Lately, the surgical instruments industry landscape has been rapidly expanding with several manufacturers trying to enter the market. Additionally, the surgical instruments industry is witnessing increasing competition with manufacturers investing heavily in research and development due to the relentless growth in technology. Furthermore, the surgical instruments manufacturers are ready to enhance their offerings across different market segments and gain a superior competitive advantage. To achieve a stronger foothold in this market space and be more competitive, manufacturers in this market space have started adopting effective market segmentation studies. Market segmentation studies also help firms in this industry to tap potential market segments and reduce healthcare expenses. Market segmentation studies also assist firms in the surgical instruments industry to renovate their existing business models and create a superior value proposition for customers.
Moreover, Infiniti’s market segmentation solutions help clients segment products based on consumer needs and preferences. Additionally, with our help, the client can identify the potential trends and opportunities in the surgical instruments industry and optimize current offerings to improve their profitability.
The Business Challenge
A global surgical instruments industry client with offices spread across various geographies was facing predicaments in improving their profitability and competitiveness for their product offerings across the target region. As a result, the client wanted to devise robust strategies to identify ways to speed up the development of products without comprising on the quality of the product. Moreover, the client wanted to maximize their ROI.
The primary objective of this market segmentation engagement was to enhance the existing business model and benchmark their product portfolio against those of their competitors.
To cut down the overall cost and remain competitive, the surgical instruments client contacted Infiniti Research to devise robust strategies to enhance operational costs while maintaining profitability. Moreover, Infiniti’s market segmentation specialists carried out a blended approach, which included discussions with leading stakeholders in the surgical instruments space. Additionally, to analyze the competition in the market space, the specialists also gathered information from various exclusive resources such as healthcare platforms, hospitals, newsletters, and publications in the surgical instruments industry.
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Market Segmentation Study Solution Benefits
- Identify potential niche markets segments and gain insights into the ways of approaching the market
- Identify target segments and accordingly allocate resources
- Segment potential customers into sub-segments based on their preferences
- Tap different groups and segment them accordingly to develop targeted marketing programs
- Develop services, products, and marketing strategies to cater to the specific needs of customers
Benefits of Our Integrated Approach
In ten weeks, the client gained insights into the target groups and subsequently benchmarked their product offerings with their competitors. Additionally, the client identified new potential markets within the surgical instruments industry and devised a robust marketing plan to improve their profitability.