Medical Market Research Case Study

Situation

An engineering company is interested in expanding its prototyping capabilities to support the medical device sector. Before investing in the expansion, the company needs to determine whether or not a medical industry specialization is necessary and/or beneficial to support this new market.

Solution

AllOut Marketing used proven market research tactics to provide the company with in-depth market data and help them determine expansion needs by:

• Identifying the critical decision-makers to obtain valid data
• Developing a tailored questionnaire for interviews
• Conducting various in-depth interviews with key prototype customers
• Identifying decision-making influences, product and company awareness, and unmet needs of customers

Deliverables

The engineering company achieved its primary market research goals because AllOut Marketing delivered:

• Statistical data defining the company’s perceived strengths and weaknesses
• The customers’ key deciding factors for selecting a prototyping company
• A refined understanding of the prototyping competition and unmet industry needs
• Expansion recommendations based on research findings

Measurements of Success

Challenging the prototyping company’s assumptions, AllOut Marketing delivered ample market research findings with measurable success. As a result of the market research, the company:

• Saved an estimated $700,000 in unnecessary development costs for medical specialization
• Concentrated its expansion efforts to targeted areas identified in the market research
• Used data to increase customer satisfaction
• Has increased sales with existing medical device customers by 10%