Sales & Marketing 102: Develop A Product, Get Initial Data, And Start Telling Your Story

6 Feb

By Dennis Ford, Founder & CEO, Life Science Nation; Creator of RESI Conference Series

Last week I wrote about why every entrepreneur needs to build a fundraising campaign that utilizes comprehensive marketing collateral and includes a strategy for getting in front of the right partners to help move your company forward. However, equally as important is an innovative technology, a compelling story and sufficient data to prove how effective your product is.

Early stage innovators need to get their products developed through prototyping for a target market, then get out of the building and go after that market (investors, end users, channel partners) with their product info and validating data. The key is emphasizing and differentiating their technology, proving why they are different and telling the story of what that difference will mean.  You have to start telling the story early.  Preclinical and IND stages are where you want to be talking about how your technology will impact the existing landscape, and you must deliver a prototype with data to prove it.

The lean company model, in which LSN believes, is to get your technology going and take it to the potential partners in your space (LSN can identify them) that would be interested, and build momentum and relationship value through early stage interaction. Attending RESI, which is held every few months, allows you to regularly meet your potential partners face to face and develop deeper relationships as the products iterate, instead of meeting once or twice a year. This is why RESI is so pivotal: because all the different but relevant players are at every RESI. LSN provides the tactical aspect of how to engage partners in discussion and where to find them.

Ultimately, a company cannot succeed without using all of these pieces to put together a complete picture: a product that continues to meet important milestones, a compelling story backed up by a complete marketing collateral package, and on-going relationships with investors and strategic partners to move it forward. However, the product and the validation data is the foundation on which everything stands, and it needs to be solid to avoid crashing to the ground.

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