A leading global medical device company was preparing to launch a next-generation advanced wound dressing, designed to replace its existing premium offering. This new product incorporated innovative design features aimed at improving both clinical outcomes and user experience. To ensure a successful market introduction, the company partnered with IDR Medical to conduct comprehensive research that would inform the product's positioning, pricing strategy, and value proposition.
The core objective was to assess the perceived value of the new product relative to the current market leader and other competitors, and to determine the optimal pricing strategy to drive adoption and a competitive advantage. IDR Medical’s strategic insights were crucial in guiding the client through this pivotal phase of the product’s lifecycle.
The methodology combined qualitative research, including in-depth interviews with healthcare professionals across the USA, Spain, Germany, and the UK, with a quantitative phase featuring web surveys that incorporated Choice-Based Conjoint (CBC) analysis.
Phase 1: Project Set up:
In the early stages, IDR Medical worked closely with the client to align on research objectives and desired outcomes. This collaboration helped refine the value proposition for the new product, ensuring it resonated with healthcare professionals in different regions while addressing specific market needs. The focus was not only on comparing the new product to existing options but also on showcasing how its advanced features could resolve key challenges and unmet needs within the market.
Phase 2: Qualitative Research:
The qualitative phase involved in-depth interviews with healthcare professionals across the USA, Spain, Germany, and the UK. These 60-minute, moderated interviews were conducted both remotely and in person, allowing participants to physically evaluate the new product alongside competing alternatives. This hands-on approach provided valuable insights into the product’s clinical advantages, potential challenges, and the factors influencing the purchasing process.
The interviews explored drivers behind product preferences and switching behavior, uncovering key pain points and unmet needs. These insights helped IDR Medical refine the product messaging and ensure the value proposition aligned with clinicians’ expectations, ultimately optimizing the product’s market appeal.
Phase 3: Quantitative Research and Conjoint Research:
Building on the qualitative insights, IDR Medical designed a robust quantitative phase, conducting web-based surveys across the same countries. The surveys incorporated Choice-Based Conjoint (CBC) analysis, a technique that closely mirrors real-world decision-making. This enabled IDR Medical to model how healthcare professionals and commercial decision-makers would respond to different product features, price points, and brand influences.
By presenting the new product alongside competing offerings and price points, the conjoint analysis provided insights into price sensitivity and potential market share capture. It also highlighted the price range at which the product would be most attractive to each segment and identified the evidence required to justify product adoption. This phase provided a comprehensive understanding of the factors influencing uptake and helped fine-tune the pricing strategy.
The final phase of the project synthesized insights from both the qualitative and quantitative research to develop actionable strategic recommendations. These included a refined value proposition, an optimized pricing strategy, and specific guidance on how to drive adoption across various market segments.
The research revealed that the new product offered significant clinical benefits over current alternatives but also uncovered potential adoption barriers. Based on these insights, IDR Medical recommended a pricing strategy that positioned the product as a premium offering while remaining competitive. The value proposition was refined to emphasize both the clinical and economic benefits, with tailored messaging for different healthcare professional segments. Strategies were also developed to address potential barriers to uptake.
The insights provided by IDR Medical were critical in shaping the strategic direction for the product’s launch. By combining in-depth qualitative research with data-driven quantitative analysis, the client was able to make informed decisions about how to position the product, pricing, and market communication.
The optimized pricing strategy and refined value proposition enabled the company to position the new product for success, capturing market share from both incumbent products and key competitors. Additionally, the research highlighted key adoption drivers and barriers, allowing the company to proactively address challenges and accelerate product uptake.
Ultimately, the research not only informed the commercial strategy but also laid the foundation for a successful product launch.