In this series, we explore 4 critical questions to ask about your AgeTech innovation before going to market to ensure you are creating consumer relevance and maximizing your in-market potential.
Before launching or investing in an AgeTech innovation, ask yourself these questions first to make sure you're betting on the right play and/or to make sure your innovation is the best it can be to succeed in market.
Question #1: What Consumer Need Am I Meeting?
This sounds obvious, but so many innovations, particularly tech-based innovations, fail simply because they don’t truly solve a need that consumers have – which means in the long-term, it is simply not relevant enough to succeed in market.
That may be a functional need or an emotional need; it may be a need that is totally unmet today, or a need that your innovation can better deliver on than what’s out there today.
It may be clear to you what need you’re solving for, and for whom you are solving it, but…
Will the benefits be clear and relevant to your end buyers and users in marketing communications?
Will your buyers and users perceive your innovation as something that meets their over-arching functional or emotional needs in the category?
Will your buyers and users see your innovation as a better alternative than other options currently available?
Will your buyers and users believe your innovation offers a benefit that’s worth paying more for?
Before automatically answering “yes” to all of the above – stop and take stock of whether or not you’ve involved your buyers and users in your product and marketing development process.
"You can’t meet consumer needs if you don’t talk to consumers to learn what they are."
Have you conducted consumer research to identify and size the top frustrations/unmet needs in the space?
Have you identified how they are solving for the need today and who your (true) competition is? (hint: your true competition is whatever they are using to meet that need today)
Have you identified precisely how your innovation delivers an upgrade over current options from the perspective of your buyers and users?
Have you determined who your core target audience is that experiences the need you are solving for? Who are they? How many of them are there?
Have you shown your idea to your potential buyers and users and asked for feedback about where and how your innovation would fit into their lives?
Have you tested your innovation among potential users to determine how well it actually delivers against their needs and how well your marketing communicates those benefits?
We Can Help You Talk to Your Consumer and Identify Their Needs
Primary Consumer Research can help you maximize your AgeTech innovation growth potential by giving you the Strategic Insights and Innovation & Marketing Guidance you need to succeed in market.
Through bespoke consumer research engagements, we can help you more deeply understand the needs, wants, behaviors and opinions of adults aged 50+ and their caregivers - and convert those insights into strategic recommendations on how to optimize your innovation and marketing.
Some research solutions we can leverage to unlock the right consumer needs and position your innovation to succeed:
Category Landscape: Identify white space, unmet needs and assess competitive strengths & weaknesses
Audience Insight: Uncover insight into the who, what, where, why and how of your target audience
Segmentation: Hone in on the right people, needs or occasions that fit your innovation
Communication Development: Identify the most compelling benefits in a language that resonates with your buyers and users
User Testing: Ensure your innovation performs as expected with in-situ testing among your potential end users.
What Consumer Need is Your AgeTech Innovation Meeting?
Let's chat about how we can help you answer this question. Click here to start the conversation.
About: Morning Light Strategy is an insights-based strategic consultancy that helps AgeTech, Senior Living, and other senior-focused organizations better develop and market products and services by more deeply understanding the needs, wants and opinions of 50+ adults and their caregivers. To learn more, visit: www.morninglightstrategy.com
