identifying the application niche

 

problem statement

Despite having a truly innovative and unique product, the company was being forced to restructure and downsize some 2 years after IPO as sales had not fulfilled initial expectations. The efforts of the company were being spread over many varied applications and markets. We were invited by the new CEO to conduct a customer perception analysis as part of a wider strategic review.

 

our hypothesis

We believed that the technology was not best suited to the principal market that they were addressing. Amongst the many features and benefits of the technology were a small number that were clearly unique - we felt that there must be a specific group of customers for whom these would be key.

findings

The technology had limited suitability for the cost conscious high throughput market that the company had been targeting. The most satisfied customers formed a recognizable group, characterized, not by the application of the technology, but by a set of attributes defined by their stage in the research process and their proximity to a diagnostic or therapeutic environment.

impact on strategy

The company has enthusiastically adopted a new market focus - shifting from technical applications to the needs of the identified market segment, and stressing the quality, accuracy, and ease of use which are the unique differentiators in their offer. This has been well received by the medical research community and incorporated into the company's marketing materials, sales approach and web site.