New Product Innovations
Our client developed an innovative product concept for the healthcare industry. The product itself is a major upgrade from the current competitive set. However, the way it is used to achieve better patient outcomes is the key to what makes it truly innovative. If accepted by the industry, our client will generate a major increase in share, as well as an increase in the value of their brand.
Hybrid Voice of the Customer (Hybrid VOC) is the investigative tool we used to assess the value of an innovative new product. It is so different from the current competitive set that it had to first be described to potential before the client was able to understand its value and compare it to existing alternatives.
Applying Hybrid VOC
Using the Hybrid VOC methodology, we held interactive qualitative sessions with six sets of groups of ten. Different levels of the value-adding chain were presented with the concept, and groups discussed the experience surrounding its use.
These exploratative market engagements effectively communicated enough of an understanding to build testable hypotheses. Through the quantitative set of exercises, we uncovered the following information:
- 40% share with those patients described as ‘most in need’ is the potential demand
- The specific outcomes most important to the medical staff
- Value segments and selective positioning opportunities
- The price the market is willing to pay for the innovation
- How the innovation should be most effectively communicated to the market at large
- The specific expectations that must be met to make the sale
- What the next innovation must do to take the performance the market will value to the next level
Commercialization plans are now underway.
Breakthrough Marketing Technology is a business and strategic marketing consultancy serving clients looking to innovate and grow. We work across business sectors, leveraging a common set of unique tools, analytics, and processes to generate actionable insights, recommendations, and processes to improve business growth. Our onsite diagnostic gets to the bottom of the barriers stalling business growth.