KOL Insight for Concept Testing
The investment needed to develop, launch and maintain a medical device into often crowded areas is huge and the risk of making tactical and strategic errors should be minimized. Different functional units will be providing input into the management of commercial decisions.
Concept Testing is the process of using quantitative and qualitative methods to evaluate customer response to a product or an idea prior to its introduction to the market.
It can also be used to generate communication strategy to alter customer attitudes toward existing products.
Concept testing in medical device industry can be utilized in 3 ways:
• Concept evaluations where concepts representing product are presented to KOLs in verbal or visual form and then quantitatively evaluated by them indicating degrees of prescribing intent, likelihood of try, etc.
• Positioning study will help to understand the position of the product compare to its competitors having same or different technology concepts
• Product/concept testing where KOLs first evaluate a concept, and then the corresponding product and the results are compared.
• How is the new concept? How can I expect the response before launching it?
• How will KOL support in validating the concept?
• How my new product will be taken as compared to my competitors?
• Concept Testing and Evaluation: Concept testing and evaluation incorporates qualitative and quantitative methods. Concept generation portions of concept testing are generally qualitative, while evaluations, positioning, and product/concept tests are usually quantitative.
• Sentimental Analysis: Conducting deep-dive interview with subject matter experts (KOLs) in order to understand the concept success factor.
• Unmet Need Evaluation: Understanding the key unmet need in the existing concepts in the market. Focused evaluation of gaps in existing concept.
• Concept Positioning: Concept positioning involves concept evaluation wherein concepts positioned in the same functional product class are evaluated together.
• Conjoint Analysis: Conjoint Analysis approach reveals the consumer/customer choice by evaluating multiple dimension and features of the product which determines the purchase power and thought process
• Business Opportunity Analysis: Determining the scope of the product in the market by evaluating the following objectives:
1. What is the overall market size?
2. What is the customer pull/size?
3. Which geographies need to be focused on?
4. Who are the key departments for market penetration activity?
5. Who are the key stakeholders for maximizing the business opportunity?
• Organization can know well in advance about new concept and develop a strategy accordingly.
• By applying proven concept, future failure can be avoided which results in economic benefit to companies.
• By understand concept positioning in advance, all departments have chance to streamline their efforts maximize revenues.