Strategic Elevation – Optimizing Cardiac Ultrasound Pricing with Perceived Value Mapping

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    In the dynamic landscape of medical devices, a leading cardiac ultrasound manufacturer navigated a strategic journey that redefined its market standing. By harnessing the insights from a Perceived Value Mapping (PVM) survey, the company not only justified a price adjustment but also bolstered its reputation by aligning its ultrasound offerings precisely with the expectations of hospital purchasers.
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    The Challenge

    Faced with fierce competition and evolving market demands, the cardiac ultrasound manufacturer recognized the necessity of gaining a comprehensive understanding of what hospital purchasers truly valued. The challenge was to identify the features that held the greatest significance for these decision-makers and strategically align the product offerings with their expectations.

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    The Approach

    The manufacturer initiated a comprehensive Perceived Value Mapping survey, engaging hospital purchasers in insightful conversations about their priorities. Through meticulous research, the team identified and weighted key features such as imaging clarity, ease of use, portability, and advanced cardiac imaging capabilities.

    The Insights

    The PVM survey uncovered a compelling story – the cardiac ultrasound, despite its competitive pricing, delivered value surpassing its cost. Hospital purchasers consistently highlighted specific features that significantly influenced their decisions. The imaging clarity was praised for its precision, the user-friendly interface was deemed invaluable, and the portability and advanced cardiac imaging capabilities were critical factors.

    The Objectives

    The Strategic Decision-Making

    Informed by these insights, the manufacturer adopted a proactive stance. Instead of viewing a price adjustment as a risk, they recognized it as an opportunity to reflect the true value their cardiac ultrasound brought to healthcare institutions. The decision was grounded in data- driven confidence – the PVM results clearly indicated that the current price did not align with the perceived value as seen by the purchasers.

    The Implementation

    With a strategic mindset, the manufacturer implemented a well-planned communication strategy. Emphasizing the features highlighted in the PVM survey, they communicated a compelling value proposition to hospitals. The adjusted price was not presented as a mere change but as a reflection of the unparalleled benefits their cardiac ultrasound brought to the healthcare landscape.

    The Positive Outcome

    The results were remarkable. Hospitals, upon understanding the meticulous PVM-driven rationale behind the price adjustment, not only accepted the change but also acknowledged the manufacturer’s commitment to delivering unparalleled value. The cardiac ultrasound’s perceived value now harmonized with its price, resulting in increased customer satisfaction, enhanced trust, and a reinforced market position.

    Project Outcomes

    Conclusion

    This case study stands as a testament to the transformative power of Perceived Value Mapping in reshaping market strategies. By embracing PVM data, the cardiac ultrasound manufacturer not only optimized its pricing but also fortified its market position, turning a perceived challenge into a strategic triumph.

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