Overview
After successfully serving a leading global medical device company in different segments to stay abreast of their close competitors through extensive competitive (CI) monitoring, Evalueserve was internally recommended to their orthopedic department to conduct customized competitive intelligence programs in the orthopedic space on Insightsfirst. The segment particularly wanted to analyze the gaps in their portfolio (in comparison with the competitors) and then devise a strategy to fill this gap.
Our Solution
Evalueserve implemented Insightsfirst, a competitive intelligence program, and provided additional research for contextualization, to help this client reach their goals faster. Using Insightsfirst, the client was able to get:
- Continuous Competitor Monitoring Support
- Regular alerts and updates on key competitor activities including new product launches, regulatory approvals, partnerships, M&A, executive movements, investments/ fundings, and more.
- Regular monitoring of regulatory approvals, product recalls, conference intelligence, clinical trials and crucial deals indicating the strategic focus of the competitors. Deducing insightful monthly reports outlining the impact of each event.
- Quarterly Insight Reports consolidating key events and activities with respect to the target competitors during a quarter, along with a brief analysis around different themes – Competitor growth strategies, Portfolio expansion strategies, Pipeline analysis, Business expansion trajectory, Marketing focus.
- Deep dive into the company financials, strategic milestones and activities, marketing and promotional moves, GTM strategies, SWOT analysis of key competitors to gain a detailed outlook. Competitive benchmarking is also conducted on critical performance indicators to assess the relative positioning of the competitors.
Business Impact
- The regular monitoring and alerts helped the client keep a close watch on key competitor activities, letting them assess any threat and devise mitigation plans
- Monthly and quarterly insights along with account intelligence report aided the client in evaluating the strategies of the competitors in terms of organic and inorganic expansion. The findings of these report helped client’s leadership team to determine the focus areas of the competitors and re-prioritize client’s business strategies
- Information dissemination through a visually appealing and interactive dashboard enabled the client to access easy-to-consume real-time intel of competitors with a self-service functionality