My first impression is you have to talk to customers more and use face to face interviews. There is already a market for this kind of product so the issue might be: - bad targeting. Are you sure you talk to the right people? Who buy this kind of product ? Is the same people buying the product than the one using it ? - low reach. Conversions can be rare. Have you reached enough people ? - messaging. Do people really value your differenciation ? Do they understand your message? - price. Is it too expansive ? Not expansive enough to be credible - bad channel. How does the other company sell their product ? B2B sales ?
It seems to be you rely extensively on digital marketing to "talk" with prospects. Most of the time, one face to face can bring 10 times more info quickly.
I would also suggest to read the "Test Mom". You may have done customers interview the wrong way
I hope this help and wish you good luck