Ladies and gentlemen we're back for week four.

We're going to be sizing up the market. Marilyn and I have been talking about

this a little bit and one of the things we haven't shared with you in the past is

that Marilyn and I both have some exposure to entrepreneurship and

innovation and Marilyn is run her own company in the past and may have some

unique insight into what we mean when somebody says marketing.

Marilyn I guess that kind of puts you on the spot.

- It sure does. - When I say marketing what do you think

of? - Well I know most people think of media

and think of advertising. And that's not what I think of when I

think of doing a market analysis. Because when you've got an idea, you

think you, you want to test it out, you want to see who is interested in your

success. Simply put, you know, who would you sell

to, this new product and service? And what are those partnerships that

you'd like to create? We call them in, in some instances we

call them channel partners, who have a vested interest in succeeding with you,

to add value to their own products and services and to reach the same market

segment. The issue with that we're going to talk

about, when we talk about addressable markets, is there's some certain market.

Again we're going to restrain ourselves, we're going to talk about.

Yes, I mean I could always tell a person that the market for my product is global.

And I could come up with this huge number of people who'd be willing to pay for my

product. Unfortunately, you are local and you have

local and geographical interests, partnerships, collaborate, collaborators,

and limits. And those limits will define your

capabilities to invest in the first year. The, your capabilities to get the

start-up funds that you need to, to pursue the initial conditions under which

you, you operate. And those conditions really add up to

what market is accessible to you at the start.

But as Bob will remind us both, that changes over time.

So, as you grow, as your impact in the scope of your distribution grows, then

your addressable market will grow. And that's what we all hope for.

- Yeah. - So, Bob what do you think?

- Well I think, it's one of those things that as soon as people hear the words

marketing, they, they break it into one of two cans.

- Mm-hm. - Either people are thinking about

marketing research or people are thinking about marketing as an active verb.

- Right. - Then it's distribution and sales and

marketing is all of those things. - Mm-hm.

- And when, when we talk about this in the lecture portion.

- Mm-hm. - We go into it somewhat analytically,

and couple of things to think about. The way the course is structured is

linearly is, we start out and say we start with immersion of ethnography and

understanding. - Mm-hm.

- There's no reason we can't start out with market research and identify an area

we're interested in, and then go immerse ourselves and conduct the, the primary

research in that area to really understand that market.

So it doesn't mean it has to be one way or the other, it can be both.

We can do a bit of market research, secondary market.

- As far as they and take it. - And then so some primary research and I

should. -Yeah, and remember you can rely on the

research of those companies that are partnering with you, let's say, because

they have invested in interest in your success.

-[cough] Mm-hm, mm-hm, yeah. - So you piggy back and you boot strap,

as they say. - Right, yeah.

And one of the things we forget is that marketing research.

- Mm-hm. - Cost money.

I'll give you an example very quickly. - Oh, mm-hm.

- A lot of people like to do surveys. - Right.

- So, and we didn't talk about this in, in the lecture portion.

But part of the reason for surveying is we want to gather a lot of information

from a large group of people. - Mm-hm.

- We think, economically. If you don't understand what you're

going to do with the information once you receive it, you won't necessarily ask the

right questions. - Right.

- And just as a benchmark, one of the, the measures I've used over time is for

every question on a survey. - Mm-hm.

- Even though it may be multiple choice, figure about 20 person hours per question

to write an effective question. - Mm-hm.

- Now think about this. If you've got 20 questions on a survey,

and by the way, there are time limits on which most people would spend on actually

completing a survey. If you've got 20 questions on a survey

and each one of those is going to take you 20 person hours to actually write and

validate, that's 400 person hours and if you figure that at $100 per person hour,

all of a sudden, it's not cheap. But if you don't do the right market

research, then you spend the time energy and effort to bring a product to market

that no one wants. - Right, right.

- I think, I think, it's, it's fascinating.

- But we're talking at different ends of the whole market.

- We are. - You can see how complex it, it can get.

So you're talking about defining and profiling the various segments that would

be interested, that you would target for your product or service.

- Mm-hm. - And I'm thinking a bit beyond that and

saying well, what is, not only can you perhaps, in an industry, target a

particular large sponsor but all that sponsors' channel partners, all of that,

that sponsors supply chain, as they say. So the value all along the chain.

- Right. - Is something you can think about and

tie into and you need know what drives them, what motivates them.

- We're going to talk about this more in sessions 5 and 6.

- Mm-hm. - We're moving toward design and we're

also talking to buy-in. - Mm-hm.

- And many of us, in order to bring a new product to market, or to change a process

within an existing organization. - Right.

- We're going to have to get people to support us in order to do that.

In terms of either providing funds or resources to do this.

And one of the questions they're going to ask is, how much will it cost?

- Right. - How much effort will be required?

- Plus the size of the market too. - Exactly.

- And they want you to be incredibly realistic about that.

- Right. - No fudging.

- And, not only the size of the market. - Mm-hm.

- But willingness to, pa, pay. And how much, not so much will it cost.

- Or pricing. - We'll address that in the next session.

- Mm-hm. - But what's the price you can charge?

- Right. - And here's one of the issues that's

going to be very difficult for people to deal with, I think, philosophically.

- Mm-hm. - If we look at healthcare, we want to

improve healthcare. - Mm-hm.

- We'd like what we provide to be extremely inexpensive.

- Mm-hm. - The problem with that is if there's not

much profit. - There won't be very many people

interested in supporting it. Or another way of saying that, if it

doesn't yield substantial decreases in cost, why should we invest the resources?

- Yeah, but what's interesting about that as you see in, in, because of the

information technology revolution, you have, for instance, mobile apps.

And you can charge a very low price. Well, you know, let's think of Coursera

as well. - Mm-hm.

- It's, it's going after a market that never existed in this sense before.

- Right. - So, so you can charge a low price if

you have a massive number of people willing to accept that cost.

And that's another way. - It also has to with the stake holders

and the decision makers. - Mm-hm.

- With an app, you're the decision maker. - Absolutely, it's a personal.

- But if we're, if I'm going to offer something to, for example, a hospital,

that will tremendously improve patient results.

- Mm-hm. - If the physicians don't buy in.

It's not going to happen. - Absolutely.

- Turn that around, around. Physicians want it.

- Mm-hm. - But hospitals see liabilities and risks

beyond what they're willing to take. And this is the reason marketing becomes

so, marketing assessment, becomes so important, in terms of understanding your

stakeholders. - Absolutely.

- Willingness to pay, benefits to be derived.

- Mm-hm. - And whether they support.

And even in marketing, we have to identify those that will oppose

competitive analysis. - Absolutely.

- And this is the problem with. -[sigh].

- When we start talking about, when we start talking about innovation and

entrepreneurship. - Mm-hm.

- This is one of the reasons when we did this initially.

We said there's six things you had to worry about.

Not just your product, but also the market.

Remember we talked about freedom to operate which has, has something to do

with regulatory legal and cultural interests.

Building an appropriate team. Having a great plan.

But number six, where do we get the money to actually make this happen?

So one of the problems with marketing is not just selling our product or service.

- Mm-hm. - But selling our idea to get somebody.

- Absolutely. - To bring it to completion.

- So it may not be something you pursue venture capital for.

It maybe something you pur, pursue Angel funding for.

But even short of that, it may be something you bootstrap by getting a

sponsor, a champion, with deep pockets to support the initial diffusion of your

innovation and then people will come. - Well it's, it's all those things are

important, but let's look inside for a second.

- Okay. - If we don't do the marketing and the

market analysis. - The market analysis as opposed to.

Marketing kind of has that ring of we're selling.

- But if you don't do the market. - Yeah.

- I agree with both. I have to sell this idea to myself as an

entrepreneur. - You have to believe in it.

- Because I already identified 3500 pages that were reduced to 700 rough cut needs,

that reduced to 100 needs, that reduced to five things I'm really chasing.

-[laugh] That's a lot of investment. - Think about the energy, that, that I've

already put in to this. - Right, right.

- That was minuscule to the amount of effort that I've gotta sell myself on

doing, going forward.. So please, as we go through this, let's

make sure. - That we believe in the product.

- Absolutely. - And we know how to advocate it and

that'll be sort of the final week of our course we'll be talking about techiniques

for proper advocacy and championship of the idea once you have it.

So, with that we'd like to say goodbye for this week and look forward to seeing

you next week.

Week 4 Concluding Conversation

Healthcare Innovation and Entrepreneurship

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