A lab to market roadmap has to be possible with the help of technology. Digital technology helps you see your business through your customer’s eyes.
There are three easy steps from lab to market, they are;
- Identifying Market Needs: What ideas can your ideas solve? You have to identify the gap in the market. You have to ask yourself, if your idea is really unique. If it’s unique, do you really have a market? Know that people will try to copy you, but your unique value proposition makes it special.
- Go to Market Strategy: Innovation is the strategy. Identify your target/demography, your market size, demand and opportunity, develop your product roadmap by working on the packaging, pricing and sales channel. Define your customer experience by knowing what your customer want and delivering to their taste. Develop your brand.
- Unlock Opportunities Using Technology: Technology is the tool. Use this approach first “is there a way to go digitally?” If yes, then you have to have the right technology and at the right time. Technology doesn’t have to be complicated. You should know what your website is doing for you. Emerging technologies such as; AI, Blockchain, VR/AR, should be understood before you use them.
For example, you need a unique baby gift pack, you decided to get a baby play mat using African prints (you have identified the market need). Work on the prices and packaging. Increase the sizes from few weeks old baby play mat to a year old baby play mat. (Go to market strategy). Is there a way to go digitally? Sample your product online and use the right technology. (Unlock opportunities using technology).
You will never understand the potential of what you can actually do if you have no idea of what is happening globally. If you are in idea stage, this is the perfect time to start thinking of technology. If you want your business to survive, you need digital technology.