item Per use fees

  23. What did the team learn? • To pivot on their lead customer segment • That the customer decision process has multiple players • That the marketing ecosystem and sales channel in the industry has established rules and many players • That the required partners and key activities are different and more than the first hypotheses • That all of the above changes the cost structure and revenue model

  24. Process of customer discovery • Aim for several fast short cycles • Be prepared to • validate • pivot • or stop on a direction • Aim is for evidence based support for your target market, value proposition and the b-model and strategy that enables this.

  25. Time as a dimension Version 4 Version 3 Version 2 Version 1

  26. Customer Discovery • Stop selling, start listening • There are no facts inside your building, so get outside • Test your hypotheses • Two are fundamental: problem and product concept CustomerDiscovery CustomerValidation CustomerCreation Scale Company

  27. Customer Discovery: Rules • Rule 1: Facts are outside the building, opinions are inside. • Rule 2:Solve a problem that customers say is important and valuable • Rule 3:Does the product concept solve that problem?

  28. Customer Discovery: Exit Criteria • What are your customers top problems? • How much will they pay to solve them • Does your product concept solve them? • Do customers agree? • How much will they pay? • Can you draw a day-in-the-lifeof a customer • before & after your product • Can you draw the org chart of users & buyers

  29. State Your Hypothesis • One-time writing exercise • All other time is spent in front of customers • Assumes you’re smart • ( but guessing )

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