CASE STUDY- MARKET EVALUATION & CASE FOR ADOPTION
A new information technology company with a new digital product recognised from their initial trials that they needed a strategy and the know-how to accelerate sales and make a good ROI from the NHS opportunity.
Following an initial meeting we agreed that we would
- Undertake and analysis of the NHS markets in England, Wales and Scotland to identify key differences and opportunities for early market entry.
- Prepare a marketing plan to enable them to secure adoption of the product into the NHS in England, Wales and Scotland.
- Build a NHS-ready business case for adoption in a format and language that NHS stakeholders would understand and respond to. Working together we evaluated the critical factors to success by identifying the value proposition as from the NHS point of view.
NHS Market Analysis and Launch Strategy
The aim was to determine the best and quickest method of doing business and securing a revenue stream. It involved undertaking a market analysis to
- Understand the differences in the markets in NHS Scotland, England and Wales
- Segment the target markets to enable the client to optimally target their sales and marketing efforts
- Analyse the competition to propose competitive strategies
- Map the Stakeholders to determine influence and needs
- Develop a strong value proposition for their product
- Propose alternative business models
From the market analysis we developed
- A market access plan – identifying which NHS hospitals to target to gain early adoption.
- An NHS case for adoption – built around the product’s value proposition and
- A draft business case, including an ROI model for stakeholders to use to secure approval to purchase from their Trust.
Using the market analysis and value proposition my client was able to show that they understood the demands placed on their prospective customers and the ‘job they had to get done’ so gaining their trust. The case for adoption and ROI model proved invaluable in decreasing the time taken to secure a buying decision from 9-12 months before using it to 2-3 months with it and accelerate revenues and business growth.
The overall impact is best summarised by the Director of Strategy of the company:
“The market analysis informed us how best to access the NHS market and how best to articulate the key benefits of our product to the stakeholders involved in the buying decision for our product. The Case for Adoption proved a real asset. It provided essential content that successfully reduced the work required by NHS staff to prepare local business cases and so achieved buy-in and a quicker conversion of leads into sales.” Director of Strategy