Marketing: bridging the gap between technology and customers

The marketing bridge: in disrepair when
it comes to Medtech. Photo by timsamoff

The MaRS Venture Group works with technology companies from different sectors: biotech, devices, software, energy etc. Our portfolio is approximately 50% health care, 30% ICT and 20% advanced materials and energy. One common thread among the diverse needs of MaRS’ clients is the requirement to develop an effective go-to-market strategy for their innovative products.

I often muse at the striking difference in the development pace between Medtech and other technology sectors. Obviously, to create a new medical product, an innovator needs to generate a lot of data demonstrating safety and efficacy. As a result most start-up teams doggedly focus on generating data demonstrating superiority over an established product.

People who “make” technology tend to focus on features. Customers don’t buy features. What they’re after is benefits: “How will this make my life better?” By definition, the language of science is data. However, business speaks the language of profits, and marketing is very much of a bridge between these two distinct mindsets. As such, marketing amounts to positioning innovation so it has real meaning in customers’ lives.

Many leading technology companies have recognized the value of a customer-centric vision. It has been now a decade-long trend to bring former consumer-packaged-goods executives into leadership roles of technology companies.

I read with interest this interview with Keith Pardy, Nokia’s senior vice president of strategic marketing (an ex-Coke executive) published by The McKinsey Quarterly.

Hear how he describes Nokia’s approach toward consumer insights:

“Our approach is all about putting people at the heart of the way we design and market products: ‘first we observe, then we design.’ We have teams of anthropologists, ethnographers, psychologists, and consumer insight experts observing and understanding people’s behavior. Their insights are used to shape our R&D and design focus.”

I think technology companies could learn a thing or two from Pardy.

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