Market Validation
Get feedback from Buyers, Influencers, and Decision Makers
Will anyone buy our solution? How much will they pay? Does our new solution have what it takes to be successful in the market? If questions like these keep you up at night, we can help you confidentially gather invaluable insights from your Buyers, Influencers, and Decision Makers so that you can optimize your go-to-market strategy.
How We Help Our Clients
Who Can Market Validation Benefit
Executives
Utilize this data to understand what markets to market and sell your solution, project sales numbers and gain higher probability understanding of revenue projections
Sales Leaders
Use this information to form sales strategy
Investors
Deeper due diligence on possible investment opportunity or understand why an investment is not performing up to par
Product Leaders
Determine what specifics of the solution are actually in demand and which ones are not
Sample Use Case
Patient Education Content Company
Analytics
- ABC Health is 3rd amongst its competitors (likelihood to buy).
- 80% of Buyers liked video content over text based content.
- 73% of Respondents liked new product concepts and would recommend to their patients.
- 69% of respondents preferred the entertainment value of content over health literacy.
Insights
Analytics showed ABC Health should focus on the following:
- Existing offerings were competitive but were not #1 choice in the market
- Resources should be redirected to focus on digital (video) based content
- Leading text based content should be converted to video/image format
- Video content strategy should focus more on entertainment through more use of animation and graphics
- Explore partnership to garner more sophisticated video assets
- Patient/Consumer data should be gathered to gauge satisfaction of content
Actions
Based on the analytics and insights, ABC Health took the following actions:
- Sales focus redirected on selling more digital content
- Redirected funds and increased product development budget by 25% to focus on video production and delivery
- Partnered with leading animation and graphics company
- Initiated Validation Studies focused on gathering user feedback on multiple content sets
Results
Strategic steps taken led to the following key milestones:
- Overall revenue increased by 12%. Video content sales now represented 62% of overall growth and increased 35% year over year
- Product fix shifts: over 70% of offerings are now multimedia based
- Patient utilization of video content increased across 23% of customer base
- Established collaboration with multiple leading academic medical centers to create video/3D/animation based content on complex clinical topics.
How Validation Works
Frequently Asked Questions
What kind of companies do you provide Market Validation for?
We provide validation services to health technology companies (i.e. software, hardware, medical device, wearables). Companies at all stages, from early stage start-ups to established businesses, benefit from the validation process.
As an investor, how can I benefit from Market Validation?
Market Validation provides deeper insights as part of your due diligence process. In addition to understanding the revenue model of the potential investment, you also want to know what customers think about the solution under question. Validation data and findings clearly uncover that information and help determine the viability of the business.
How can you help me use Market Validation to improve business functions?
In conjunction with our Advisory Services and Expert Advisors, we can utilize the findings to create actionable steps to meet your business needs, such as refining your go-to-market strategy, product strategy, business development activities, assist in raising capital or other areas that the validation reveals.
What types of people participate in a Market Validation?
We collectively determine which type of individuals from provider organizations are buyers, influencers, and decision-makers of your solutions.
Do you compensate people for doing the Validation?
While each participant is compensated (or can opt to donate to charity) for providing feedback, by and large participants are engaged and eager to be included in Validation because they care about bringing optimal healthcare solutions to market and to create a more efficient healthcare delivery environment. They are eager to share their day-in and day-out knowledge and hands-on experience to improve healthcare.
Can I know the identity of the respondents in the Market Validation?
The identity of Market Validation participants is completely confidential. We do share profile attributes (and demographics) of the respondents.
How can Market Validation help my business and how do I use the information?
Buyers, Influencers, and Decision Makers provide feedback on your solutions which might include how valuable they find your solution and purchase intent for their own provider organization, how your solution compares to the competition, what they think of your pricing model, etc. The data and insights help:
- refine or create your go-to-market strategy
- influence your business model
- determine your market size and outlook for your solution(s)
- better position your solution(s) against your competition
Do I own the data and findings?
Yes, you own the data, and you give us rights to cultivate trends and insights for industry reports and case studies (we will keep the company’s name confidential).