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4 Strategies Every Neurotech Company Needs Now and After COVID-19

(Alon Braun, Neurotech Expert and CEO of Riverbanks)

It is difficult to tell whether neurotech companies are having a field day in the wake of COVID-19 or are significantly distressed by it. One thing is, however, certain; the human mind has not been this burdened in a very long time. The psychological impact of the coronavirus menace has left more people way less sane and mentally balanced than without it. Think about the panic immuno-compromised individuals go through as the virus hovers around their neighborhood. Now think about the psychological trauma that COVID-19 patients, relatives, friends, and associates go through. That’sThat’s immense.

However, between outright insanity of the affected individuals and stable mental health lies neurotech companies and professionals whose job it is to ensure that people don’t lose their minds. They’veThey’ve been doing this well so far until COVID-19 happened, and everyone began to freak out. Neurotech products and services are needed now more than ever, but how do the experts and businesses in this industry survive the massive changes affecting businesses in these trying times? 

They will need strategies. You’llYou’ll read them in this article even as you learn some expert opinions on the subject. 

Sense the Need

Business owners in the neurotech space need to be more sensitive now than ever before. As a player in this industry, it’sits imperative you keep your eyes on all major trends in the industry, and as it concerns this pandemic, then try to figure out ideas on how to get ahead of your competition. Still on ideas, and in Alon Braun’sBraun’s words through his upcoming book The Entrepreneur Journey: A Strategic Blueprint for Market Domination, “Our perception is that they are somehow lodged in our brains, just waiting to come out. Yet we speak of ideas’ ideas’ popping into” our heads, which resonates far more with me. Bestselling author Elizabeth Gilbert (Gilbert, 2016) says it is as if ideas exist in another dimension and visit us – they come to us rather than from us.”

As a neurotech company owner or businessperson overall, you want to be the first to know your customers’ latest challenges, major challenges, and reactions to your products. Consult a professional business architect if you must, began the Alon Braun once more, “but one way or the other, you have to develop a business feedback system that helps you detect customer challenges as well as fitting solutions as quickly as possible.” 

Educate Your Customers and Prospects 

Never assume they know. As an inventor or maker of a product, you know all of its perks and utilitarian values way more than anyone else. It is, therefore not uncommon for makers to assume their target demography knows just how well the solution is. 

In this new economy, become a teacher and philosopher. Teach the usefulness of your products. Spread the philosophy of its importance. If possible (and of course, it is), recruit ambassadors to spread the good news of your products until it gets to everyone. For experts in the neurotech space, this is pretty important. The panic the coronavirus pandemic has out there has made people pretty confused about what to believe. It is safe to say this fear has had an overall negative effect on people’s mental health. This is where you come in. Your ideal patients are largely unaware of the technologies that help their neurological challenges that these trying times and beyond. Do the needful: reach out to them! 

Realize They May Not Have The Budget

In getting your products and services in front of your target customers, people with neurological challenges, you will spend a decent amount of money as marketing and public relations aren’t cheap. It is, therefore important that you keep the prices of your goods and services fair enough to start getting patronage real fast. Most people who’ve been staying at home for several months since the global lockdown began, so do not have much money to spend no thanks to COVID-19. 

Hence, it’sit’s clearly a waste of resources to strategically position your company for profit yet end up sabotaging your own efforts with unrealistically high prices. On prices, a smart thing to do could be to offer your products at a price that’s 5% – 10% less than your industry’s rates for that particular item. If doing this still leaves you with a decent profit, then why not? 

Tidy Up Your Team 

If you followed closely from the beginning of the article, we are basically looking at a strategy for survival in this new economy. As a CEO in the neurotech space or any industry for that matter, you’ll constantly need to deal with generating new effective strategies, then bringing your terms to speed on it. 

Talking about teams, Alon Braun has more strong words “The more people you have, the bigger the pool of talent and experience you have to draw from. On the other hand, too large a group may mean that some members stop actively participating” 

There’sThere’s a lot of sides to this but we’re basically looking at an ideal situation where the business owner is able to put together an optimum-sized team. This team will have enough individuals as to allow for a variety of talents yet not so large a team that it becomes too complex to collaborate with every team member”. 

Having tidied up your team and made sure they have been brought to speed with your game plan, it’s time to get the products in front of the potential users. 

Conclusion 

Neurotech is relatively new as a niche. It is my personal opinion that the events of 2020 with respect to the coronavirus disease have contributed somewhat positively to the neurotech and mental health industry. The first noticeable contribution would be that it exposed the weakness in the health sector as well as businesses in its allied businesses. 

From pandemic to panic, health care inventors, experts, and businesses got the chance to learn how to improve even though it was hard on them. Among others, this improvement begins with sensing the changes to how we do business in this sudden new economy, creating an effective strategy even if it means hiring an expert, and getting the team to work. 

Stanley Imoisili is a media professional and entrepreneur who has brought clarity and profits to over 2 million readers through his books, podcasts and content.

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