The challenge
To optimize its commercialization strategy, our client wanted to identify user perceived value, willingness to pay, as well as market trends in the uptake of a novel technology.
The solution
Our research began with a definition phase which enabled us to refine and confirm research objectives, while allowing for a discussion around existing hypotheses and previous research. We proposed a hybrid qual-quant approach in order to address all of the client’s research objectives:
- Qualitative phase: We conducted 76 TDIs with Urologists and Hospital Decision Makers in a variety of markets namely, the US, Canada, France, Germany, Italy, UK, and Spain. Not only did our questioning enable us to identify preferences, and drivers and barriers for technology based on the patient criteria, but it also provided a clear indication of future market trends and the purchase process compared to other modalities currently being used.
- Quantitative phase: The second phase of our study consisted of a choice-based conjoint which helped to assess price sensitivity and relative value of each feature in a competitive setting. Through online surveys with Urologists and Hospital Decision Makers, we were able to quantify the preference/willingness to use our client’s Product X against competitors. Respondents were also asked to indicate their preference between the alternatives and provided a likelihood to adopt the product. This was a relatively simple task which provided rich data, hence allowing us to achieve robust results with fairly small samples.
The outcomes
Final strategic recommendations were developed by considering all elements of the research. We provided our client with a report designed in an engaging story-line format, providing clear guidance on how to develop a comprehensive and impactful commercialization strategy to support the uptake of Product X. Our report helped our client to understand each of the following:
- Pricing: We identified the optimum ASP range for Product X as well as the most appropriate pricing/contract mode
- Market landscape: We provided guidance on the current market landscape broken down by technology type and competitors on the market
- Product performance: We analyzed the perceived performance of Product X and compared it to currently available laser systems on the market
- Value drivers and recommendations: We validated the purchasing process and drivers to purchasing new lasers, and provided guidance on including average lifecycle of laser technologies and willingness to purchase off cycle
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