Market Entry Plan | Customer Insights | Competitor Analysis | Market Analysis | Channel Partner Identification
Canadian medical device company
Develop the initial market entry strategy
Our client was planning to introduce a new product into the interventional radiology market globally and chose Europe as its first sales region. IMS Marketing were requested to complete market research and define the most attractive countries, channel partners and KOLs to focus on for market introduction purposes.
Initially, we needed to gain a good understanding of the application area, the product under development including its proposed features and advantages, the competition, etc. Once we had invested time in understanding the market, we then commenced the detailed research needed. Our focus was on the customer and more specifically the KOLs (key opinion leaders) in the specific clinical area that our client’s product would target. Looking across all major European markets, we identified specialised hospitals where our client’s procedure took place and profiled the key physicians / consultants within these hospitals.
Ultimately, this resulted in a target list of 15 leading hospitals in the UK, France and Germany and the profiles of approximately 40 clinicians who were recognised as key influencers in their field.
The second part of our research focused on the search and profiling of distribution partners within these three countries who had experience in this clinical application area. When complete, we were able to deliver to our client a market entry plan for the UK, France and Germany with a target list of clinicians, hospitals and distribution partners in each case.
HOW WE HELPED
This market study was required in advance of our client securing CE Marking for their new device. It enabled them to have a business plan ready to execute immediately when they had this in place and lose not time in developing the market. We received very positive feedback on our work from the client.
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