A leading provider of patient financing for healthcare procedures planned to expand its offerings into other market segments. It targeted a growing segment with a large volume of high dollar procedures, but lacked the in-depth analysis of the market’s perspective that would enable it to enter the market efficiently and with confidence. Further, the client wanted to estimate the revenue opportunity of expanding offerings.
Focus groups were conducted with doctors and treatment coordinators to develop and refine competitive, decision-making, and needs hypotheses. In-depth quantitative interviews were administered via telephone to address topics such as current usage, unmet product and support needs, and attitudes toward accepting and offering financing.
Survey results were integrated with key metrics from syndicated industry data to provide market size and growth estimates. Market segmentation identified the most profitable target markets for the new product.
The client made a data-driven go/no-go decision with respect to this new market segment, based upon an informed view of bottom-line impact.