Strategic focus is a powerful tool in entrepreneurship, especially for finding solutions to specific challenges. What is the path our guest took to focusing on a singular business problem, and what are the benefits she’s been able to get from that? Why is it so important to be able to look through different strategic lenses at each stage of the commercialization process? How do we make sure our strategy stays current in a fast-paced, dynamic world?
On this episode, Healthcare Commercialization & Launch Expert, Dr. Roxie Mooney, shares insights on how she helps healthcare innovators circumvent market failure, and talks about the power of focusing on solving a business problem.
"Most healthcare innovators need a framework for the decisions they need to make, when they need to make them." -Dr. Roxie Mooney
3 Things We Learned
The importance of specialization and having a differentiation strategy (02:22 - 03:14)
Less than 3% of the population have a doctorate in business. It gave her a strong differentiation strategy and credibility while allowing her to pick and choose who to work with. Whether you have a doctorate or not, the idea of focusing on one specialized area is something we can all do in our businesses.
Why innovators need help with commercialization (09:29 - 10:01)
Most healthcare innovators fall in love with their innovations. Then, they get blindsided because there are a lot of hidden commercialization insights that are so important for them to know. It’s important for them have guidance to know the decisions they are going to make and when they need to make them. This helps them avoid some of the pitfalls that are inherent in any industry when it comes to bringing an innovation to the market.
Why strategies need to be dynamic and adaptive (12:00 - 12:54)
One of the biggest mistakes agencies make is treating strategy as a one-time, set-it-and-forget-it type of thing. In a fast-paced world, the strategies need to be dynamic, and it’s equally important to set expectations for how the strategy will change over time for the client.
While focusing on a specialty can feel like a huge business risk, it actually becomes a more cost effective marketing and business development strategy because we know where the people are that we want. We won’t have to spend as much money and time trying to market in a lot of different places that have different value propositions and funnels. It also makes it easier to find opportunities and tap into communities once we can define them. Proactively engaging people on a specific niche reaps massive benefits for our businesses and our clients, too.
Dr. Roxie Mooney, DBA is a Healthcare Commercialization & Launch Expert and Disruptive Innovation Strategist. She helps Healthcare Innovators Launch & Commercialize New Products, Circumvent Market Failure, and Maximize ROI. Learn more at http://www.legacy-dna.com/meet-the-team-roxie
That's all for this chapter of Beers with Max! Hope you enjoyed this week's festivities. As always, if you want to join our virtual happy hour, grab your favorite brew and click the red button below. Til next time, keep your beer chilly and your leads hot!