The current medical imaging industry environment is vibrant and diversified with manufacturers retaining a strong foothold through partnerships, relationships, and joint venture initiatives. With the prevalence of robust compliance issues, the industry has started shifting from an input-based approach to a robust value-based approach with the outcome of improving health care for the patients. The transformation is paving the way for implementing robust healthcare initiatives in the form of advances in medical devices. To become more competitive, manufacturers are implementing an effective market segmentation analysis. Market segmentation analysis helps companies tap potential market segments and effectively reduce healthcare expenditure. Market segmentation analysis further helps companies revamp their existing models and create a value proposition for customers. In the medical imaging industry, manufacturers are relying on market segmentation analysis to gauge through the potential market and develop new products to gain higher returns on investment.
Infiniti’s market segmentation analysis helps clients segment the products based on consumer preferences and target their potential market segments. With our help, the client can identify the potential trends and opportunities in the medical imaging industry and optimize current offerings to improve their operations.
The Business Challenge
A leading MRI manufacturer was facing predicaments improving their competitiveness and profitability for their products across the target region. The client wanted to devise effective strategies to identify pathways to accelerate product development without comprising on the quality of the product. Moreover, the client wanted to enhance patient safety while minimizing their resources and maximizing the ROI.
The primary objective of the engagement was to revamp the existing business model and benchmark their product offerings against the competitors. Moreover, the client wanted to deliver robust products and services to the customers to meet their increasing demands.
To keep costs down and remain competitive, the client approached Infiniti Research to devise robust initiatives to drive operational costs while maintaining profitability. Infiniti’s market segmentation analysis experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the MRI manufacturing space. Also, to analyze the competitiveness among the leading competitors in the medical imaging industry, the experts also collated data from various proprietary resources such as hospitals, healthcare platforms, newsletters, and publications in the medical imaging industry.
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Market Segmentation Analysis Solution Benefits
- Segment the potential customers into sub-segments based on their preferences
- Help marketers tap distinct groups and segment them accordingly to develop targeted marketing programs
- Develop products, services, and marketing strategies to address the specific needs; in turn, improving customer retention
- Help companies tap potential niche markets segments and identify ways of approaching the market
- Implement real-time marketing campaigns and decide the data inputs to use
- Identify segments that are easier to target and accordingly allocate resources
Benefits of Our Integrated Approach
In a span of eight weeks, the client was able to identify target groups and aggressively benchmark their product offerings with that of competitors. The client was further able to penetrate across new potential markets and venture new segments within the medical device industry. The engagement also helped the client develop an effective marketing plan.