Targeting and Market Segmentation
Identifying and targeting market segments which will produce a steeper early adoption curve for your technology is vital to obtaining strong start out of the blocks. Assessing differing market segments should not only be solely based upon the market potential, but also on the potential barriers to entry which may exist within these segments. While many medical technology have the potential to be used across a number of market segments. Understanding which of these segments represents the greatest opportunity when the barriers to entry are factored into the equation requires a true understanding of the marketplace.
Market segments with the highest number of patients or procedural volumes may not always represent the best “first” markets to approach. These segments are often associated with greater competitive pressures due to the market opportunities they represent, or may be associated with higher visibility within a hospital setting from either a product approval or cost-cutting perspective. The need to prove clinical superiority and the potential for cost-savings at a provider level increases with the cost of the medical technology along with the applicable number of patients or procedures which would be targeted within the hospital. Spending months trying to get a product through a hospital’s new product committee not only slows the adoption of the technology and the associated revenue growth, but also negatively impacts the moral of the sales representative.
Segmenting customers by technology adoption characteristics is also important. Targeting customers who routinely try newer technology before their peers is a much easier path to success than attempting to enter the market via customers with a “wait and see attitude.” Focusing initial launch activities towards early adopters who are quick to understand the potential benefits of the technology and limiting efforts directed at late adopters who require substantial clinical experience and more scientific evidence will maximize resources and drive initial sales growth.
The Atticus Group can help you to identify market segments which are associated with a greater level of clinical need for what your technology offers or where the characteristics of the segment lend it to adopting the technology quicker. We can also assist with this process by identifying available data which can support targeting or segmentation based on market demographics or geography.
By focusing at first on subsegments of a certain type of procedure or patient population where a technology may be perceived (or actually have) a greater clinical benefit can lead to expanded product use when the benefits of the technology in the initial sub-segment have been realized. Choosing at first to target a patient population or procedure with a smaller market potential where the technology device has a greater clinical benefit can establish the technology and the brand in the marketplace and allow for easier entry into future market segments.
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What stage of product development are you at?
The mission of The Atticus Group is to partner with medical technology and molecular diagnostic companies to assist in the development of comprehensive strategic plans and tactical marketing solutions which drive revenue growth. Our specialty is working with companies who have novel medical technologies or diagnostic tests that are targeted towards the U.S. and select global markets. Our broad experience providing strategic insight and creative marketing solutions for innovative medical technology companies allows The Atticus Group to tailor our efforts to meet our customers needs.
Which of the below represents where you are at in the product life cycle? Click on the appropriate box to learn more about how The Atticus Group can help support your needs.
Is your product in the development stage?
Just getting started with an innovative new technology?
Whether you’ve got an initial prototype or are still in the design phase, The Atticus Group can help with sound advice for developing an initial business plan, defining the market for your device and helping you to address questions that may aid in your quest for future funding.
Are you preparing for product launch?
Ready to lay the groundwork for a successful product launch?
You’ve designed an innovative medical technology, confirmed its efficacy in clinical trials and are about to clear your last regulatory hurdles. You’re about to send your product out into the world – The Atticus Group can help you with pricing strategies, financial projections, development of economic messaging and more. Wherever you are in the process of commercializing your product, The Atticus Group can offer professional assistance with business development and creative marketing solutions that will help you make the most of your product’s strengths in today’s complex and crowded healthcare marketplace.
Is your product commercialized?
Need help gaining market adoption of your technology?
You’ve cleared all of the regulatory hurdles and have commercialized your technology – now you want to grow your business. The Atticus Group can help with tactical marketing solutions which can assist you in gaining a foothold in your targeted market segments and to drive product acceptance. Wherever you are in the process of commercializing your product, The Atticus Group can offer professional assistance that will help you make the most of your product’s strengths in today’s complex and crowded healthcare marketplace.