“The one thing” – Medical Device Commercialization 101

This is the first in a series of posts in which I’ll discuss the many factors that go into a successful product development / commercialization / launch project.

I’ve given many lectures and presentations on product launches and marketing. When I ask this question at the beginning of the talk, I get a variety of answers. Keep in mind there are many things ¬†businesses need but only one thing that is like oxygen to a living organism – that “every” business needs.

What’s the one thing every business needs? [scroll down]

MC900097903[1]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customers!

Yes, you may have unique products, superior intellectual property, a great development team, world-class executives, perhaps even a NASDAQ stock listing. You may have efficient manufacturing, excellent internal communications, terrific PR, a slick website, and a green headquarters building. You may have ISO and cGMP-compliant processes, strategic partnerships, and cash in the bank.

Until and unless you have identified who will buy your product and why, you do not have a business.

What’s with the double::colon?

I was looking for a new name for my consulting practice. All of the branding gurus say (and I agree) that if you are a sole proprietor you should use your name as part of your company brand so people recognize you.

I also want to use the word “strategic” because I add strategic value when I provide consulting services. Linking the two words together made sense.

I did some searching and discovered that the double colon is a mathematical/logical/programming symbol sort of meaning, “is a part of”, or “relates to.” So “sanko” relates to and is a part of “strategic.”

Anyway, it’s different and a conversation-starter.¬†And I like it.