When it comes to repositioning your biotech business, you need a thorough understanding of where you are now, and the new position you might need to seek, before you will be able to reach your (strategic) destination.
This insight is essential, whether you run a start-up, a scale-up, or an established firm. In fact, maximizing the full potential of your biotech business depends on it.
Ask three key people within your organization to summarize the position your business occupies (or should occupy) in a buyer's mind – a few words or a single, short sentence is all they should need. Then, do the same exercise with three customers or prospects.
If you complete the task above and get answers that are significantly different, conflict with one another or which are focused on your offering rather than the results it delivers, you have a positioning problem – and a big opportunity.
Getting everyone aligned on establishing your ideal position will have a transformative effect on the efficacy of your sales and marketing activities.
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Copyright Hamish Mackenzie, 2020