Innovation Mapping for Disruptive Device Developers

Product Configuration and Pricing Strategy

Case Study

Project Description

combination products

In the highly competitive world of clinical diagnostics, what innovative features under consideration by our client should they select?

  • Which features will bring the most value to the customer?
  • What price will the market bear?
  • What is the best timeline for each feature?

 

Situation

In the highly competitive world of clinical diagnostics, the Medi-Vantage team helped our client define their product strategy. We helped the client segment the market to understand their customer base and the unmet needs of each segment.

Strategy Questions

  • How do we best segment the market?
  • What innovative features, by market segment, should our client select for next generation and future generation product development?
  • Which features will bring the most value to the customer?
  • What price will the market bear, in the short term and in the future?

Medi-Vantage Methodology

Perform market and user segmentation to assess market segments of greatest value to the client. Utilize in-depth interviews and a conjoint analysis to Identify features, the optimal system configurations, optimal pricing, price sensitivity and price- based customer segments.

Results

The client product strategy is well received by the market and market share is growing rapidly. The price sensitivity analysis performed by Medi-Vantage convinced senior management and the board of directors to launch the next-gen product at a price point higher than original estimates.

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