Today, the healthcare sector is shifting toward a customer-oriented environment to offer fast, reliable, and cost-effective diagnostic services to the patients. Also, with the growing concerns pertaining to the availability of good healthcare facilities, governments across the globe are implementing certain initiatives to offer favorable treatment options. In the hospital segment, cardiac pacemaker plays a pivotal role in addressing concerns pertaining to treating life-threatening cardiovascular diseases. To effectively counter cardiac conditions and go on par with the rising need for heart rate management devices, renowned manufacturers in the medical devices space are facing the need for a customer segmentation study. With the help of customer segmentation services, businesses in the cardiac pacemaker space can profile the potential customers and focus their marketing efforts on a broad range of customers. Moreover, in the cardiac pacemaker space, businesses can understand customers’ buying characteristics and devise a robust business strategy to target new demographics.
To differentiate customers and implement a value-based approach, renowned companies in the cardiac pacemaker space are approaching companies like Infiniti. Infiniti’s customer segmentation study helps companies discover the needs and preferences of the customers and drive marketing efforts to target specific customer segments. Moreover, companies in the medical devices space can identify key differentiators and tailor their resources to maximize cross and up-selling opportunities.
The Business Challenge
A renowned cardiac pacemaker manufacturer with a considerable number of manufacturing units spread across the globe was facing certain predicaments profiling potential customers and maintaining robust customer relationships. The cardiac pacemaker manufacturer wanted to improve customer services and enhance loyalty and retention. With the help of a customer segmentation study, the client wanted to divide customers into segments based on their needs and behaviors and relatively stay ahead of the competition.
The primary objective of the engagement was to determine the most and the least profitable customer segments and allocate their marketing budgets accordingly.
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To assess the buying patterns of the customers, Infiniti’s customer segmentation experts carried out extensive research methodology comprising interviews and discussions with prominent stakeholders in the medical devices market space. Also, to better understand the innovations in the cardiac pacemaker space, our experts further compiled information from proprietary sources such as paid industry database, company presentations, media aggregators, and newsletters.
Benefits of Customer Segmentation Solution:
- Understood the buying characteristics of the customers and anticipated the most profitable customer segments
- Tailored the resources accordingly to precisely meet the needs of the customers
- Improved customer service and enhanced customer loyalty and retention
- Identified new products and designed products to meet the customer expectations
- Effectively determined the profit potential of each segment by analyzing its revenue
Benefits of Our Integrated Approach
The customer segmentation solution offered by Infiniti helped the cardiac pacemaker manufacturer identify the most and the least profitable segments and accordingly allocate resources. Also, the engagement further helped the client address concerns pertaining to customer attrition and customer retention capabilities. With the help of the engagement, the cardiac pacemaker manufacturer was further able to segment customers into different groups with similar needs and maximize their ROI.