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Create a confident go-to-market strategy for a new product by determining the right target customer and their motivation to buy.

This healthcare technology company had a new product and a Blue Ocean strategy. The company needed a go-to-market plan to drive down risk and confidently go after the customers that will drive initial market adoption.  However, they were unsure who their target customer should be and how best to market the product.  

After using the full PATH research process, we were able to identify 3 specific markets, give marketing strategies for each, and rank order the markets by likelihood to use the product. They used our data and insights to focus their go-to-market strategy on the most likely area of biggest financial return. 

 
 
 
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Client Impact Story

Finding Customers in a Blue Ocean Market

Our client had a new technological product but did not know how to find their best target customer.

 

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Step One

Identify the Opportunity

The company needed to understand which customers cared most about the value their product could offer. We started by defining and prioritizing their internal hypotheses.


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Step Two

Find the Solution

We then conducted focus groups and had detailed discussions with potential buyers of the product. We took the insights from the focus groups and iterated the hypotheses to create an online survey. The online survey helped to validate and prioritize the unique needs and concerns of each potential customer market.

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Step Three

Take Action

Our advanced statistical analyses determined the customers most likely to purchase the product and how to market the product to those customers. We were also able to give customer experience insights that can help the company improve the UX experience for their customers.


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Step Four

Understanding Impact

The company now has a go-to-market strategy that they can use to confidently present their innovative product to the market.

 

Data Defines Direction.

Our full research program of secondary research, focus groups, and digital surveys determined the best markets for their product and unique marketing strategies for each customer segment.

 
 

key insight One

The Riches Are in the Niches

The product is highly innovative and uses advanced technology that specific segments of customers will find appealing.  

5 blue diamond shaped points are spread along a graph. The x-axis is labeled "Attitude Towards Product". Y-axis is labeled "Motivation to Buy Product".

key insight Two

Personalization is Key

Each customer segment has its unique concerns about the product that the company can easily address in their marketing campaigns.

A bar chart with 3 separate variables labeled across the x-axis: "Ease of Use", "Availability", "Cost". Each group has 3 bars, each bar representing a customer group. Group 1 is a blue bar, Group 2 is a green bar, and Group 3 and a grey bar.

key insight THree

Marketing Strategies Customized for the Target Audience

Across all potential customer segments, there were clear keys to adoption of the product. The company is able to focus their marketing campaigns on these key data points.

 
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Reflection.

It is difficult to enter a Blue Ocean Market. For a company to be successful, they must understand which customer segments are likely to try their new product and how to market to these segments. Many companies look for large customer segments thinking they will achieve a quicker return on investments, but the opposite can be true – the riches are in the niches. Finding the right niches and customizing marketing campaigns to their unique wants and needs is key for adoption of a new product. When the niches like your product, they help you bring it to the masses. 

Women in front of see-through board with sticky notes one it. A group of people stand behind her smiling.