MARKET EVALUATION FOR AN INNOVATIVE TRAINING PRODUCT

CASE STUDY- MARKET EVALUATION AND ENTRY STRATEGY

The Need

A company with experience in training but new to the NHS market, had started to develop a suite of interactive, on-line training scripts for surgeons but were unclear whether there was a market for these products, what their value might be and who to target.

The Brief

The brief was to undertake a ‘light touch’ market evaluation in which we

  • identified four potential applications for the product,
  • defined the target market, identified 4 segments and assessed their relative attractiveness,
  • converted the product features and benefits into value propositions for the product for each market segment
  • Identified key stakeholders
  • identified critical success factors and barriers to market entry.

Outcomes

The market evaluation suggested an alternative, ‘low-energy’ strategy to gain market entry followed by one to grow the market.

“The brief was tackled professionally, promptly and in a highly organised way. Keith grasped the complexity of the brief quickly and provided an in-depth and fresh analysis of the options we have for progressing our innovation. We are much clearer about how we will be able to solve the issues we face and Keith’s assistance has been of great value to the business.” H. Moore, Senior Partner