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MedTech product managers often use Customer Insights or Voice-of-Customer analysis to gain market insights and make evidence-based decisions for their New Product Development (NPD) activities or new product launches. We regularly collaborate with numerous MedTech Product Managers on exciting and complex projects to enable them to gather robust, high-quality, and actionable market insights. Here are the top 5 studies where Product Managers are spending their Market Research dollars!
Identifying, evaluating, and monitoring adjacent or emerging technologies in the target therapy area is one of the important responsibilities of Product Managers and Upstream Marketing managers. The insights from this exercise can be used for multiple activities such as M&A, competitive intelligence, threat analysis, market benchmarking, etc. This helps MedTech product managers to remove potential blind spots and remain well-informed about their target therapy area.
Conjoint Analysis continues to remain one of the most powerful analysis tools in the arsenal of a market researcher. It helps product managers to identify how customers value products or services. Which attributes or specifications are important in their decision-making and what trade-offs they are ready to make.
It also allows to simulate performance of a new product w.r.t. to existing or upcoming products. Conjoint Analysis is widely used across sectors, but unfortunately, it is used not frequently used by MedTech companies during the product design or specification optimization phase. Interestingly, MedTech product managers and Market Intelligence managers who have done conjoint analysis once, continue to use it repeatedly for several NPIs.
If you want to have a discussion or a quick training on what is conjoint, when to use it and when not to, and how to use a Conjoint Analysis Simulator then feel free to contact us. We will have our Conjoint experts walk you through the entire process.
This is a no-brainer. Estimating the market size is the key element of any business plan. Robust information on growth rates, key segments, product/ procedure types, and competitor share is imperative for a successful product management. PAM, TAM, and SAM are extremely important metrics for any product plan and therefore, having an accurate insight on it is paramount. The consequences of an underestimated or overestimated market can be disastrous for a product’s life cycle. Therefore, it is no wonder that this is one of the most used services by Product Managers.
Finding out the “real unmet needs” can be challenging and elusive. A lot of times, even the users cannot differentiate between real problems and a wish list. Henry Ford famously said “If I had asked people what they wanted, they would have said faster horses.” It takes an extremely skilled and experienced market researcher(s) to dig deep into customer behaviour and identify the real unmet needs. A shallow or superficial market research will lead to obvious or superfluous insights. Whereas a robust and comprehensive research can lead to those “aha” moments that can result into breakthrough innovations. This is what makes the Unmet Need Identification a critical step for MedTech product managers.
This is a timeless classic! You can never go wrong with a concept testing project. It is primarily used to understand end-users and stakeholders’ reactions to a concept. The concept can be a masked prototype of a new product, an idea, or even a workflow. This service is widely used by MedTech product managers and PMR managers. Technology, Smartphones, and strong survey hosting platforms have all contributed to making concept testing easier, faster, better, and of course, cheaper.
While the MedTech industry has been using concept testing regularly, one thing that has been lacking is a comparative benchmark of concept test scores to make the concept assessment meaningful and effective. This is why Cetas Healthcare has developed the first- ever Normative Benchmarking exclusively for MedTech Products.
Normative Benchmarking is a widely used technique in several other industries such as retail, banking, FMCG, Pharmaceutical, etc. It is a process that uses the percentile technique to measure the performance of current concepts vis-à-vis concepts that have been tested in the past. Cetas Healthcare’s MedTech-focused Normative Benchmarking database will now allow you to measure your concept performance by product types, location, specialists, etc.
So, these are the Top 5 Market research studies done for product managers. If you want to have a discussion or a quick training on any of these topics, feel free to contact us. We will have our experts walk you through the process.
Do let us know if there are other common market research studies that you regularly perform and stay tuned for our next article: Top 5 Market Research studies done by MedTech Market Intelligence Managers.
About Cetas Healthcare: Cetas Healthcare is one of the largest, full-service, MedTech-focused Market Research companies in the world. Along with custom market research and syndicated research reports, we also offer services including PMCF surveys, Healthcare Panel and KOL Network. We focus exclusively on the medical devices, diagnostics, and Digital Healthcare marketplace. Our Leadership team brings in over 100+ years of experience from the Medical Device and Market Research industries.
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