The Product Manager's Tool Kit
Too often, product development decisions are skewed by internal bias, intuition and customer demands. Experience, hunches and squeaky wheels have their place, but are no substitute for hard data that identifies what your customers are actually willing to buy.
At BioInformatics LLC, we have years of experience in helping life science suppliers configure products that satisfy market demand.
For life science executives seeking a proven quantitative approach, BioInformatics offers custom market research solutions that leverage the power of true customer analytics and yield winning development strategies.
Here are just a few of the product-related services we provide. For the full list, please have a look at our Product Manager's Timeline brochure (PDF).
Product/Service Concept Testing
Early on in the development process, we can help you test new product concepts. Quick access to scientists on our advisory board enables you to present your concept to potential customers before investing in a costly and time-consuming development cycle. With BioInformatics’ Product/Service Concept Testing, you can make informed decisions about moving ahead with — or cutting bait on — new features, products and services.
At any stage of development, we can help determine how to best proceed according to the needs of your target market. We can identify which features customers prefer, and whether or not they are willing to pay for them. Our Feature/Price Tradeoff Analysis helps tailor your offering so that you deliver a product at the correct price for its perceived value.
Pricing errors are costly. Often times, the scientists using the product are not making the budget decisions, making it difficult to assess how likely a lab is to purchase a new feature or product. To help you with your pricing strategy, BioInformatics shatters the crystal ball method of choosing a price by performing multiple analyses to assess current pricing, find optimal price points, and draw attention to changes in competitor pricing.