For life sciences companies, the go-to-market strategy is critical to success. If a company has the right go-to-market strategy, it can transform a great product into a great success. But if a company doesn’t have the right go-to-market strategy, it can end up failing.
That’s why the best go-to-market strategy is the “To be or not to be” strategy.
What is a Go-to-Market Strategy?
In short, a go-to-market strategy is a plan for how you’re going to get customers to buy your product.
What is your plan?
Well, first, you need to find your niche. That means that you should be clear on what product/service you want to offer to the market.
Second, you need to find the right partners to help you develop and launch your product.
Third, you need to find your market.
Once you have these 3 things sorted out, you are ready to go.
But before we get to that, let’s take a quick look at what’s going on in the life sciences space today.
This is where you can get a better understanding of the current market. You will see that the market is very crowded and there is quite a bit of competition. Hopefully, you will also see that there is a market gap. This means that there is an opportunity to develop a product that will fill that gap.
So, now that we’ve got a better understanding of the current landscape, let’s talk about how you can actually develop and launch a new venture.
1. Find your Niche
One of the first steps in developing a new venture is to find your niche. This means that you should be clear on what product/service you want to offer to the market. And remember, this is not just a simple product. It should be something that has a high level of differentiation. For example, a product that solves a problem in a unique way, or a product that is a first of its kind.
You also need to find the right partners. These can include investors, advisors, manufacturers, suppliers, distributors, etc. You need to make sure that you have a clear plan to reach your goals.
2. Identify your Market
Once you’ve found your niche, you need to identify your target market. Your target market is basically who you are selling to. So, you need to find out what problems they have, and what solutions they are currently using. You will also need to know their size.
How big is the market? How many people are in that market? What is their age? What is their gender? What are their concerns? How much money do they make? And finally, you need to know their lifestyle. How do they live? Do they eat healthy? Do they exercise?
This is where you can really get into a deep dive and figure out exactly who you are selling to.
3. Find your Market Gap
Once you know your target market and you have identified your niche, you can now start looking for your market gap. This is the difference between your product/service and the solution that is currently being offered to that market. For example, if you are working with a doctor and you are creating a medical device, you will have to look at the current devices being used by that doctor and see if there is any room for improvement.
You also need to look at the current solutions that are being offered to that market and see if there is any room for improvement. You will also have to make sure that your solution is better than the current offerings.
We are able to guide you through all the steps and prepare together with you a great go-to-market strategy for your success.
