Adjacent Market Analysis for a Diagnostic Products Market Leader
Medi-Vantage helped our client identify market adjacencies to solidify their market leadership position while addressing performance issues in their clinical diagnostics systems.
For strategic purposes, our client was investigating the supply of products used during the biopsy and sample preparation process as possible adjacent market strategies.
- What products exist on the market today that will address known performance issues of our clinical diagnostics system?
- Will these products have good strategic fit using an adjacent market strategy?
- Will this strategy help solidify our market position?
- What messaging and product positioning will be required to accomplish both goals?
Using in-depth interviews and clinical data, the Medi-Vantage team assessed existing products with the potential to address known performance issues of our client’s clinical diagnostics system. Our team used a qualitative survey to assess strategic fit, marketing messaging and positioning. Medi-Vantage analysts then utilized a quantitative survey to assess customer response in the marketplace and impact on market share and leadership.
The adjacent market strategy was clinically well received by the customers of our client because it addressed and improved product performance issues. The client’s market leadership position has remained stable.