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  • What is Concept(s) Testing/ Evaluation-

 

Concept testing is a research methodology that involves asking customers questions about a company’s concepts and ideas for a product or service, which allows the company to gauge customer acceptance, price sensitivity and willingness to buy prior to launching the offering in the market.  Concept testing provides companies with in-depth insights about preferences for specific features and capabilities, as well as direction on pricing and market positioning.

  • When to use Concept(s) Testing/ Evaluation-
    • At the exploratory phase à this phase happens early in the conceptualization of a new product or service, and is used to determine early on if the product is viable enough to move forward from an idea to a fully developed concept.
    • At the detailed concept check phase à in this phase, a detailed description of a concept, its capabilities and benefits are tested with customers to assess their preferences and purchasing intentions. This phase is also when a company may test multiple concept options to determine which concept has the best opportunity in the market.
    • At the maturity or post-launch phase à this phase allows companies to assess market acceptance and opportunity of an additional feature added to an existing product or service
  • Why use Concept(s) Testing/ Evaluation
    • To gauge market potential à . Concept testing determines if a company’s target market values and would be willing to purchase the new solution, and gauges market readiness by understanding the concept’s ability to meet the market’s benefit requirements and expectations.
    • To refine the idea/concept à Concept testing enables companies to understand customer preferences and to determine which features should be prioritized and deprioritized.
    • To understand critical targets or market segments à Concept testing allows a company to test it’s idea or concept with different target customer segments to determine which segments see the most value in the solution and have the highest probability of purchasing the product or service after it is launched.

 

  • How is Concept(s) Testing/ Evaluation done: Concept testing can be done using different methods depending on the number of concepts to be tested
    • Monadic testing à In monadic testing, the full research sample is split into multiple groups, and each group is introduced to a single concept. Responses from each group are then compared to determine which concept is most likely to be successful in the market..
    • Sequential monadic testing àSimilar to monadic testing, in sequential monadic testing, the sample size is split into multiple groups. However, in sequential monadic, each respondent is asked to give their opinion on multiple concepts rather than just one
    • Comparison testing à In comparison testing, each respondent is exposed to more than one concept and asked to either rate these concepts or select the concept which they prefer.
    • Proto-monadic testing à This test is a combination of sequential monadic testing and comparison testing in that order. The respondent first evaluates both the concepts and then is asked to choose one concept which he/she prefers.
  • What is Unmet Need Validation- Unmet need validation is a tool to validate the need gaps unsurfaced during the Unmet Needs Identification exploratory phase
  • When to use Unmet Need Validation – Unmet need validation is usually done post the initial phase of identifying the potential opportunity areas. It is done during the new product development,maturity or post-launch phase
  • Why use Unmet Need Validation:
    • Proof of market à Unmet need validation allow companies to determine if they are addressing the market’s most revelent needs, and if there is a substantial market for the unmet need they are trying to address.
    • Proof of product à Proof of product validation needs to be done on technical, operational, logistical aspects, etc., and to ensure that it is feasible for the company to address the unmet need of the market.
    • Proof of utility à Proof of utility validation is needed to determine whether the solution will be appealing enough to customers, what the adoption curve look like, and customers’ willingness to buy. It also allows the company to validate if the solution for the given need is scalable
  • How is Unmet Need Validation done: There is a three-step approach for validating the unmet needs.
    • Prioritizing the unmet needs à Multiple needs are typically uncovered during the Unmet Need Identification phase. This validation step captures customer feedback on the priorization/importance of each need, which allows companies to narrow the list to those that are most common unmet needs in the market.
    • Effect of the unmet need àOnce the number of needs has been narrowed down to the highest priority requirements, companies also need to determine why each need is considered important, and the expected benefit the customer will expect to gain if the unmet need is met with the new product or service. D
    • What has been tried to address the need à This step provides companies with an understanding of what solutions customers and competitors have already done to attempt to fullfill the unmet needs identified. This will provide a direction on what may work or what may not

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What is U&A research-

U&A research is a methodology that helps a company to measure buying patterns, product preferences and unmet customer needs in order to determine which product to offer, which market or segment to target, and which channels will be most successful.  The primary objective of a U&A research study is to identify white spaces in the market and market gaps that could potentially be served by a new or existing product or service.

U&A studies generally have market-wide coverage and normally provide a large number of customer and market insights, such as frequency of purchase, frequency of use, attitude towards product/service/brand/ technology, and strengths and weaknesses of offerings.

When to use/conduct U&A research –

U&A research is usually conducted when a company has knowledge gaps in areas including the market opportunity, brand perception, product opportunity, customer or market attitudes, behavior, needs and segments.

Why to conduct U&A research-

  • Inform market positioning strategy
  • Segment your customers basis their demographic/ psychographic attitudes
  • Profile users and non-users of targeted product/service
  • Understanding of the competitive landscape
  • Identification of current barriers / issues faced by the market
  • Understanding about a new market and barriers to entry
  • Ideas on how to improve a current offering or identify new opportunities for innovation

 

How is U&A research done- U&A studies are typically done using customized qualitative and quantitative approaches on an ad-hoc basis.

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What is Patient Journey?

Patient journey represents the entire sequence of events that a patient experiences within a given healthcare system or across providers, from scheduling an appointment for a regular check-up to receiving treatment for an illness or injury. .It identifies patients’ most significant issues with physicians, medications and care takers.

Patient journey research encompasses patient flow (how patients move through the process, from symptoms to treatment decisions) and patient experience (how patients are influenced and what they need throughout the process).

Cetas Healthcare’s syndicated research provides a deep dive analysis in the patient journey based on a 5Ps Model:

 

  1. Patient: An in-depth information on the patient journey starting with the referral pathway (first point of contact, emergency triage, self referrals, etc.)
  2. Physician: Specialists involved in treating the patient and their role in diagnosis, staging, treatment planning and treatment. Information is also provided in detail on the key selection criteria by physician for treatment decisions based on a comprehensive qualitative assessment.
  3. Provider: Healthcare infrastructure of the region for the treatment of a particular condition. Includes information on number of hospitals (by urban vs. Rural, primary vs. Secondary vs. Tertiary facilities, cath labs, Ambulatory surgery centers, office based labs (OBLs) etc.)
  4. Payer: information on the insurance models across regions with insights on the reimbursement policies. Information will also be available on recent policy changes, market trends and their impact on interventional therapy uptake.
  1. Policy: Provides a detailed understanding of the key healthcare policies including an insight on the recent impact of COVID 19 on the distribution and supply chain networks across regions. The section also provides information on the treatment guidelines for the indications covered under the scope of each report.

 

All of this information together provides companies with  a clear understanding of a patient’s Care continuum.

 

How is it performed? – Patient Journey research is typically conducted using  qualitative research methodologies, such as in-depth interviews  to explore the Hows, whats and Whys of patient treatment pathways. Information is captured from multiple respondent types involved in the patient journey, such as physicians, nurses, pharmacists, and the patients themselves.

Why is it performed?

Patient journey research is used by companies to support all phases of the product life-cycle. It provides companies with insights into patient experiences during diagnosis and treatment in a healthcare facility..

 

  • What is Unmet Needs Identification- The primary goal of product and service innovation is to create solutions that address unmet customer needs. Unmet need identification is the process of determining technical and non-technical customer requirements that are unfulfilled by current products or services available in the market.

 

  • When to Use Unmet Needs Identification – Unment needs identification is used in multiple product and service development stages, including the exploratory phase, maturity, or post-launch phases of a product life cycle.
    • At the exploratory phase à By understanding unmet needs, the company can focus its efforts on developing a new product or service to address these needs. It also helps in identifying needs which are most important to address and which have an impact on a larger group or target segment.
    • At the maturity or post-launch phase à Identifying unmet needs allows the company to modify its offering by adding additional features during a product or service’s maturity phase, allowing the company keep current and new customers satisfied by meeting their evolving requirements.

 

  • Why use Unmet Needs Identification
    • Companies spends a significant amount of time and money when developing and introducing new features in current offerings or launching  new products. In order for these new solutions to be successful in the market, they need to ensure the new offerings address the current market needs and resonate with current and new customers.
    • Conducting unmet needs identification also ensures that companies don’t spend time and resources developing features or products that are not required by the market.

 

  • How is Unmet Needs Identification done: There are multiple approaches to identify the unmet needs:
    • Using existing customer data à leveraging existing customer data is anefficient way of identifying unmet needs if it is available. Purchase history, reviews, customer support chat logs, past surveys can prove to be a gold mine of information that provides insigyhts oncommon challenges and pain points faced by customers
    • Stakeholder and customer interviews à Company stakeholders who are directly in contact with customers, like sales representatives and support staff, can provide rich insights on customer unmet needs and identification of product and solution capability gaps. Additionally, in-depth interviews with customers help in identifying the unmet needs and determining what can be done to enhance the customer experience
    • Mapping customer journey à A customer journey map provides a comprehensive view of each step in the process that customers go through while interacting with a product or service. Understanding these touchpoints is critical in identifying opportunities for customer retention and acquisition
    • Ethnographic research à This involves observing a customer’s habits and interaction with a product or service, which enables the identification of unmetneeds
    • Competitive Analysis à In-depth knowledge of competitor solutions available in the market and how they meet customer need requirements is essential to identifying unmet needs and solution gaps in the market.

What is BHT research- Brand health tracking is a research program focused on the ongoing measurement of a company’s branding metrics, such as brand awareness and perception, saliency and purchase consideration, in order to determine brand health and identify opportunities to maximize the success of marketing campaigns and increase sales and market share.

When to use/conduct BHT research

Companies typically conduct BHT research when they are focused on managing and improving their brand performance in their market, measuring the impact and return of branding initiatives, and gauging branding and marketing campaign effectiveness.   

Why to conduct BHT research-

  • Track KPIs like Awareness, Trial, Usage, Preference/market share, Loyalty and Perceptions on regular basis
  • Benchmark and compare your brand to competitor brands
  • Understand functional & emotional benefits
  • Measure Campaign/ message effectiveness

How is BHT research done

BHT research can be conducted using multiple techniques, including social listening, focus groups, qualitative interviews and quantitative surveys.

These studies are typically run on an ongoing basis, either annually or multiple times throughout the year based upon the dynamics of the customer’s market.

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  • What is pricing research– Pricing research provides a company with the information it needs to make informed pricing strategy decisions based on customer and market feedback. It allows companies to understand and predict a customer or market’s sensitivity and response to price changes for an existing product or service, and helps to inform the price setting strategy for new products and services during the development phase.  When to use pricing research- Pricing research is beneficial for a company during various stages of the product life cycle. ,
    • At the exploratory phase à to assist in understanding the business potential for the product
    • At the detailed concept check phase à where you want to understand likely uptake at different price points
    • At the maturity or post launch phase à to monitor/ increase the update of product vs competition

 

  • Why to use Pricing Research
    • understand and optimize pricing strategy
    • capture insights on market or customer price sensitivity and elasticity
    • Determine a company’s profit margin as well as market share.
    • predict a market or customer’s response to price changes
    • It is essential to help determine the future of product/ technology in the market

 

  • How is Pricing Research done: While there are many approaches to do a pricing strategy research, five different methodologies generally emerge:

 

  • Van Westendorp/ Price Sensitivity Meter (PSM)– this methodology is typically used for gauging consumers’ price expectations for a finished product, often an existing product in an established category. The technique uses open-ended questions combining price and quality, and enables a company to see a range of prices that are acceptable for a product or service in the market , and to gauge customer price sensitivity as the price rises. Van Westendorp/PSM is typically used when a company is planning to introduce a new or substantially different product or service where there isn’t an existing reference point for the price.
  • Gabor-Granger Technique– The Gabor-Granger methodology is based upon asking people the likelihood of their purchasing a product or service at different prices. It is most useful when marketer has a price range in mind and wants to understand the uptake at specific price points.

This model results in a demand curve for the product that shows the percentage of respondents interested in buying at each price point, allowing a company to estimate willingness to pay for the product, as well as revenue-optimizing price points ,.

 

  • Conjoint Analysis– Conjoint is a technique that is typically used to help a company determine optimal product or service configuration to drive price and revenue objectives.. Conjoint is helpful because it simulates real-world buying situations that ask respondents to trade one option for another, and helps to create market models where share, revenue and profit can be projected. Conjoint analysis also produces a model of buyer decision making that can be used to simulate multiple possible market scenarios, and provides more accurate assessment of price sensitivity and preference share than other pricing methodologies.
  • Max-Diff Analyisis – This methodology is a statistical approach for obtaining preference or importance scores for multiple items, such as offering features and pricing models. This technique forces customers to make trade-offs, instead of using rating scales, which provides highly differentiated results across all items being tested. It is also considered to be an easier methodology for the respondent than the more complex conjoint analysis method.

 

  • Price Value Perception (PVP)– PVP is a pricing technique which sets prices, based upon the value perceived by the customer rather than a product or service’s actual cost. This methodology is useful if a company wants to understand the price range for a new product, relative to existing products in the market and the value that market associates with the product.

 

  • Methodology- Pricing research generally needs robust sample size, is often done in combination with concept testing research. While pricing studies are most typically done using quantitative research, they can also occasionally leverage qualitative techniques, such as Van Westendrop and Gabor Granger methodologies.

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What is Naming Research?

Naming research is a process done to determine the best name for a product, service, or solution. Research is conducted to understand if the name resonates with a target market of segment.

Why is it performed?

  • Naming research helps companies streamline the naming process and provides unbiased direction.
  • It also identifies any potential areas confusion and validates whether the name is differentiated in the market.
  • Naming preferences and perceptions by job responsibility, geography and company type allows companies to determine which name options resonate most with specific market segments

. A good mix of ranking and rating scales is used when understanding the usage dynamics for a specific name for your product/ service/ feature.

When is it performed?

Naming research is generally performed before launching a new product or service into the market. Prior to launch, a naming research study is conducted to identify the name that resonates the most with a company’s target market.

How is it performed?

Qualitative Research à Naming research usually begins with  qualitative research to capture in-depth customer feedback on attitudes and perceptions towards naming options in order to determine how, what and why a specific name connects most with the market.

Quantitative Research à Namingualitative research is typically followed by a quantitative study in order to rank or rate potential names for solution. Quantitative research enables a company to understand naming aspects such as:

  1. Preference level for a name/ terminology – by means of ranking or rating scale
  2. Likelihood of the name influencing the purchase dynamics
  3. Frequency of purchase
  4. General attitude towards the product when associating with a specific name
  5. End user’s association of the chosen terminology with the brand (manufacturer)
  6. Emotional, functional and exploratory attributes associated with the terminology 

What is Message testing?

Message testing is a research process that allows a company to analyze different variations of marketing messages to determine which are most effective and have the highest level of impact on a target audience.  Message testing helps a company to identify the optimal way to conveying a marketing message when promoting a new or existing product or service.

Why is it performed?

With the growing competition in the medtech industry, it is imperative to ring the right bells with the customer that is, convey the right message to the client when promoting your product/ service, lest risk losing a potential or existing client.

When is it performed?

Message testing research is generally performed when there may be an existing product in the market with a strong competition and the manufacturer aims at providing certain improvisations on this product/ application. The marketing message in such cases are designed to understand if the added services would cater to the existing unmet needs.

How is it performed?

Message testing research leverages both qualitative and quantitative approaches to arrive at the messaging that resonates the most with a target market.. The two main types of testing generally used are A/B and multivariate methodologies.

  • A/B testing: tests an “A version” of a marketing message versus a “B version” of the message where there is one changing variable.
  • Multivariate testing: Similar to A/B testing, but involves testing multiple changing variables.

Qualitative Research à Qualitative research allows a company to explore message acceptance, message gaps, message differentiation and willingness to adopt.

Quantitative Research à A qualitative approach is typically followed by a quantitative study In order to capture insights on the message clarity, effectiveness, differentiation, end user associations and preferences.

 

 

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What is ad testing research?

Ad testing research is an evaluation of an advertisement before it is launched to answer one question: “How do we make this advertisement more effective to our customers?” It is done by displaying a series of advertisements (that can be in the form of an infographic, video, website, etc.) to the target customers and asking for their feedback on each.

These tests can be performed on the entire advertisement or certain sections, and feedback is gathered on anything ranging from the uniqueness of the ad to its credibility amongst the target audience.

When to use ad testing research?

Ad testing research is typically conducted before the launch of an advertising campaign to predict its effectiveness. It helps companies understand how customers will respond to an advertisement and the changes required to better align with target customers.

Why use ad testing research?

Ad testing allows companies. to ensure that their advertisements tap into customers’ interests, and minimize any intrusion by measuring the advertisement impact and evaluating improvements that will make the ad more effective

How is Ad testing research done?

A standardized process for Ad testing is based and identified based on the elements to be tested, such as headline, imagery, and format. Typical methods utilized to perform Ad testing are:

  • Monadic survey: Each respondent is asked to provide input on a single stimulus.
  • Sequential monadic survey: Each respondent is shown two or more stimuli and answers identical questions about each one.

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  • What is Concept Validation – The concept validation test is to assess if the product developed meets the design goals. This assessment includes checking on parameters like usability, reliability, robustness, performance, and maintainability to name some. This test aims to check how close is the final product on functionality and performance from the originally set expectations. Thus, the product being tested must be as close to the actual product as possible. This includes the packaging, documentation, and production processes

 

  • When to use Concept Validation – Concept validation is looked into only after the initial phase of concept evaluation. It is usually conducted late in the development process.

 

  • Why use Concept Validation
    • Better concept evaluation à During the concept testing, the customers are exposed to a rough idea. A lot of things are left to their imagination and interpretation. Hence, it is considered a better idea to expose the customers to the actual product made based on the concept. With an actual product to evaluate, the customers are better equipped to give more detailed and critical feedback. It’s important to note that if a concept is not a right fit and is launched in the market it will neither benefit the customers nor the manufacturer and thus concept validation is a very crucial step
    • Better utilization of resources à Exposing the actual product based on the concept to a small group before doing a full launch can help the company save a lot of cost and time. Concept validation allows the stakeholders to understand if the actual product is a hit or miss. Thus, they can make necessary changes before mass producing it resulting in cost saving

 

  • How is Concept Validation done: To perform a concept validation, we must go back to the goals and hypothesis we considered while we developed the concept. We need to confirm if the concept is meeting the goals initially set to be achieved for the right market and right target group. This can be done using quantitative research wherein we ask the target audience to rate the final concept on a variety of set parameters crucial in achieving the research objectives
  • What is Value Proposition Development- Value proposition refers to a clear, concise, compelling and differentiated story or message of how the benefits of a company’s product or service meet the unmet needs of a customer or market.
  • When to use Value Proposition Development – At stages like the exploratory phase, maturity, or post-launch phase of a product life cycle, the value proposition development can be helpful
    • At the exploratory phase à While entering a new market, the value proposition can help the company understand if the market needs the company’s products or services or not. It can help the company modify its offering based on the market dynamics or customer needs
    • Testing market – product fit à The value proposition can help in identifying the best product-market fit. It helps in giving the company a correct market understanding and thus helping it to develop the right product which meets the market needs. This in return assures higher satisfaction for customers and greater success for the company
    • At the maturity or post-launch phase à The value proposition can be used when a company is planning to add a new feature to its existing product. It helps in identifying the current need gap and help identify the most crucial feature that the company can focus on. The inclusion of this feature may help the existing customers and thus also help in gaining more customers in the future
  • Why use Value Proposition Development
    • One crucial part of the company’s business strategy is the value proposition development. It’s important as it is a tool that facilitates the company with the right approach to influence customer decision-making
    • Value proposition development is a powerful tool, especially when it comes to driving the marketing front of the company. A robust and compelling value proposition can help drive sales and build a customer base
  • How is Value Proposition Development done: In value proposition development, the customers are exposed to different hypothesis statements based on what the company wants to offer. The customer is then asked to rate the value/outcomes based on what they think the concept will offer. These can be clinical, financial, and/or operational outcomes. A Likert scale can be used to assess the different parameters

What is market sizing and forecasting?
Market sizing is necessary for a company to understand their target market size and market share.. Forecasting involves estimating market growth based on various macro and market dynamics in order to estimate market size and share for the next 3 or 5 years

Market Sizing involves estimating:

  1. The potential available Market (PAM) in terms of the overall no. of patients, procedures, tests that can be done if there were no market constraints.
  2. The size of the Total Addressable/Available Market (TAM) in terms of volume (no. of procedures, tests, equipment, consumables, devices, etc.) and value ($)
  3. The size of the Serviceable Addressable Market (SAM) (SAM represents the market we can actually reach with our sales team, resellers, distribution channel partners, etc.)
  4. The Share of the Market (SOM) (the portion of the market we actually expect to capture with our brand/product offerings) 

Why is Market Sizing and Forecasting done?

Market Sizing and Forecasting is done to accurately estimate the size of the market,the obtainable market share, and the level of investment required, and also helps companies to allocate budgets appropriately, and informs strategic planning for the upcoming financial year.

When is Market Sizing and Forecasting done?

  1. If you are an upstream marketing manager/product manager and have a final product concept that you want to develop and launch in the market but want to size the market opportunity and share before going ahead with product development
  2. If you are a regional/country manager or a down-stream marketing manager and are planning to enter a new market with existing players and want to evaluate the market opportunity and share to estimate the marketing spends required
  3. If you are an investment firm and want to validate the market opportunity and share before investing in a technology or a company
  4. If you are a marketing manager/director and are looking for investors or partners and want to validate the market opportunity and share for valuation purpose
  5. If you are an upstream marketing manager/product manager and want to evaluate a potential M&A opportunity of a specific technology for valuation purpose
  6. If you are a regional/country manager or a downstream marketing manager who is already in the market but is struggling with market share and want to re-evaluate the market opportunity and competitive landscape.
  7. And many more….

How is Market Sizing and Forecasting performed?
Market Sizing and Forecasting is performed by building  robust market models, taking into account various macro and market-related factorsThere are two approaches to building market sizing models:

  • A top-down approach – a simple approach conducted by collecting total sales and revenue of all players in the market
  • A bottom-up approach – a more robust approach that highlights opportunity areas by collecting facility and segment data and then extrapolating for the overall market
  • Market Forecasting approach – The drivers of demand in each segment are forecasted and projected based on how and by how much are they likely to change in the future. Sensitivity analyses and what-if scenarios are conducted to understand the most critical assumptions and to gauge risks to the baseline forecast.

 

 

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