Summary
A reputed MedTech company engaged Evalueserve to conduct a thorough examination of its competitors. It sought comprehensive analysis and valuable insights to enhance its market position. Evalueserve supported the client in conducting an extensive analysis of competitors through a strategic deep dive through primary and secondary research. In addition, Evalueserve provided comprehensive conference coverage and carried out an in-depth analysis of customer and influencer opinions, including social media monitoring, which produced valuable insights that were crucial for the client’s success.
The Challenge
The company struggled with a lack of understanding of the market dynamics and competitive priorities in the vision care and surgical vision segments. It was having issues compiling comprehensive and reliable data on competitor strategies, product offerings, market positioning, and growth initiatives. This limited understanding hindered the company’s ability to make informed decisions, refine strategies, and effectively compete in the market.
Our Solution
Market & Competitive Assessment
Evalueserve provided the following:
- Market Opportunity Forecasting Model: Evalueserve developed a forecasting model for the client to assess the market opportunity for various types of contact lenses across all the identified geographies.
- Strategic Deep Dives: Evalueserve conducted in-depth analyses of key competitors, covering crucial aspects such as company overview, key offerings, product pipeline, financials, strategic initiatives, and the impact on the client's strategy.
- Competitor Benchmarking: Evalueserve conducted a comprehensive comparative analysis of the financials and product portfolios of key competitors. Market size and positioning assessments were performed across business segments.
- Spin-off Analysis: Evalueserve examined the impact of a spin-off on the competitive positioning of the parent company and spin-off entity, considering market share, capabilities, and strategic focus.
- M&A Analysis: Evalueserve undertook a comprehensive analysis of the M&A activity of the clients’ competitors, utilizing advanced data analytics and industry expertise to identify key trends, target selection strategies, deal structures, and strategic outcomes.
Primary Intelligence Gathered Through Conference Coverage
Here are how our services benefitted the company:
Pre-conference Planning: Evalueserve thoroughly researched the selected conferences, including their themes, speakers, and scheduled sessions. This helped create a roadmap for comprehensive coverage. The client was also given a detailed pre-conference summary report that provided an overview of the conference’s agenda, highlighted key research findings and speaker profiles, and facilitated strategic planning.
Live Conference Coverage and Primary Intelligence: Extensive primary research was used to gather insights on the following topics: the latest technological advancements in contact lenses and surgical equipment showcased at the conference; emerging trends, shifts in customer preferences, and market demands; key opinion leader perspectives; competitors’ presence, activities, and product offerings; and academic and clinical research updates.
Post-conference Analysis and Reporting: Evalueserve conducted an extensive analysis of the conference’s intelligence, delving deep into the information and extracting essential insights and consequential implications.
Perception Analysis
Evalueserve conducted consumer perception analysis using social media platforms such as LinkedIn, Facebook, Instagram, Twitter, and YouTube. The analysis provided insights into how consumers perceive the competitor’s brand, products, and services. This helped the client identify its strengths and weaknesses and make informed decisions about product improvements or brand positioning. The analysis also allowed the client to identify and better understand its target audience. By examining consumer preferences, needs, and expectations, the company could tailor its marketing messages, communication strategies, and product offerings to better align with its target market.
Business Impact
The company leveraged powerful competitive intelligence to proactively anticipate market shifts and gain an in-depth understanding of competitor products, target customers, and unique value propositions. It fine-tuned its product positioning by identifying market gaps and refining strategies. Comparative analysis highlighted strengths, weaknesses, and improvement areas, while analyzing customer and influencer perceptions shed light on competitor brand image. With this comprehensive understanding, the client was able to make informed decisions, adjust plans, and strengthen its market position for long-term success.