You have a successful product or service that’s popular and selling well. It’s likely that your company has relied on revenue from mature products for some time, but recently those have slowed down because the market has moved so quickly. The pandemic has accelerated innovation so you’ve had to find ways to diversify your product range. You may be under pressure to generate revenues from a new product that’s being developed in your organisation.
If this all sounds familiar, read on. Digitising could be the solution.
With customer demand driving digital transformation in all markets, and huge benefits to be had, there’s never been a better time to go digital.
We partner with rapid diagnostic companies to digitise their products, including lateral flow tests and readers. So we know the digitisation journey is exciting, even if it can seem tricky at times.
And we’re not alone. Here’s advice from other businesses that have launched premium digitised products – and how that’s accelerated their route to market and revenue.
Is digitisation right for you?
Creating a digital offer can be straightforward, especially if you work with a digital partner like Bond. But it’s only worth considering in the first place if it aligns with your business goals – and if the market you’re in is ripe for it.
Our clients in lateral flow want to drive greater revenues and broaden their client base, so we co-create products that support those aims.
To get the best start, it’s a good idea to bring together colleagues from various departments, to create a checklist of what you need now and as you progress.
This will help you find the right partners, avoid regulatory pitfalls and provide a clear rationale for digitisation.
Take France-based Euveka, which developed a unique, digitally connected robotic mannequin for the fashion industry.
Euveka knew it needed help so it worked with high-level partners aligned to its strategic objectives to launch its technology, step by step, in the value chain.
CEO Audrey-Laure Bergenthal says: “Examine points of improvement in the industry and change your way of thinking. Don’t go too fast, find the right partners to develop your idea.”
How long does it take?
The length of time from your initial concept to seeing your digital product in-market can vary.
For example, Euveka spent several years taking its digitally connected robotic mannequin from proof-of-concept to full international rollout this year.
But once you’ve created a digital product, the development timeline for each subsequent product will become shorter as you learn from the process.
That was the case for Germany-based Zenkit, which offers cloud-based digital products for online collaboration and productivity.
It spent three years developing the back end of its platform before building a user interface to interact with it, which then ran as a single product.
Last year Zenkit started developing new products that interacted with the same back end. Now development timelines range from three to six months.
Of course, digitising a product doesn’t have to take years – especially if you can find a partner with a purpose-built solution for your industry that’s ready to go. Timelines will also depend on market need and conditions.
Take lateral flow for example – shortly after the pandemic was announced, the FDA launched a mechanism for fast-tracking new diagnostics to respond to the emergency. Test developers needed to quickly meet a pressing need to digitally capture and report data from new tests – which meant using a partner like Bond with a turnkey solution.
What are some of the challenges?
Taking a digital product to market comes with its own challenges. Often the biggest is educating your market.
To educate the skeptical fashion industry, Euveka held a “considerable” number of demonstrations and presentations of its mannequin. Practical training sessions from its own fashion science and body data experts helped sell the concept.
“Changing the old processes has required lengthy discussions, a lot of time, and extensive guidance of professionals,” says Bergenthal.
You’ll also have to tick all the regulatory boxes. In certain industries these will be more complex – the medical device industry is heavily regulated, for example. But some regulations, like data protection and privacy, will apply more widely.
This is where a partner can help. Working with an experienced team like Bond that knows how to navigate these regulatory hurdles and how to help educate your customers, will save you valuable time and money.
How do you spread the word?
You’ll need to use your own channels and the media to speak directly to your audiences – craft your stories, messaging and detail your customer journey.
Martin Welker, CEO of Zenkit, says: “With each product we endeavour to find a story that speaks to the core issue our potential users are facing, and address it directly.”
Leverage your team.
Your own team can be the best advocates. This worked for Degreed, a US-based education technology company whose digital platform connects learning, talent development and internal opportunities.
Last year it launched Degreed Career Mobility, a skill-based career development platform.
Sarah Danzl, Degreed’s Head of Global Communications, says they fully briefed the team to ensure they were confident talking about the product to potential clients and created marketing assets for them to use.
What are some of the top tips for taking a digital product to market?
For any digital product launch you’ll need to know your audiences and market. Are you ready to talk to different types of customers?
Danzl says: “Understand where they spend their time, what channels work for them, when they’re likely to pick up your news. A B2B buyer will act very differently to a consumer.”
Your story should focus on the value and innovation your product brings.
“They care about what it will do for them, how it will solve their problems, and how it will give them a competitive edge,” says Danzl.
Success might not come immediately, so you’ll need to be persistent and adaptable.
Welker says: “With each launch we see a significant uptick in the number of new users. PR success is always short-lived but effective in driving new eyes to your business.”
Bond is digitising the lateral flow industry
Going digital doesn’t have to be daunting.
And you don’t have to do it alone – Bond Digital Health has the solution you need.
By partnering with us, you can improve your offer and give your clients a more complete, premium product.
Let’s Transform® your test together. Get in touch with our team today.