Commercializing Your Healthcare/IT/Media Product By Shahid N. Shah

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Commercializing Your Healthcare/IT/Media Product By Shahid N. Shah CEO, Netspective Communications LLC

Who is Shahid? CEO, Netspective ( ) ( 15 years of entrepreneurship experience 7 years of executive technology management experience as CTO, Chief Architect, etc. in healthcare IT firms Lead/Analyst/Consultant on numerous consulting projects in the past 9 years. Sample clients: Executive Office of the President U.S. Patent & Trademark Office (I train them and I have a patent) Northrop Grumman CardinalHealth NIH American Red Cross Read my blogs to learn more: (technology) (healthcare IT) Slide 2

Marketing, Advertising, PR, Branding Source: Brand Autopsy Blog Slide 3

Healthcare Industry Fallacies Healthcare folks are neither technically challenged nor simple techno-phobes (they’re busy saving lives) Most product decisions are no longer made by clinical folks alone, CIOs are fully involved Complex, full-featured, products are not easier to sell than simple, stand alone tools that have the capability of interoperating with other solutions are Hospitals will not buy unless one proves value. Selling into doctors offices is not easy. Slide 4

Marketing Issues to Be Aware of Define your market clearly (this is much harder than it seems) Phase I & II funding is not to be used for marketing If marketing and sales is not your core competency, consider outsourcing this function (plenty of people are out there, but most may not know what you do) Generally, marketing and sales expense far exceed cost to produce product. Slide 5

Competing With Free Products Many public/behavioral health products are provided by the government or non-profits for free. Critical for your product to have a discriminator (technology or innovation) Price points generally have no relationship of the cost to produce. Slide 6

Barriers to Marketing Competing with products that are provided for free Shrinking resources (money) available for purchasing products Too much noise in the market place Saturation of products in market place Niche markets don’t support ROI for marketing Slide 7

Conducting Market Research Find the right search terms for your industry or product. Don’t be esoteric. Using your search terms, locate your competitors and existing firms Once you know your competitors, call them up and ask them about client references Call up their clients and talk to them about their products and services and what can be improved Slide 8

How Tech Helps Healthcare Fraud detection and improved billing (revenue cycle management) Offshoring. Inshoring. Convergence of healthcare IT and clinical engineering. Virtual clinicians in radiology and ICU monitoring. Data interoperability for medical records. Slide 9

Business Models that help Marketing Software as a Service (SaaS) and subscription model Consulting and Solutions model Licensed model Freemium model (and open source) Slide 10

Some Success Criteria Easy to explain Defendable and differentiated Attractive partnership opportunities Word of mouth opportunity Potential for PR Scaleable staff and systems Scaleable product — build once, sell many times Uncomplicated Focused Sales model is scaleable and predictable Own relationship with and information about customers Slide 11

Sealing the Deal Research based products that are proven effective Partnering and endorsement with accredited institutions or associations. Partnering with private sector (Pharma, Managed Care, etc). Slide 12

Tracking Success Establish realistic success criteria up front. Success may not be measured only in terms of revenue Set up systems to track sales and distribution in house or through distribution partners. Slide 13

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