Market Analysis/Marketing Strategy/Business Model
There are currently 1.45 million people with Type 1 Diabetes in the United States alone. Sixty-four thousand people are diagnosed with T1 Diabetes every year and by the year 2040, it is projected that approximately 2.1 million would have been in the US. The Glucose Guardian will work with a CGM to help alert the patient for when their blood sugar is low. There are many companies that make CGMs and Dexcom is the most recommended to patients. Globally, there are around 900,000 Dexcom users. About 5% of all type one diabetes related deaths are caused by DIBS.
Our main competitors are Glucose alarm apps, the sugar pixel alarm and the SensorWake Olfactory alarm clock.
Glucose alarm apps:
They are able to fight alarm fatigue by having multiple audio alarms, but these alarms must be manually changed by the user and if forgotten can become dangerous. Additionally, making sure the phone itself is not silenced becomes a dangerous potential user error.
Sugar Pixel:
The sugar pixel is able to fight alarm fatigue by using audio and vibrational alarms. Although this device runs the risk of not working properly since the vibrational piece is small and must be slept with. If the user moves in their sleep they can potentially drop the vibrational piece or even unplug it, rendering it useless.
The SensorWake Olfactory alarm clock:
Not intended to fight alarm fatigue directly but uses a similar Olfactory smell system to wake up to the user's desired smell. According to reviews from users the alarm clock does not diffuse the scent well enough to be noticeable when waking and does not contain a fan component to blow the scent to the user. Additionally, alarm does not use trigeminal scents to create a waking effect for users.
The Glucose Guardian is able to counter our competitors by utilizing a mixture of multiple sounds and smells to wake our user when glucose levels begin to reach hypoglycemic states to prevent potential Dead in Bed Syndrome. By utilizing a fan activation mechanism our device is able to ensure the diffused scent will extend to sleeping users. Our trigeminal scents and audio alarm will activate the olfactory tubercleto enhance the power of our devices' waking effects as suggested by research from the Neuroscience Journal.
Biomedix Inc. will be following a transaction revenue model aimed at making profit as orders are placed. Given the company has just been established, clientele will grow over time so the company finds it best to create as orders flow in. Distributions of our product will follow a distribution chain with emphasis on four channels. The first distribution channel focuses on customers; customers pertain to individuals already interested in the device. Development of the product required for numerous surveys, forums, and reach outs to current type 1 diabetic patients found in support groups and DIY communities. We would like to note our product is based on the wants and needs of type I diabetic patients meaning the company has people interested and prepared to purchase the device once its found on the market. We hope to gain new customers across these current established connections. Our website is our second point of focus regarding distribution. This website makes the purchase of Glucose Guardian a fast and accessible transaction process. We aim to expand our product by soon offering to distributors who can make our device available at retail storefronts. The team hopes to expand product availability to eCommerce in the US eventually and potentially globally.
The company's greatest concern is the safety and satisfaction of their customers and commits to continuously support the type 1 diabetic community through improvement and expansion of the device. Our company's values focus on the well being of customers and accessibility of the product including cost of our device. We pledge to maintain this company active and continue helping the community through sales and revenue made. Our product is offered at a significantly cheaper if not competitive price to current alarm systems in the market including competitor Sugar Pixel and made readily available on this site!
The first Glucose Guardian made by the team cost $172. This device now retails for $70, almost 60% cheaper than the total production cost of the product.
The company is also pleased to announce expansion into the aroma market. You will soon be able to purchase other scent products for use in your alarm system. The scents available are:
Eucalyptus
Rosemary
Tea tree
Lemon
grapefruit
And so much more.
We would love to hear from you. Our company hopes to reach out via emails on updates with the company and device offering opportunity for feedback. The company can also be found promoted on social media and through our facebook and instagram pages.