Stretching a Start-Up’s Pre-launch Research Budget
For a medical device start-up company launching a new product, it is critically important to ensure the product’s launch is successful. The most successful launch strategies are driven heavily by voice-of-the- customer insights, as these ensure the launch tactics are appropriately matched for the target users and their environment. However, start-ups often have a limited pool of funds they can dedicate to research and must balance the need for uncovering the key voice-of-the-customer insights needed to inform strategy with their finite budget.
We will describe how a close partnership between a company and their market research provider can ensure efficient research is designed with actionable insights in mind. From both the company and market research partner perspective, this session will address important questions such as:
- How do you design pre-launch research to accurately gauge uptake of a new product?
- How should you design a sampling plan to achieve:
- The most representative findings for anticipated targeting;
- validation of a sales strategy; and
- the most valuable insights?
- How do you keep a pulse on key users after launch?
- How do you effectively disseminate the research findings within an organization to keep them top-of- mind and relevant?
- Effective vendor/client relationship management
After attending this session, participants will understand how to:
- Design research for start-ups to have a substantial impact, especially when budget is limited. This includes not only how to effectively design a survey for potential users of the product but also how to ensure your sampling plan will validate your sales/targeting strategy. We will further discuss how to most efficiently keep a pulse on key product users post-launch by evaluating many metrics in a succinct instrument to optimize your time with this valuable audience: uptake, use, satisfaction, unmet needs/desired product improvements, continued use.
- Design a pre-launch survey to accurately gauge new product uptake and follow-up pre-launch research with a post-launch survey to ensure research pre-findings align with post-experience (e.g., actual uptake data). We will showcase key elements of the pre- and post-launch survey and how they aligned to the client’s objectives and desired insights. Further, we will demonstrate how the post-launch survey validated pre-launch findings and was triangulated with actual uptake data to further corroborate the research. We will also discuss how our co-creative and holistic design process contributed to the success of the pre-launch research and the impact the research had on the start-up company.
- Disseminate research findings to management in client organizations to ensure it continues to benefit the company. Of course, we all present reports of research findings at the end of the research study. But how do you keep it relevant and impactful? In this part of our presentation, the client will give specific examples of the tactics they used and why the pre- and post-launch research continues to be valuable years after it began.