New Product Innovations
Our client developed an innovative product concept for the healthcare industry. The product itself is a major upgrade from current competitive products, but it is the way it is used to achieve better patient outcomes that makes it truly innovative. If the product is accepted by the industry, then our client will gain 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 the innovative new product. The product 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 their 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.