Clinical Market Insights
& Voice of Customer
Sell the Problem for Which
You Have the Solution
Does your customer have a problem? Do they care about a solution to it?
The practice of medicine is continuously evolving. Innovators spend so much time thinking about the solutions, that they fail to properly evaluate the problems. Problems are emotional, and emotion is what causes people to change. But what if your market doesn’t see it as problem? What if they don’t care enough about solving it? Customer indifference is what kills most new technologies because if people don’t care, they won’t change. Clinical Market Insights seeks to help people identify the veracity of clinician’s practice challenges: it serves to identify NEED.
Understand Need vs Want
Ask any group of healthcare providers what they need and you will get responses full of wants, but 42% of startups fail due to a lack of market need (CB Insights). Only through focused inquiry and careful question engineering can you divine between what they want and what they truly need.
Find What Moves the Needle
Evaluate identified needs against the realities of modern healthcare, focusing on solutions that can drive progress and dismantle existing barriers.
Create and Test
Engage your customer right from the ideation stage and incorporate feedback into each update through usability studies and human factors research. Mitigate manufacturing missteps before they happen.
Evolve Your Understanding
Maintain a precise customer needs assessment by regularly exploring their condition, using past learnings to inform future potential.
Importance of
Market Research
In the absence of market research, companies are prone to making decisions based on gut feelings and anecdotal evidence, which can lead to inaccuracies. These decisions are further clouded by subconscious confirmation biases that hinder objective thinking and practices.
- 70% of startups fail due to inadequate market research (CB Insights).
- Businesses with better consumer understanding are more likely to succeed (Forbes).
- Market research provides an ROI of over four times the cost.
Voice of Customer Solutions
Voice of Customer (VOC) is a strategic discovery process – it is dynamic and evolutionary… not a static one-time data point. It should incorporate quantifiable and qualifiable data, conducted across multiple points of time. Each subsequent exercise should strategically build off the precedent one, thereby presenting greater clarity into the mind of your “customer.” VOC should include a journey that incorporates the following exercises:
SURVEYS
Quantifiable collection of data points from a wide array of customers, identifying key trends and patterns, showcasing psychographic buyer behavior.
VOC INTERVIEWS
Whether in roundtable (aka focus group) or one-on-one formats, these are intimate discussions with core groups of customers, validating or invalidating prior customer assumptions.
USABILITY STUDIES
Gain critical insights and feedback on new designs and understand how customers may use it in practice.
HUMAN FACTORS STUDIES
Learn how customers engage with technologies and hone designs to facilitate more efficient/effective use.
What Do Clinical Market Insights Mean to Me?
Medical Technology Manufacturers
As a medical technology manufacturer, I ensure our products meet clinician needs and market demands with clinical market insights. This research helps us stay relevant and competitive in the industry.
Product Development Teams
As part of a product development team, I leverage insights from clinical SMEs to refine and enhance our product designs. This data-driven approach leads to more effective and user-friendly medical devices.
Health Tech Marketing Professionals
As a marketing professional, I craft data-driven marketing strategies and campaigns based on comprehensive market analysis. These insights help me reach and engage our target audience effectively.
Product Managers
As a product manager, I identify opportunities for product improvements and ensure optimal product-market fit. Clinical market insights guide my decisions, ensuring our products meet market needs.
Business Strategists
As a business strategist, I use detailed market insights to guide our business strategies and stay ahead of competitors. These insights are crucial for making informed, strategic decisions.
Investors & Stakeholders
As an investor or stakeholder, I access critical market data to make informed investment decisions in the healthcare industry. This data helps me understand market trends and potential opportunities.
Innovators tend to go out and ask doctors what they need rather than observe what they need. When you talk to physicians, as well as others involved in the delivery of care, you’ve got to learn the difference between what they say, what they want, what they’ll pay for, and what they actually do.”
Dr. Thomas Fogarty, MD
Inventor of the Embolectomy Balloon Catheter
Benefits of Clinical Market Insights
Achieve Perfect
Product-Market Fit
Ensure products meet the exact needs and expectations of your target market, boosting product acceptance and market success.
Stay Ahead of Market Trends
Anticipate changes and adapt strategies accordingly, keeping you competitive in the healthcare industry.
Optimize User Experience
Design user-friendly products based on feedback from practicing clinicians, ensuring effectiveness in real-world settings.
Make Data-Driven Decisions
Use comprehensive healthcare market analysis to guide strategic marketing efforts and drive business forward.
When I Need Clinical Market Insights
-
I use insights early to design products that meet clinician needs and market demands, ensuring we create valuable and relevant devices.
-
I validate our product-market fit with comprehensive research, ensuring a successful launch and acceptance in the market.
-
I understand our competitors and identify opportunities to differentiate our products, giving us a competitive edge.
-
I gather feedback from clinical SMEs to improve and update our current product offerings, keeping them relevant and effective.
-
I use data-driven insights to craft effective marketing campaigns and strategies, ensuring we reach and engage our target audience effectively.