Navigating Price Pressure and Product Launch Challenges with ValueConnected: A Success Story

 

Business and medical professionals discussing a product launch

 

In the competitive landscape of the healthcare market, positioning a product that is more than 10x expensive than the standard of care can be a daunting task. Yet, a large MedTech company faced this exact challenge. With the strategic support of ValueConnected, they were not only able to overcome this hurdle but also achieved a 20% sales increase in just six months. Here’s how.

The MedTech company had a superior product, but its high price was a significant barrier. The common mistake would have been to dilute the focus on too many benefits or simply try to justify the price based on the product’s features. But ValueConnected took a different approach.

Identifying the Market Pain

The first step was to quantify the market pain. In this case, it was the excessive number of surgical reinterventions. By focusing on this specific issue, ValueConnected was able to position the medtech’s product as a solution to this significant problem. This approach allowed the company to move away from a feature-based sales pitch to a value- based proposition.

Positioning the Product

ValueConnected then helped the company to position their product in a way that directly addressed this market pain. Instead of promoting a myriad of benefits, the focus was on how the product could significantly reduce the number of surgical reinterventions. This clear and targeted value message resonated with the stakeholders, making the product’s high price justifiable.

Quantifying the Value

The next step was to quantify the value the product could generate by reducing these reinterventions. ValueConnected developed an interactive tool that allowed the company’s sales teams to engage with a higher level of stakeholders, including purchasing managers and hospital directors. This tool demonstrated the potential savings hospitals could achieve by using the product, making the value proposition tangible and compelling.

The Result?

A 20% sales increase in just six months.

This success story demonstrates the power of ValueConnected’s strategic consulting and implementation services. We don’t just provide recommendations – we deliver results. We helped the MedTech company to map the market pain, identify the key value messages for their product, and quantify the value they could generate for their clients.

In the challenging healthcare market, it’s not enough to have a superior product. Companies need to demonstrate value and understand demand. And that’s exactly what ValueConnected specializes in. We help companies navigate price pressure and product launch challenges, ensuring their products not only survive but thrive in the competitive healthcare market.

Don’t just compete – stand out. Let ValueConnected help you navigate the competitive healthcare market with confidence.