Once upon a time, there was a fabulous medical innovation that met a critical unmet need for lots and lots of people. It was quickly approved by the FDA, physicians incorporated it into their practice as soon as it launched and payers happily reimbursed it at a premium.
While this may seem like a dream, it can be reality. The original MULTI-LINK® stent from Guidant enjoyed a rapid FDA review and market share leadership within weeks of launching. BYETTA® (exenatide injection) for type 2 diabetes realized nearly $800MM in product sales within 18 months of launch.
There were many factors that led to the early success of these products. An important one is that each of the product development teams had a clear understanding of the problem they were trying to solve. They understood how the product features translated into problem-solution benefits for the customer. Further, the product performance was supported by credible, clinical evidence.
You might ask, “What does this is have to do with creating opportunity through the art of storytelling?” The answer: everything.
All great stories have a beginning, middle and an end. The beginning introduces you to the protagonist (customer) and establishes the conflict (unmet need). Shortly thereafter the hero appears (the product). The customer is able to solve their problem with your product and everyone lives happily after.
You have a great product idea. You fully appreciate the customer’s challenge and how your innovation will address their needs. Tell the story in a compelling way that resonates with your customer and watch your company grow. So, tell us your story.