Leveraging market research to define a successful go-to market strategy.
This medical device company leveraged CES’s expertise in product lifecycle management to aid in launching a successful digital product. Working closely with this customer, we helped develop a digital product that measures the overall health and fitness of the user.
It is no small task to develop and release a successful smart device. High demands for connectivity and intuitive interface brings the challenge of designing for users while improving quality. We have all seen some transformative digital products on the market, and these products succeed through employing carefully considered digital strategies. Digital product strategy will make or break your market impact. The innovative devices that become indispensable in their industries are driven by a clear understanding of the user. You could have the most brilliant, smart, connected product idea, but without knowing your users, you could ultimately waste thousands of dollars and hours on development.
Our medical device client was working with CES to develop a digital product that measures the overall health and fitness of the user. The product will help users get a better sense of how they can adjust both diet and exercise to more efficiently achieve their health goals. During the initial phases of development, the client and CES determined they needed to validate the client’s go-to market strategy to ensure that their first digital device had the best chance for success at launch.
During the Roadmapping Phase, the our Analytics and Research team helped the client identify the users of the product, the market and desired product features. To begin, we conducted an online quantitative study with over 450 U.S. adults. The study helped to assess the behavior and attitude of potential customers. Cementing an understanding of pricing and intent to purchase not only help to clarify how readily the device will be accepted by the market, but also allow for the creation of a customer profile. Further questions can help inform decisions about feature trade-offs to understand which current and potential features are most important to the target market.
For our client, the biggest challenge was determining a market strategy that gives the device the best chance for success. Our quantitative research helped to define market reactions to the device, as well as the key demographics of target audiences, the price point they would be willing to pay, and other relevant market behavior.
This market knowledge was able to successfully inform a device strategy founded on user expectations and preferred functionality.
Based on findings from the research process, we were able to help the client broaden their potential user base, validate the product feature set, and create a new business model to drive ongoing revenue streams. Under each of these findings, our research highlighted specific changes that would help foster the creation of a successful digital marketing strategy:
- Broaden their potential user base
The client came to us with a consumer-focused product launch plan. Instead, the research directed us to formulate a professional launch strategy to include personal trainers, health professionals and physical therapists. This would allow us to build credibility and awareness for the device during the initial stages of launch.
- Validate the product feature set
During the research, users were asked questions on what features they would expect, or prefer, in this type of device. The results allowed the client and CES engineers to determine what features to prioritize during development. This direction also facilitated valuable cost savings in development by eliminating unnecessary product features that users indicated they did not need or want.
- Create a new business model
The research determined that the user’s desired price point was different than the client’s intended pricing strategy. So we had to come up with a plan to bridge the gap. To do this we introduced new business models that would allow for their premium device to be sold at a lower initial cost. This was achieved through collecting subscription revenue from the ongoing use of the product and the data it generates. Ultimately, this reduces the cost barrier to adoption but still allows the customer to meet their business goals over time. But most importantly, the new business model provides a richer experience for the end-user.
Overall, based on our findings from our quantitative research, we were able to engage the client in a more complete PLM approach and develop a professional channel launch strategy that would help to build credibility and awareness for the device during initial stages of product launch.
The client is a medical technology company that provides the insights users need to achieve their health and fitness goals.
Digital Health and Fitness Tracker – Leveraging market research to define a successful go-to market strategy.
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- Project Name Digital Health and Fitness Tracker
- Client MEDICAL DEVICE COMPANY