When it comes to developing business strategies for the medtech marketplace, having access to a great deal of market intelligence is key. But to make use of all that information, companies must create an integrated market intelligence strategy that guides their business and product development efforts. By developing a systematic program of intelligence gathering and communication, and leveraging against existing knowledge for data-driven decision making, a company can improve the reliability of market predictions that lead to effective product innovation.
In an article written for MX: Business Strategies for Medical Technology Executives, Rebekkah Carney, Associate Vice President, GfK Market Measures, describes the key features of an integrated market intelligence strategy that can be communicated to leadership and project teams, and be used to improve business outcomes. The article describes the areas a market intelligence strategy should address to enhance decision making – opportunity and threat assessment, customer identification, positioning for success and monitoring progress – as well as the steps to ensure successful implementation.
The marketing of medical and surgical devices requires the same kind of precision and adaptation that goes into developing the devices themselves. Armed with good information, focused expertise and the right instruments, medical device manufacturers can predictably improve outcomes for their products, their patients and their profit.
To download the article, Building a Navigation System for Medtech’s New Business Environment, please click here.
