Product Planning For Medical Device Company
The Challenge: A healthcare product manufacturer was experiencing decreasing sales of its flagship equipment product line because of aggressive competitors, a stalled product development process, and capital budget constraints facing their customers. The client sought to better understand the needs of the market and to align its product development, marketing, and sales efforts to address those needs.
Assessment: Blue Canyon conducted qualitative research to understand the complex decision-making process for hospitals making capital equipment purchases. We found that decision-makers and influencers had multiple goals in acquiring new medical devices. Doctors wanted to improve patient care, administrators wanted to reduce operating costs, and supervisors wanted staffing and training issues to be addressed.
Strategic Solution: Blue Canyon distilled the key issues that were important to these influencers in their purchasing decisions, both in the near-term and the three-to-five year horizon. We screened experts and worked with the client to establish an expert panel to define priorities for product development and to evaluate marketing, sales and service investments.
Results: Client revenues increased by 17% beginning in year one.