A promising tech startup had developed and proven its artificial intelligence (AI) algorithm and technologies and was fortunate to have earned a place in an healthtech incubator sponsored by a leading biopharma company. However, the startup was failing to gain traction because its marketing and messaging, while rich in tactics that were accelerating the company’ burn rate, wasn’t resonating with the biopharma audience it sought as a customer. The biopharma sponsor engaged Health Accelerators with an urgent request to intervene before the startup depleted all of its resources.
The Health Accelerators team brought the senior leadership of the company, selected members of the actively-involved board of directors, and the company’s existing marketing agency together for a series of strategy discussions. Drawing on input from prospective customers, Health Accelerators helped the company reshape its core messages so that its impressive performance data from related areas of healthcare could be viewed through the eyes of a biopharma marketer. The company’s key messages and communications strategy were also revamped and reshaped to better catch the attention of the biopharma market, and the company’s agency was equipped with a better set of both advertising and PR vehicles designed to target a biopharma audience. A capstone ”alignment day” was used to bring the company’s leadership, board, and agency together so that they could move forward as an effective, cohesive team.
By following the strategy laid out through this exercise, this startup was equipped to shift its messaging and tactical plans without a significant increase in budget or burn rate, while better resonating with the biopharma audience that was critical to its future success. Based on our recommendations they also developed interim performance reports for their clients to reassure them that projects were on track, even though the formal ROI analyses often took 9-12 months to complete. The entire ‘intervention’ took less than two months, and set the company up for a very effective course correction.