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LifeSci Continuum with Bill Schick
I'm a Fractional Chief Marketing Officer for life science companies and I help them accelerate product adoption & make marketing work.
This is LifeSci Continuum, where we explore the unbroken sequence of innovation, strategy, & growth in the life sciences industry. Join us as we explore the insights and experiences of founders, product managers, commercialization leaders, & marketing pros in the field.
Discover the strategies & tactics that have worked for them, hear about their challenges and triumphs, and gain valuable knowledge to help your company thrive.
From commercialization to full life cycle product management and marketing, learn about the latest trends in pharmaceutical, biotech, med device and healthcare marketing, product management, and branding.
From groundbreaking startups to exit-stage brands, we uncover the secrets to success in the life sciences, reflecting the ongoing evolution that defines our industry.
As a fractional CMO in the life sciences, I can help you establish, track, and optimize the right metrics and KPIs that align with your business objectives. This includes defining what success looks like for your specific stage of growth, whether it's early lead generation, nurturing prospects, or moving toward commercialization. I'll ensure that your marketing efforts are measured using data-driven insights, helping to identify opportunities, optimize campaigns, and make informed decisions to accelerate growth and ROI while minimizing wasteful efforts.
For more specialized help with growth, check out my firm, Mesh.
https://meshagency.com/
LifeSci Continuum with Bill Schick
How to Start a Life Science Company: Busting 3 New Founder Misconceptions | Karthik Ramachandran
Follow Bill: https://www.linkedin.com/in/founderandcdo/
Contact Bill: https://meshagency.com/lets-connect/
Follow Karthik: https://www.linkedin.com/in/kansasbioengineer/
Video Podcast: https://www.youtube.com/@BillSchickFCMO
Audio Podcast: https://www.buzzsprout.com/2380430
In this episode of LifeSci Continuum, I'm joined by Karthik Ramachandran, a Biotech Executive and Co-Founder of Likarda, to tackle three major misconceptions that new life science founders face.
We examine critical challenges like customer acquisition, the “build it and they will come” fallacy, and understanding the information customers need to make high-stakes purchasing decisions. Karthik shares insights from his journey as a scientist turned entrepreneur, offering valuable advice on business planning, product development, and navigating the complex world of biotech startups.
The "Build It and They Will Come" Fallacy
The "build it and they will come" fallacy is the mistaken belief that simply creating a great product will automatically attract customers. Many life science startups fall into this trap because they focus heavily on product development and assume that their innovative solution will naturally generate interest and sales.
However, without a well-thought-out marketing, sales, and customer acquisition strategy, even groundbreaking products struggle to gain traction. In life sciences, this is particularly problematic because the markets are niche, highly competitive, and require deep customer education and engagement for success.
To learn more about the Build it and They Will Come fallacy or myth, what contributes to it, and how you can overcome it, check out my blog: https://meshagency.com/life-sciences-misconceptions-the-build-it-and-they-will-come-fallacy-a-myth-busted/
Scientists, clinicians, and engineers often fall prey to the "build it and they will come" fallacy because they are trained to focus on solving technical problems and developing innovative solutions. They assume that if the product is scientifically sound or technically advanced, it will naturally attract interest.
However, they may underestimate the importance of customer education, marketing, and the complexities of market adoption. Additionally, their expertise in research and development can lead to a bias toward the product’s capabilities rather than the customer’s needs or market readiness.
Here are three things life science founders can do to avoid or overcome the "build it and they will come" fallacy:
1. Develop a Customer-Centric Strategy Early: Engage potential customers from the start through interviews, focus groups, or surveys to understand their needs and ensure product-market fit.
2. Create a Go-to-Market Plan: Build a marketing and sales strategy that includes how to reach customers, educate them, and create demand for the product.
3. Prioritize Partnerships and Networking: Collaborate with key opinion leaders (KOLs), healthcare institutions, and industry influencers to build credibility and accelerate adoption.
For more specialized help with growing your life science company, check out my firm, Mesh Agency. https://meshagency.com/
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