BioInformatics New Product Launch - RateMyProduct, Rapid Product Assessment Tool for Life Science Suppliers

ARLINGTON, Va., Sept. 18, 2019 /PRNewswire-PRWeb/ -- BioInformatics, part of Science and Medicine Group and life science industry market research experts, announces the launch of RateMyProduct™. RateMyProduct is an automated product assessment tool that provides life science suppliers with customer feedback about their product concept, product, or service.

RateMyProduct enables life science marketing and product managers to create an online presentation about a lab product or service, have it reviewed by a chosen target market, and get an online report within five days. The automatically generated online report provides feedback from prospective customers on the following predictors of market success:

• Market receptivity
• Innovation
• Product utility
• Purchase criteria
• Pricing appropriateness
• Message effectiveness
• Differentiation
• Overall RateMyProduct score
• Industry benchmark comparison

"In addition to receiving a product evaluation, suppliers will receive comparisons of their results to industry averages," said Nicole Camara, PhD, senior vice president, science & analytics at BioInformatics,. "Our proprietary scoring methodology is based on our experience with helping clients successfully launch and market hundreds of products over the years. Additionally, we've been working closely with product managers from multiple life science tools companies to maximize the value of RateMyProduct."

Prospective customers who evaluate the products are drawn from The Science Advisory Board, an expert network of more than 40,000 scientists engaged in biological research, drug discovery, and biopharmaceutical production.

"RateMyProduct has been designed to be versatile. Our methodology equally supports instrumentation and consumables, as well as new products and those already on the market," commented Craig Overpeck, chief executive officer of Science and Medicine Group. "Over the last few months, our clients have tested RateMyProduct by deploying it in their own product development cycles. Using this tool, they've been able to test different price points and see how well they're communicating their product's value. Our clients have been overwhelmingly positive about the outcomes."

Learn more about RateMyProduct and how it can be used to improve your product's likelihood of success: https://bioinfoinc.com/ratemyproduct/

ABOUT BIOINFORMATICS

BioInformatics, now part of Science and Medicine Group, is the premier research and advisory firm serving the life science, clinical diagnostics, and analytical instrument industries. By leveraging our expert network of more than 40,000 profiled life scientists, the company has supported more than 500 companies in creating insights that lead to better business decisions. Offerings include assessing the size and attractiveness of scientific markets, optimizing product configurations and pricing, validating corporate acquisitions, measuring customer loyalty, and evaluating brand strength and positioning.

MEDIA CONTACT:

Monika Mahajani
Content Marketing Associate
BioInformatics, part of Science and Medicine Group
671 N. Glebe Road, Suite 1610
Arlington, VA 22203
(703) 783-1724
m.mahajani@bioinfoinc.com

SOURCE BioInformatics Inc.