Medical Software Company Averts New Product Disaster

A leading medical software company developed a new product that tracked donated blood from donor to hospital. Scheduled for release in a few months, the company needed to identify an appropriate price.

The Problem

A leading medical software company developed a new product that tracked donated blood from donor to hospital. Scheduled for release in a few months, the company needed to identify an appropriate price.

The Solution

Price Point Partners developed a plan centered on a value equivalency model that identified perceived price versus perceived benefits. Using market research, our price consultants identified key buying factors and competitive value offerings to help price-position the new product. The research included a detailed ranking of product features versus specific user needs and compared them to competitive offerings. The results were surprising.

The Results

The new product filed to meet some basic performance criteria required to successfully compete in the market. Pricing the new product in its configuration became irrelevant and product design became the critical success factor. In the end, a potentially disastrous product introduction was averted. The client was able to later enhance the product performance and positioned it well to compete in the market.

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