The business problem
Our client had to differentiate from the competition and offer complete solutions to improve its market position. While executing a project for one of our clients, an established medical device manufacturer, we had to develop solutions, addressing 4 main challenges.
- Our client was a late entrant with limited portfolio. It was no longer enough to have supreme quality in ultrasound and the related IT solutions. While customers appreciated his aspect, their needs were evolving and companies needed more diverse and advanced equipment to meet them. How important was the large portfolio to enter new facilities and gain market share?
- The company was particularly interested in several markets in Europe, Asia and Americas but had limited information about them in terms of volume and value of the key hospital segments. Better understanding about that would enable to take more relevant decisions concerning sales and marketing. Where should it compete over the mid, short and long term? What would be the winning value proposition for each target segment?
- There was а need of deeper understanding of the competitive landscape and our client`s performance against key players. Insights about the main reasons for the high concentration of the market helped answer some strategic questions related to competitive advantage. How could our client position its products in the best possible way? What would be a key differentiator and a competitive advantage?
- We had to figure out how our client could win the innovation race. With the rapid development of advanced technologies – Health
Cloud, Artificial Intelligence and Internet of Things, to name a few – the company needed to take some important decisions about product development. Which of these technologies would be the next big thing?
GemSeek had to evaluate the attractiveness of each market segment and create appealing value propositions and go-to-market strategy.
The GemSeek solution included a qualitative research with high-profile respondents / key opinion leaders (KOLs), a large-scale quantitative survey and secondary research. This holistic approach allowed us to get actionable insights that provided answers to the main questions and could be easily translated into an action plan.
Including different types of healthcare institutions in the research allowed us to run a need-based segmentation, which provided a clearer view on key aspects for each segment, including:
Our Journey Together
Focusing on the key market segments and developing action plans to accelerate growth, resulted in increased brand preference and doubled market share.
Since we completed the project, our client has used the results across all 8 markets included in the study.
GemSeek organized and facilitated a Face-to-Face Workshop with each country team, comprising of senior and middle Sales, Marketing, Services, R&D and Product managers. During our sessions, we elaborated on the study findings, applied the Matrix Attractiveness Framework and ultimately answered to the most important question – “How to win the market?”.
Senior managers, together with local teams, further decided on which segments to focus over the short and mid-term. With our help, they crafted value propositions for each key segment and executed multichannel marketing strategies as needed. As a result, their market share in some geographies has doubled.
Considering that customers expected complete solutions from their vendors, our client decided to make 2 strategic acquisitions and to establish 3 partnerships, in order to be able to meet their needs, overcoming the limitations of its previously narrower portfolio. Currently, the company offerings are more competitive than ever – they include the equipment, services and value-added features that each particular segment truly needs. This move resulted in 21% increase in brand consideration and 10% increase in brand preference on some markets.
About Company: Radiology, Cardiology, Oncology, Surgery, Emergency Medicine, Family
Company Size: 10 001+ employees
Location: USA, UK, Germany, Brazil, China, India
GemSeek Capabilities: Quantitative research, Customer analytics, Desk research