How to Gauge Market Demand Outside of Your Client Base
Even if you are an established market leader with a particular product category, you obviously still look to keep growing and find new opportunities.
The problem with achieving this in Latin America is the lack of reliable information that gives you a picture of the market’s demand. Many companies try to explore these opportunities with the tried-and-true method they have available: person-to-person outreach from their sales teams. This works, without a doubt, but it’s also limited.
Fortunately, there is a way to scale up your efforts to understand the market demand for your product—and you may find the results to be surprising. Here are some ideas to do that.
Develop a profile. In the same way that marketers develop profiles of their target clients, a medical device manufacturer can use their existing data to build profiles of their best clients for their particular product.
Research new hospitals with your desired profile. With the proper dataset of Latin American hospitals, you can search out hospitals that fit the criteria that also characterize your best clients.
Don’t stop with just hospitals. With your developed criteria, it could be helpful to think about other types of medical facilities that could use your product. For example, a manufacturer of imaging equipment would naturally want to target imaging and diagnostic centers. Some of these may already be clients but others may be under the radar, especially in Latin America, where data on such facilities can be scarce or underreported. Your business intelligence team or a reliable research partner can fill those gaps and find more of these imaging or diagnostic centers—many of which could very well have a strong need for your product. The same applies to other types of products: it’s a question of identifying other types of medical institutions that could need your products and compile the pertinent data points about them.
Contact us to explore how our HospiScope database and custom research capabilities can help you define new secondary markets for your products and give you a fuller picture of the market demand for your product.