How does a Start-up turn into one of the Leading Companies vindicating its product analysis challenges?

A drug startup after a year of selling its tangible products had ventured into diagnosis machine manufacturing. However, the gamble for profitability and growth was challenged by product quality, design, and inefficient user experience. The company authorities went on to seek the services of Research Nester analysts to strategically devise a solution for effective product analysis using their expertise and experience.

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An overview:

1

A startup dealing in drugs went on to build resources and capacity to initiate diagnosis and other testing machines. The transition although seemed smooth, hit turbulent waters owing to the incorporation of complex technologies.

2

The company continuously failed to identify the crucial aspects of the products that needed consistent evaluation. The company’s strategy was focused on delivering as per the supply and demand analysis. It unconsciously neglected the functionality, performance, security, usability, and mutual compatibility of its products.

3

With recurring failures in delivering functional and efficient user experience, it found itself at a loss of revenue and customer acquisition.

4

Finally, Research Nester was brought into the domain to facilitate a strategy for effective product analysis.

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The Story

The startup originated in 2017. In the year 2019, the company started producing drugs for the treatment of life-taking diseases. The company was a startup but became the leading one in no time and had excellent results. Since failure is the next step to success. At the beginning of 2020, the company faced disastrous challenges due to the pandemic. The company did try to keep pace with the evolving market dynamics but the lack of domain-specific expertise resulted in the failure in identifying vulnerabilities and ineffective product analysis. Moreover, inadequate documentation for vaccines and drug discovery hindered the analysis process. This resulted in a poor user experience. All this started to drain the profits, margins, and resources. Research Nester analysts stepped in at this crucial time when the company was incurring losses and was finding it difficult to keep afloat.

Our Solution:

The major point of the company was faulty product analysis. Research Nester analysts suggested a change of strategy for the product analysis of the company. In fact, to boost further growth and profitability the medications could also be promoted as therapeutic services or bioanalytical testing services, where customers could pay a subscription that covered both the use of the product as well as associated services. Recurring revenue would be more valuable than one-time revenue as it would enhance customer loyalty. However, Research Nester consultants also analyzed that for the above business model to work the products should earn the trust of the users. In other words, the customers shall only be willing to pay a subscription if they find the hardware and related software worth the price. The following strategies were suggested by RNPL analysts-

  • Firstly, to clearly define the objectives regarding the functionality and analysis of the product.
  • Secondly, to establish a dedicated and specialized team with adequate knowledge and skill sets for analyzing the product.
  • Thirdly clearly outlining the methodology of product analysis and consistently and carefully evaluating and improving it as per the product requirement.
  • Fourthly, establishing a well-structured and standardized analysis that covers all relevant aspects of hardware and software evaluation and their mutual compatibility.
  • Fifthly, documenting the analysis of all products for future reference and better decision-making based on the analysis outcomes.
  • Finally, evaluating the product from the user’s perspective, the experience and satisfaction a customer can achieve while using it.

The company incorporated the above strategies to finally achieve its targeted business objective.

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Results

The company was seeing dwindling sales right from its very beginning, with sales figures being ~USD 10 Million in 2019. Even the products sold were failing to meet user expectations. With COVID-19 barging in unexpectedly, the company authorities tried to re-strategize their production and marketing but all efforts fell flat. By the end of 2020, the cash registers of the company showed a bleak scenario with sales being a meager ~USD 8 Million. The leadership of the company took the advice and suggestions offered by RNPL consultants to bring the business back on track. After re-planning and re-structuring its product analysis strategies, the sales improved initially little by little to reach ~USD 22 Million in 2021 and gradually progressed significantly to reach ~USD 25 Million in 2022. Research Nester consultants used their experience and expertise to facilitate the incorporation of the right product analysis methodologies for the company. This way the startup was able to build a prominent market position and create profitable prospects for future growth.

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Swara Keni

Head- Global Business Development

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