the life science product manager's toolkit
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Product Manager Toolkit
gene2drug.com Life Science Industry Market Research
Life Science Industry Market Research
gene2drug.com
Questions?
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Life Science Industry Market Research
gene2drug.com
About BioInformatics LLC
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A full-service market research firm since 1994:
• Consulting and strategy development
• Expert interviews
• Focus groups
• Surveys
• RateMyProduct™
Life Science Industry Market Research
gene2drug.com
About BioInformatics LLC
Conducting market research exclusively on scientific markets:
• Lab products
• Analytical instrumentation
• Biotechnology research & bioprocessing
• Drug discovery & development
• Molecular diagnostics
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Life Science Industry Market Research
gene2drug.com
About BioInformatics LLC
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Project team includes scientists, statisticians and business analysts.
Instant access to a 71,000 member scientific online panel.
Conduct market research for all major suppliers in the industry.
Life Science Industry Market Research
gene2drug.com
Bill Kelly
President
Robin Rothrock, Ph.D.
Director of Publications
Mary Follin
Marketing/Sales Manager
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BioInformatics LLC Presenters
Life Science Industry Market Research
gene2drug.com
Why Conduct Market Research in New Product Development?
The product must appeal to the customer (however widely defined)
Timely market research can help you mold the product to the consumer’s need/wants
Market research tends to point out successes and failures before products are launched “for real”
Being first to market pays dividends
If you are going to fail — fail early
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Life Science Industry Market Research
gene2drug.com
Classifying New Products
Improvements and revisions of existing products
Additions to existing product lines
New Product lines/functions/applications
Cost reductions
New-to-the-world products
Repositioning
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26%
26%
20%
11%
10%
7%
Life Science Industry Market Research
gene2drug.com
Tell Us
A. Improvements and revisions of an existing productB. An addition to the existing product lineC. Whole new product lines/functions/applicationsD. Production cost reductionsE. New-to-the-world productsF. Repositioning
How would you classify the new product that is commanding MOST of your attention right
now?
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Life Science Industry Market Research
gene2drug.com
Causes of New Product Failure
Design failure
High development cost/price
Gaps in knowledge of market:
• Overestimated demand and size of market
• Positioning problem
• Ineffective communication/promotion
• Unexpected reaction from competitors
• Poor timing
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Life Science Industry Market Research
gene2drug.com
Launch(Stage 4)
Development(Stage 3)
Feasibility(Stage 2)
Ideas(Stage 1)
GATE 1Establish Project
GATE 2Commit Major
Resources
GATE 3Approval
for Launch
The Stage-Gate Process
Life Science Industry Market Research
gene2drug.com
Use Market Data to Reduce Risk
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High
Low
Project Time
Project Risk
Project Knowledge
Life Science Industry Market Research
gene2drug.com
Tell UsIs your company using a Stage-Gate new product development process?
A. YesB. NoC. Not technically, but we are borrowing concepts from Stage-GateD. Not yet, but we are planning to make the switch
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Life Science Industry Market Research
gene2drug.com
Generate and Screen Ideas (Stage 1)
Generate ideas for new product development
Use VOC to ensure your customers are part of the innovation process
Select the best ideas using market data
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Life Science Industry Market Research
gene2drug.com
Use Data to Support Go/No Go Decisions
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High
Low
Project Time
Project Risk
Project KnowledgeProject Cost
Stage 1
Life Science Industry Market Research
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Research Options in Stage 1
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Conduct VOC to Capture Customer Input into Design Process
Customer Focus Group(s)
Refine New Ideas with Thought Leader Interviews
In-Depth Interviews
Measure Receptivity to New Ideas Among Potential Customers
Online Survey
Life Science Industry Market Research
gene2drug.com
Focus Groups
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Moderator Associate ScientistAltana Research Institute
Pharma
Chief, Molecular Diagnostic & EpidemiologyColumbia University
Medical CenterAcademic
Core Facility Manager M.D. Anderson Cancer Center
Clinical
Life Science Industry Market Research
gene2drug.com
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So if I have limited funds to
dedicate to the Stage 1
Screening of Ideas, what would
be a recommended method of
feeling confident that a new
idea is worth pursuing?
Life Science Industry Market Research
gene2drug.com
Live Focus Groups
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1X~$5,000
2X~$8,000
Life Science Industry Market Research
gene2drug.com
Virtual Focus Groups
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Moderator Associate ScientistAltana Research Institute
Pharma
Chief, Molecular Diagnostic & EpidemiologyColumbia University
Medical CenterAcademic
Core Facility Manager M.D. Anderson Cancer Center
Clinical
Life Science Industry Market Research
gene2drug.com
Parallel Activities Fuel Feasibility (Stage 2)
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R&D activities: doing experiments, scoping out the IP landscape, assessing the competition, setting specifications
Marketing/Product Management activities: building the business case, estimate market size, number of customers, pricing, competitive environment, VOC
Life Science Industry Market Research
gene2drug.com
Determine Product Feasibility
Build business case: estimate market size, number of potential customers, pricing, demand and revenue estimates (this can be an iterative process)
Understand product trade-offs, price implications and implications on demand based on product features
Use market data to refine your concept to ensure success
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Life Science Industry Market Research
gene2drug.com 23
Market Test New Product Concept
Online Survey
Determine “Must-have” and “Preferred” feature sets of the new product concept.
Understand end-user barriers to adoption and workflow bottlenecks.
Features and Benefits to Customers
Focus Group(s)
Research Options in Stage 2
Estimate Demand and Revenue for Proposed Concept
Short Online Survey
Demand estimates can be generated very quickly and economically to determine market feasibility before R&D investment.
Life Science Industry Market Research
gene2drug.com
?Obviously, the feasibility of a new product is a critical stage where the size of a potential market needs to be determined.
So back again to the cost issue — aren’t market size estimates one of the most expensive types of market research projects?
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Life Science Industry Market Research
gene2drug.com
Relative Number of End-Users
Number of researchers performing specific techniques in a given region
Number of researchers
Life Science Industry Market Research
gene2drug.com
Conjoint Analysis
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Product Feature
A
Product Feature
B
Life Science Industry Market Research
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Tell UsHave you ever used conjoint
analysis to determine the desirability of specific product
features?
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A. YesB. NoC. Not sure
Life Science Industry Market Research
gene2drug.com
Cross-Functional Teams Come Together in Development (Stage 3)
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Technical Market
Financial
Operations
Life Science Industry Market Research
gene2drug.com
Activities that Occur in Development
Confirm end-user receptivity
Finalize product design: size, packaging and performance-specifications
Determine pricing
Develop (tactical) marketing plans and prepare for launch
Validate the business case
Transfer to operations: scale-up, production and quality control
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Life Science Industry Market Research
gene2drug.com
Research Options in Stage 3
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Identify Beta-test Sites
Screening Survey and Follow-Up
Assess Pricing Strategy to Determine Appropriate Price Positioning
Structured Questionnaire
Utilize the van Westendorp pricing method and/or Juster Probability Scale to understand pricing.
Test Marketing Messages
End-User Market Survey
Assess end-user receptivity to concept names, message, logos and advertisements.
Life Science Industry Market Research
gene2drug.com
?Let’s say I want a “gut-check” on all of the above: customer receptivity, pricing and marketing effectiveness.
And let’s pretend I don’t have the budget to do it all.
In fact, at this point I don’t have the budget to do ANY of it.
What are my options?
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Life Science Industry Market Research
gene2drug.com
RateMyProduct™
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Life Science Industry Market Research
gene2drug.com
RateMyProduct™
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Life Science Industry Market Research
gene2drug.com 34
$1,500
Life Science Industry Market Research
gene2drug.com
Product Launch (Stage 4)
Measure awareness
Fine-tune pricing
Calibrate sales strategy
Assess customer satisfaction
Monitor inventory
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Life Science Industry Market Research
gene2drug.com
Post-Launch Research Options
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Determine Awareness of New Product Introduction
End-User Market Survey
Assess end-user awareness to product name, message, logos and advertisements.
Focus Group(s)
Understand Customer Perceptions of Launched Product, Assess Follow-on Features
Life Science Industry Market Research
gene2drug.com
What does a systematic program look like?
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Life Science Industry Market Research
gene2drug.com
Tracking and monitoring
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Life Science Industry Market Research
gene2drug.com
RateMyProduct
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Life Science Industry Market Research
gene2drug.com
RateMyProduct
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Life Science Industry Market Research
gene2drug.com
Questions?
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Life Science Industry Market Research
gene2drug.com
Contact
Mary Follin
Marketing/Sales Manager
703.778.3080 x13
m.follin@gene2drug.com
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