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How To Identify Opportunities & Grow Market Share in a Specific Hospital Segment

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How To Identify Opportunities & Grow Market Share in a Specific Hospital Segment

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Visit Us on the Web: http://www.themarketechgroup.com/?utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=How+To+Identify+Opportunities

About Us:

With offices in North America and Europe, The MarkeTech Group provides a unique combination of extensive marketing research methodology expertise, deep medical technology domain knowledge and value-added strategic marketing consulting to medical technology companies who seek high quality marketing research studies and professional marketing strategy consulting.

The MarkeTech Group's team of marketing research and strategy experts take pride in integrating their leading voice of customer (VOC) research expertise and strategic consulting into their clients' marketing and R&D departments to help successfully launch and maintain profitable products in healthcare.

The MarkeTech Group, LLC
502 Mace Blvd, Suite 15
Davis, CA 95618
Tele: (+1) 530-792-8400
Fax: (+1) 530-792-8447

The MarkeTech Group, SARL
3, Rue Emile Péhant
44 000 Nantes
Tele: +33 (0)2 72 01 00 80
Fax: +33 (0)2 40 48 29 40

Contact Us: http://www.themarketechgroup.com/index.php?page=Contact_TMTG&utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=How+To+Identify+Opportunities

Visit Us on the Web: http://www.themarketechgroup.com/?utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=How+To+Identify+Opportunities

About Us:

With offices in North America and Europe, The MarkeTech Group provides a unique combination of extensive marketing research methodology expertise, deep medical technology domain knowledge and value-added strategic marketing consulting to medical technology companies who seek high quality marketing research studies and professional marketing strategy consulting.

The MarkeTech Group's team of marketing research and strategy experts take pride in integrating their leading voice of customer (VOC) research expertise and strategic consulting into their clients' marketing and R&D departments to help successfully launch and maintain profitable products in healthcare.

The MarkeTech Group, LLC
502 Mace Blvd, Suite 15
Davis, CA 95618
Tele: (+1) 530-792-8400
Fax: (+1) 530-792-8447

The MarkeTech Group, SARL
3, Rue Emile Péhant
44 000 Nantes
Tele: +33 (0)2 72 01 00 80
Fax: +33 (0)2 40 48 29 40

Contact Us: http://www.themarketechgroup.com/index.php?page=Contact_TMTG&utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=How+To+Identify+Opportunities

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How To Identify Opportunities & Grow Market Share in a Specific Hospital Segment

  1. 1. HOW TO IDENTIFY OPPORTUNITIES CASE STUDY METHODOLOGIES USED: 1. Qualitative Interviews & GROW MARKET SHARE in a SPECIFIC HOSPITAL SEGMENT
  2. 2. The following case study and data is from a actual CLIENT project, however the data has been de-identified to avoid sharing any sensitive client or confidential information and is intended for general information only.
  3. 3. First….let’s meet the CLIENT
  4. 4. The CLIENT wanted to know…..
  5. 5. Research Objectives CENTRAL RESEARCH QUESTION: How can we successfully sell our diagnostic imaging product into a specific hospital market and what is the typical KAP (Knowledge/Attitude/Practice) in these segments?
  6. 6. Research Objectives CENTRAL RESEARCH QUESTION: How can we successfully sell our diagnostic imaging product into a specific hospital market and what is the typical KAP (Knowledge/Attitude/Practice) in these segments? 1. Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions
  7. 7. Research Objectives CENTRAL RESEARCH QUESTION: How can we successfully sell our diagnostic imaging product into a specific hospital market and what is the typical KAP (Knowledge/Attitude/Practice) in these segments? 2. Confirm the sales process and the key players involved in the purchasing process 1. Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions
  8. 8. Research Objectives CENTRAL RESEARCH QUESTION: How can we successfully sell our diagnostic imaging product into a specific hospital market and what is the typical KAP (Knowledge/Attitude/Practice) in these segments? 3. Identify whether we need to do more to establish brand awareness 2. Confirm the sales process and the key players involved in the purchasing process 1. Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions
  9. 9. Research Objectives CENTRAL RESEARCH QUESTION: How can we successfully sell our diagnostic imaging product into a specific hospital market and what is the typical KAP (Knowledge/Attitude/Practice) in these segments? 3. Identify whether we need to do more to establish brand awareness 2. Confirm the sales process and the key players involved in the purchasing process 1. Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions 4. Formulate “best practice” approach to optimize the sales call using input and evidence for training
  10. 10. …and to provide the Client a comprehensive, unbiased view of the current KAP (Knowledge/Attitude/Practice) in the hospital market.
  11. 11. 30 IN-DEPTH INTERVIEWS 10 Radiologists 10 Imaging Administrators 10 C-Level Executives GOALS PHASE Qualitative Analysis Identify most important purchasing drivers and pain points Assess brand awareness Identify opportunities to grow market share 1 2 3
  12. 12. In-Depth Interviews Key Findings 1 Based on the interviews, we found that Radiologists are the most influential in this type of product selection, but consensus has to be achieved by a purchasing committee. GOALS Identify most important purchasing drivers and pain points 1
  13. 13. In-Depth Interviews Key Findings 1 Primary Factors 6…  Product Awareness  Product Quality Factor  Service Factor  Contracting Factor  Peer Factor  Economic Factor Product selection is driven by:
  14. 14. In-Depth Interviews Key Findings 1 Variable ? Respondents INDICATED the TOP 4 competing brands are better than the CLIENT at fulfilling the 6 primary purchasing factors. Brand A Brand B Brand C Brand D CLIENT
  15. 15. In-Depth Interviews Key Findings 1 The interviews also DETERMINED new imaging equipment investments are typically driven by increases in:
  16. 16. In-Depth Interviews Key Findings 1 PATIENT VOLUME, The interviews also DETERMINED new imaging equipment investments are typically driven by increases in:
  17. 17. In-Depth Interviews Key Findings 1 PATIENT VOLUME, AGE OF EQUIPMENT, The interviews also DETERMINED new imaging equipment investments are typically driven by increases in:
  18. 18. In-Depth Interviews Key Findings 1 PATIENT VOLUME, ….and purchase upgrades by local competitive hospitals. AGE OF EQUIPMENT, The interviews also DETERMINED new imaging equipment investments are typically driven by increases in:
  19. 19. In-Depth Interviews Key Findings 2 GOALS Assess brand awareness2 The CLIENT’s imaging products have nearly NO AWARENESS while BRANDS A, B and C are all seen as TOP-TIER. 3. BRAND C Well known, but lags behind Brand A & B 5. CLIENT Very Low Awareness
  20. 20. In-Depth Interviews Key Findings 2 Respondents’ perceptions of the CLIENT’s imaging product were mostly negative… “They have made huge strides, but I have never seriously considered them.”
  21. 21. In-Depth Interviews Key Findings 2 “It's a gamble to commit to them – They are 2nd Tier.” Respondents’ perceptions of the CLIENT’s imaging product were mostly negative…
  22. 22. In-Depth Interviews Key Findings 2 “I do not consider them to be in the market, no track record. Not Top-Tier. Respondents’ perceptions of the CLIENT’s imaging product were mostly negative…
  23. 23. In-Depth Interviews Key Findings 2 “They have no presence in the area.” Respondents’ perceptions of the CLIENT’s imaging product were mostly negative…
  24. 24. In-Depth Interviews Key Findings 2 Respondents’ perceptions of the CLIENT’s imaging product were mostly negative… “Do not know them.”
  25. 25. In-Depth Interviews Key Findings 3 GOALS Identify opportunities to grow market share 3 Not a single respondent considered the CLIENT’S PRODUCT for their most recent purchase due to…
  26. 26. In-Depth Interviews Key Findings 3 …however, we FOUND that brand loyalty for this product is generally weak, providing the CLIENT an OPPORTUNITY to take market share from Brands A, B, C and D…
  27. 27. In-Depth Interviews Key Findings 3 …IF they can INCREASE product awareness and stake claim to a unique and favorable position in the market to differentiate from the more reputable technology leaders. Best in class service Technology Innovator Reputable ? ? ? BRAND ABRAND B BRAND D BRAND C CLIENT
  28. 28. FINDINGS and RECOMMENDATIONS
  29. 29. FINDINGS and RECOMMENDATIONS Objectives Key Findings / Recommendations Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions 6 PURCHASING DRIVERS Client learned the 6 key factors that drive product selection and how it ranked in those factors relative to the competition 1.
  30. 30. FINDINGS and RECOMMENDATIONS Objectives Key Findings / Recommendations Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions 6 PURCHASING DRIVERS Client learned the 6 key factors that drive product selection and how it ranked in those factors relative to the competition Confirm the sales process and the key players involved in the purchasing process TARGET RADIOLOGISTS Radiologists are the key targets the Client needs to educate and make aware of its product 1. 2.
  31. 31. FINDINGS and RECOMMENDATIONS Objectives Key Findings / Recommendations Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions 6 PURCHASING DRIVERS Client learned the 6 key factors that drive product selection and how it ranked in those factors relative to the competition Confirm the sales process and the key players involved in the purchasing process TARGET RADIOLOGISTS Radiologists are the key targets the Client needs to educate and make aware of its product Identify whether we need to do more to establish brand awareness INCREASE AWARENESS The Client was surprised to learn of its very low brand awareness and poor perceptions in the market, but was optimistic based on fact brand loyalty is weak for this product category 1. 2. 3.
  32. 32. FINDINGS and RECOMMENDATIONS Objectives Key Findings / Recommendations Define customers’ attitudes in the specific hospital segment that can be used to support key marketing decisions 6 PURCHASING DRIVERS Client learned the 6 key factors that drive product selection and how it ranked in those factors relative to the competition Confirm the sales process and the key players involved in the purchasing process TARGET RADIOLOGISTS Radiologists are the key targets the Client needs to educate and make aware of its product Identify whether we need to do more to establish brand awareness INCREASE AWARENESS The Client was surprised to learn of its very low brand awareness and poor perceptions in the market, but was optimistic based on fact brand loyalty is weak for this product category Formulate “Best Practice” approach to optimize the sales call using input and evidence for training IMPROVE SALES PROCESS Provided specific tactical recommendations to improve sales engagement with clinical and business stakeholders based on feedback from the interviews 1. 2. 3. 4.
  33. 33. USA 502 Mace Blvd, Suite 15 Davis, CA 95618 PH: + 1 530-792-8400 FX: + 1 530-792-8447 http://www.themarketechgroup.com/ Europe / France 3 rue Emile Péhant 44000 Nantes PH: +33 (0)2 72 01 00 80 FX: +33 (0)2 40 48 29 40

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