What do you do when users have no budget to buy a great new idea?
Lucid Project Manager Jan Hon Wong explains: “Working closely with the NHS and cosmetic therapy businesses, we know that capital cost and deviation from existing protocols are barriers to new product adoption. Even innovation that quickly demonstrates improve health or wellbeing outcomes and return on investment get nowhere when organisations have no budget to buy the product. For nearly 20 years we’ve focused on products designed as means to deliver services and this can help. Aligning new technology with existing practice, integrating digital with physical products, we’re able to help develop accessible business models, based on subscription or consumable sales. Barriers to adoption are reduced and innovation becomes more accessible and sustainable”
“Take Lightfusion, a cosmetic light therapy with similar underlying technology to Omnilux – a skin cancer and cosmetic treatment that we designed 16 years ago. Both are grounded in research at the Paterson Institute at Christie’s Hospital. NHS involvement didn’t just provide clinical insight, our awareness of into budgetary realities related to innovation guided the commercial plan for each. With no limited revenue potential from product sale, Lightfusion’s business model is based on supply of consumable hydrogel masks. Omnilux was marketed around a secure, software based subscription, pay per use model”
Servitisation can benefit all the stakeholders in a product lifecycle.
Talk to Lucid early in a product development and we could help innovate the most appropriate business model.
For more information Lightfusion, go to http://www.lightfusion.net/