Understanding drivers of medical equipment purchasing
A major global medical equipment manufacturer engaged MedPanel to investigate drivers of medical equipment purchasing in specific departments. The client also had limited understanding of customer touch-points for service, upgrades and accessories during product life cycle. The challenge was to learn what customers' value in the equipment and how to best meet their needs. The client asked that we focus not on the initial purchase but to quantify the touch-points for service, training and additional products following the end of the warranty period.
We conducted a three-phase project. Phase I was an online discussion with CXOs and Department Directors across the U.S. to understand their challenges and values. In Phase II we conducted in-depth telephone interviews seeking to further drill into the findings from the panel and develop an understanding of different levels of customer values and buying behavior for supporting products and services for the equipment over its lifetime. Phase III utilized the information from Phases I and II to quantify the market opportunity for additional products and services during the equipment's life using an online choice based conjoint (CBC).
Results & Impact
MedPanel created behavioral segmentation of purchases based on values and preferences. Our research was presented as a component of the business unit’s strategy review presentation to executive management. This work supported the expansion of service offerings tailored to customer need to drive revenue growth.