<img alt="" src="https://secure.lazy8krti.com/218831.png" style="display:none;">

Case study: How we assessed market opportunity for a new product launch

Our client required a quick and effective way of assessing the market opportunity of their recent product launch in order to maximise growth and uptake.

However, as with most new products, the challenge was to set up useful metrics to track as a benchmark for growth against internal expectations and sales forecasts.

 

behavioural economic theory to reveal fresh insights into patient compliance- Oct 18
behavioural economic theory to reveal fresh insights into patient compliance- Oct 18

Our client required a quick and effective way of assessing the market opportunity of their recent product launch in order to maximise growth and uptake.

However, as with most new products, the challenge was to set up useful metrics to track as a benchmark for growth against internal expectations and sales forecasts.

 

The solution
As the client subscribes to Therapy Watch, we were able to utilise our brand analogue approach, a dynamic, interactive analysis of the data collected to search for similar product launches in the same market based on a range of suitable metrics. We were then able to examine the historical uptake pattern of comparable launches in the same market and apply this to our client’s product launch.

The outputs
By utilising analogues we were able to identify two recent products in the same market which were considered successful launches in their own right and create a set of metrics that compared all three product launches in a like-for-like fashion. By benchmarking one product against these others in the same market, we were able to examine the historical behaviour of prescribing doctors and identify how likely they were to be early adopters. This information provided the client with the confidence they required in order to successfully continue to implement their brand strategy.

In addition, this comparison meant that we could quickly and easily understand the effectiveness of our clients targeting strategy, which was used to identify the key segments that are driving the business and see where the opportunities lie for further growth.

Sign up to receive Rapport

Rapport is our e-newsletter and online resource for sharing our expertise and experience in global healthcare market research.

Sign up here