Mentor Clinic - 5 | Gargi Automated and Robotic gadget

Summary

This conversation centers on developing a go-to-market (GTM) strategy for a greenfield startup offering mobility aids for bedridden patients. The product helps patients move independently between various locations, and has been tested across different categories of mobility challenges. The target market includes home care providers, nursing homes, assisted living communities, and hospitals. The sales cycle is long, involving evaluation, testing, and procurement processes. Strategies focus on building partnerships with surgical distributors, leveraging NGOs, and using digital marketing tactics to increase product awareness. The team aims to manufacture 500-600 units per year, with a product lifecycle of 10 years.

Takeaways

• 😀 The product is designed to help bedridden patients with mobility, assisting them in transitioning from bed to chair or toilet without needing constant help from attendants.
• 😀 The prototype of the product has been successfully completed and tested with patients having various mobility issues such as paralysis or other disabilities.
• 😀 The customer base for the product is divided into four key profiles: home care patients, nursing care companies, assisted living communities, and hospitals/NGOs working with elderly care.
• 😀 Reaching out to hospitals requires understanding their procurement processes and partnering with established suppliers or distributors of hospital equipment.
• 😀 The product has a long lifecycle of about 10 years, but its attachment to hospital beds means that hospitals will not need to purchase it again for several years, which may limit sales volume in some settings.
• 😀 The manufacturing plan is set to produce 500-600 units annually, with a production capacity of two units per day.
• 😀 The product is expected to be priced between ₹75,000 to ₹2,50,000, depending on the version (basic vs. voice-operated).
• 😀 Partnering with surgical distributors and real estate builders involved in elderly care is essential for reaching target customers in hospitals and assisted living facilities.
• 😀 The sales cycle is long (3-6 months), and the sales funnel will require multiple stages, including education, testing, tendering, approval, and purchase.
• 😀 The marketing strategy should begin with activation (raising awareness of the product), followed by engagement (detailed product demos and case studies), and finally hard sales (quotes and closing deals).

Q & A

What is the focus of the greenfield company discussed in the transcript?

The greenfield company is focused on creating products that assist bed-ridden patients with mobility issues, specifically helping them transition from a bed to a chair or use the toilet. The goal is to reduce the need for assistance by caregivers and make the process more independent for patients.

What is the current status of the company's prototype?

The prototype of the product has been completed and tested with various patients who have different mobility issues such as paralysis or general immobility. The testing has been done across various weight categories and with different mobility impairments.

Who are the target customers for the company's product?

The target customers are: 1) Home care patients who need mobility aids at home, 2) Home care and nursing companies that provide support to patients at home, 3) Assisted living communities that offer support for elderly people, and 4) NGOs or organizations that support the elderly with mobility aids.

What are the challenges associated with selling the product to hospitals?

Selling to hospitals presents challenges due to their procurement processes, which involve tenders and long cycles. The product can be bundled with hospital beds through partnerships with bed manufacturers or surgical goods distributors, as hospitals tend to purchase beds as part of their bulk equipment orders. Additionally, the product has a long life cycle (10 years), meaning it won't need to be replaced frequently.

What is the expected product life cycle for the mobility aids?

The product has a life cycle of approximately 10 years, which is beneficial in terms of value for money for customers. However, it can be a disadvantage for repeat sales since once the product is attached to a hospital bed, it may not need replacement for several years.

How many units does the company plan to manufacture annually?

The company plans to manufacture between 500 and 600 units per year, with a minimum capacity of producing two units per day.

What are the different versions of the product the company plans to offer?

The company intends to offer two versions of the product: a basic version with fewer features and a more advanced version with voice-operated controls.

What are some strategies for entering the hospital market?

To enter the hospital market, the company should consider partnering with surgical goods distributors or bed suppliers who already have connections with hospitals. The company can also participate in tenders and RFQs (Request for Quotes) to get their products listed for hospital procurement.

What is the role of NGOs and CSR in promoting the product?

NGOs and CSR initiatives focused on elderly care or social welfare can be excellent channels to promote the product. These organizations may help fund or sponsor the product for certain hospitals or individuals, potentially enhancing the product’s reach.

What is the suggested sales strategy for the company?

The company should focus on direct sales, as the product is high-ticket and involves a longer sales cycle (3 to 6 months). This includes product evaluations, testing, quotations, and procurement processes. Additionally, the company should establish partnerships with distributors and explore channels like India Mart for potential leads and visibility.