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Leveraging market research to define a successful go-to market strategy.

MEDICAL DEVICE COMPANY // Digital Health and Fitness Tracker

This medical device company leveraged Logic PD’s expertise in product lifecycle management to aid in launching a successful digital product. Working closely with this customer, Logic PD helped develop a digital product that measures the overall health and fitness of the user.

CHALLENGE

Being responsible for the success of a new smart, connected product is a tough gig. With the challenge of designing for new users and creating digital medical device strategies, it’s easy to see why so many big names in the industry have failed. Of course, we have all seen some transformative digital products on the market. But, those few examples of well-designed products stand out in a landscape of poorly executed strategies. Your digital product strategy will make or break your product. And at the foundation of your digital product strategy must be a clear understanding of your user. You could have the most brilliant, smart, connected product idea, but without this background you are ultimately wasting thousands of dollars and hours of development.

Our medical device client was working with Logic PD to develop a digital product that measures the overall health and fitness of the user. The product will help users get a better sense of how they can adjust both diet and exercise to more efficiently achieve their health goals. During the initial phases of development, the client and Logic PD determined they needed to validate the client’s go-to market strategy to ensure that their first digital device had the best chance for success at launch.

SOLUTION

During the Roadmapping Phase, the Logic PD Analytics and Research team helped the client identify the users of the product, the market and desired product features. To begin, we conducted an online quantitative study with over 450 U.S. adults that included behavior and attitude questions for profiling; pricing and purchase intent questions to understand acceptance of the device; and feature trade-off questions to understand which current and potential features are most important to the target market.

For the Logic PD and client teams, the biggest challenge was determining a market strategy that gives the device the best chance for success. The quantitative research helped to define market reactions to the device, behaviors and demographics of target audiences and the price point the target would be willing to pay.

In addition, we were also able to define the target market’s expectations for device functionality and which current and potential features are most important.

RESULTS

Based on findings from the research process, we were able to help the client broaden their potential user base, validate the product feature set and create a new business model to drive ongoing revenue streams. Under each of these findings, our research highlighted specific changes that would help foster the creation of a successful digital marketing strategy:

1. Broaden their potential user base

The client came to us with a consumer-focused product launch plan. Instead, the research directed us to formulate a professional launch strategy to include personal trainers, health professionals and physical therapists. This would allow us to build credibility and awareness for the device during the initial stages of launch.

2. Validate the product feature set 

During the research, users were asked questions on what features they would expect or prefer in this type of device. The results allowed the client and Logic PD engineers to determine what features to prioritize during development. This direction also facilitated valuable cost savings in development by eliminating unnecessary product features that users indicated they did not need or want.

3. Create a new business model

The research determined that the user’s desired price point was different than the client’s intended pricing strategy. So we had to come up with a plan to bridge the gap. To do this we introduced new business models that would allow the customer to sell their premium device at a lower initial cost and collect subscription revenue from the ongoing use of the product and the data it generates. Ultimately, this reduces the cost barrier to adoption but still allows the customer to meet their business goals over time while providing a richer experience for the end-user.

Overall, based on our findings from our quantitative research, we were able to engage the client in a more complete PLM approach and develop a professional channel launch strategy that would help to build credibility and awareness for the device during initial stages of product launch.

CUSTOMER PROFILE

The client is a medical technology company that provides the insight users need to achieve their health and fitness goals.

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