Doubled the Growth Rate for a Medical Device Company
M-Brain identified product gaps in a medical device company’s competitors’ portfolios through market intelligence in key sectors, allowing them to adjust their marketing strategy and increase sales.
About the Client
This M-Brain client is a leading manufacturer of electronic healthcare products, with a strong presence in many international markets, including Latin America.
The healthcare industry in Latin America had been growing at double-digit rates, with positive market forecasts for the future. Innovation, new launches, embedded services and competitive pricing are key elements for success.
Amidst growing competition from both global and local market players, the client was to launch and grow a new line of consumer medical device products, but needed to understand their best competitive positioning.
Why they chose M-Brain
The medical device manufacturer saw an opportunity to quickly gain the desired market intelligence through M-Brain’s established expertise in and knowledge of the global healthcare market. It was also assured of M-Brain’s tested and proven methodologies, having come highly recommended through another division.
In order to develop a very strong market entry and sales strategy, it needed to carefully map and understand each competitor’s portfolio gaps, price levels, and business models.
As such, M-Brain analyzed import databases, interviewed local end-users and distributors, and visited local stores. Local physicians were also interviewed, to understand their level of product knowledge, their expectations, and motivations to recommend one product over another. During the entire project, M-Brain abided to its strict ethical procedures and methodologies.
The client received a detailed portfolio map with all its product gaps, along with price levels, sales strategies, and end-users’/physicians’ perception and expectations of product features. In addition, M-Brain also presented strong strategic recommendations.
As a result, this medical device manufacturer was able to improve its distribution chain, trim its marketing messages, adjust prices, and tap on portfolio gaps. The expected sales growth for the launch year was nearly twice higher than forecasted.