how to identify opportunities & grow market share in a specific hospital segment
DESCRIPTION
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HOW TO IDENTIFY OPPORTUNITIES
CASE STUDY
METHODOLOGIES USED: 1. Qualitative Interviews
& GROW MARKET SHARE in a SPECIFIC HOSPITAL SEGMENT
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.
First….let’s meet the CLIENT
The CLIENT wanted to know…..
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?
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
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
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
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
…and to provide the Client a comprehensive, unbiased view of the current KAP (Knowledge/Attitude/Practice) in the hospital market.
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
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
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:
In-Depth Interviews Key Findings 1
Varia
ble
?
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
In-Depth Interviews Key Findings 1
The interviews also DETERMINED new imaging equipment investments are typically driven by increases in:
In-Depth Interviews Key Findings 1
PATIENT VOLUME,
The interviews also DETERMINED new imaging equipment investments are typically driven by increases in:
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:
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:
In-Depth Interviews Key Findings 2
GOALS Assess brand awareness 2
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
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.”
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…
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…
In-Depth Interviews Key Findings 2
“They have no presence in the area.”
Respondents’ perceptions of the CLIENT’s imaging product were mostly negative…
In-Depth Interviews Key Findings 2
Respondents’ perceptions of the CLIENT’s imaging product were mostly negative…
“Do not know them.”
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…
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…
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 A BRAND B
BRAND D
BRAND C
CLIENT
FINDINGS and RECOMMENDATIONS
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.
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.
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.
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.
USA 502 Mace Blvd, Suite 15 Davis, CA 95618 PH: + 1 530-792-8400 FX: + 1 530-792-8447
http://www.themarketechgroup.com/
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44000 Nantes PH: +33 (0)2 72 01 00 80 FX: +33 (0)2 40 48 29 40