Have you ever seen a company spend millions of dollars developing and launching a new product only to have no sales in the first year? That could happen for a couple of reasons. Maybe the product was mispriced or maybe it was missing key features that other competitive products have. Figuring out the answers to these questions is why successful companies decide to invest in Competitive Analysis as early in the product development process as possible.
A good Competitive Analysis can mean the difference between a lackluster product and a true winning solution.
At Eliciting Insights, we’ve seen entirely too many healthcare technology companies rush right to product development without doing the Market Research and Competitive Analysis that is a prerequisite for great healthcare products.
Here are five dangers you might encounter by skipping Competitive Analysis
Launching (or upgrading/relaunching) a product in healthcare without Competitive Analysis is like heading across the country without a map or GPS. At Eliciting Insights, we can be your healthcare GPS system. We help our clients understand the competitive landscape and generate true, game-changing benefits from their investment in Competitive Analysis. Here are four key benefits your company can expect from investing in a Competitive Analysis for your products:
Build a more powerful sales team
If you’ve got a good sales team, they probably give you feedback. Chances are though, that feedback centers around what they perceive your products lack. The sales team is on the ground talking with clients and prospects, but sometimes doesn’t genuinely understand the depth of product functionality relative to your competitors. When your sales team has a clear picture of how your product compares to other offerings in the marketplace, they can more effectively do their jobs.
Misprice your product and you might not hear from a prospect again. Unless the prospect tells you your pricing is off, you won’t know if you lost the sale due to pricing, a lack of functionality, poor demo, or an ineffective sales team. Competitive Analysis allows you to price based on what the market will pay, not executives or investor revenue models.
Differentiate Your Product
It is essential that your buyers fully understand what sets your products apart.
You might have a feature that none of your competitors do…or maybe you received particularly valuable and unique client feedback that you’ve reflected in your product roadmap.
Competitive Analysis gives you insights into the reality of your product in relation to others as well as the ability to communicate those insights to current and potential customers.
Develop an Effective Product Roadmap
Competitive Analysis means potential new features and functionality for your product roadmap-- the very elements that will ensure you are on par with your competitors. Understanding gaps in the marketplace ensures your product roadmap reflects wise investments.
Healthcare is unique. Eliciting Insights has the deep industry knowledge and expertise to help you with a Competitive Analysis and any other Market Research. Most companies skip right to development, but Competitive Analysis and Market Research are the prerequisites to killer products.