Summary
A leading medical devices company, focused especially on diabetes, engaged Evalueserve to gather intelligence on diabetes care-related market trends and competitor strategies. Evalueserve supported the client by undertaking comprehensive analyses of competitors through secondary research (including social media monitoring). In addition, the project team provided extensive conference coverage. The team also carried out a real-time user experience study, which produced valuable insights with the potential to add to the client’s success.
The Challenge
The medical devices company did not have access to the competitors’ strategies and it required Evalueserve to provide market and competitive assessments that would help them make informed business decisions and plan its strategies to enhance its market position.
Our Solution
Evalueserve provided the following services to the client:
Strategic Deep Dive
- Partnership ecosystem analysis: Conducted in-depth analysis of the competitors’ partnership ecosystems to identify key trends, partner selection strategies, deal structures, and strategic outcomes using analytical frameworks and industry expertise.
- Novel biosensor and wearable trends tracking: Tracked innovative and emerging technologies that could become a game changer in the wearables segment and provided regular alerts on new developments, research findings / publications, portfolio updates, regulatory approvals, product launches, competitors’ activities, etc.
- Job posting analysis: Monitored various job portals and designed analytical frameworks and intuitive dashboards that used the data to highlight competitors’ strategies (such as upcoming GTM plans, launch of new R&D units, sales force expansions, IT integrations, manufacturing expansions, etc.).
- Product Portfolio analysis:
- Product benchmarking: Conducted an exhaustive benchmarking study to draw head-to-head comparisons of device orders, user onboarding, usability, features, app engagement, customer relationships, promotional materials, etc.
- Clinical trial tracking and analysis: Developed a clinical research tool that tracked competitors’ diabetes-related clinical studies and their published results, as well as created analysis reports that provided in-depth assessments of trial parameters to highlight key areas of development / innovation.
- Approval / launch tracker: Created excel-based approval / launch trackers of competitors’ products, which were then displayed in visually appealing slide decks.
Conference Coverage
Evalueserve designed an all-inclusive solution that involved planning conferences, providing support during conferences, and delivering post-conference reports.
- Pre-conference planning: Created planners, identified participation by competitors, and collated data on high-priority sessions related to diabetes care segment.
- During conference support: Virtual and in-person conference coverage since 2020, where the team attended and recorded key industry symposiums and presentations to help the client identify competitors’ positioning, portfolio, messaging, and innovation-related activities.
- Post-conference report: Created conference summary reports with in-depth assessment of industry sessions and key takeaways.
PMR
Evalueserve designed a study that aimed to understand user experience and customer relationship management with regard to competitors’ products. A comprehensive methodology was adopted to gather insights related to entire patient journey. The valuable insights on user experience gave a non-biased point of view about device.
Business Impact
Evalueserve’s support helped the client to better identify disruptive trends and value propositions, as well as understand the market for its product segments. Analytical frameworks and up-to-date reporting helped the client uncover competitors’ strategies, tech integrations / partnerships, and expansion plans.
The client leveraged the competitive intelligence to anticipate upcoming market shifts and gauge its edge, based on competitors’ portfolios. The benchmarking studies conducted by the project team highlighted strengths, weaknesses, and unmet needs, and also shed light on competitors’ brand image. The wholesome support provided by Evalueserve enabled the client to identify market gaps, refine its strategies, and execute timely action for better business outcomes.
