Jan 24, 2019 10:26:39 AM
Insight Streamer LifeCycle is designed to compile results from different market research survey-based studies and ad hoc micro surveys designed and fielded throughout the course of your product’s lifecycle into one, unified data set of organized reports. This one location will greatly simplify the continued use and analysis of data and insights created over time, and extend the life of your research investments.
While the end result and value is pretty simple and straightforward, the path to get there sounds a little complicated, doesn’t it? Well, it kind of is, actually. Bringing together data and insights from several different survey research projects requires expertise and tools.
And when you have to explain something complicated, you can’t beat the power of an example. This is why our team is providing real world examples of Insight Streamer LifeCycle’s benefits in our current blog series.
Today, I’ll dive into the story that we’ll be following throughout this series, the story of how we have helped one of our clients (identity masked for anonymity) by providing survey research studies and micro surveys throughout the course of their product’s lifecycle.
Pre-Launch Marketing Research: Market Assessment
Before making a big investment into a next generation product or product line extension, there are critical data points to consider. For our client, the maker of a consumable medical product, LifeCycle research began with a market assessment.
Being familiar with their markets and customers, our client was confident they knew their customer’s requirements and needs; still, they realized the new ideas for their product introduced uncertainties, which could have an unpredictable impact on the customer experience. Most importantly, they needed to know which products were currently being used to serve market needs, why those particular products were being used, and what problems were still remaining to be solved.
Their hypotheses regarding the new product’s potential benefits were centered on these anticipated needs; they needed proof the needs existed, and remained important issues to be resolved.
Actionable Research recommended starting with a market assessment study. The short study sought to learn more information about the client’s standing in the market in comparison to competitors, the products currently being used, and the overall satisfaction with the existing solutions.
We designed and fielded the short survey to respondents who worked in a few specific roles within hospitals of a certain size. The survey was fielded, and the desired sample size was achieved within one week of fielding.
Confirmation of a Need
Results from the study confirmed our client’s hypothesis that there was a significant challenge reported by their target audience that was not adequately resolved by their current products or any competitive products. In addition, it also illuminated a concern that they hadn’t yet considered, which would likely have an impact on the design of the new product under consideration.
The client was able to use the results of the study to move the product past the first stage gate and solidify stakeholder buy-in on the product’s viability and future potential, with some modification. They were then green-lighted by upper management to move forward with the next generation proof of concept development, invest additional internal resources, and provide the product with a new code name, Project Sphinx. More on that in our next blog…
Subscribe to Finish the Story
We’ll be covering the story of this consumable medical product throughout our series to highlight the real-world applications and benefits of Insight Streamer Lifecycle. If you’re interested in the story, subscribe to get updates when new blogs are released. To learn more about our services and how they could potentially benefit you, let’s schedule a call.