Monday, March 10, 2014

Marketing Claims Research

Happy March readers! Spring break is just around the corner and after a busy midterms season, I’m in need of some time off. This semester has been as hectic as my other three but I can see the finish line in sight. I can’t believe I’ve only got two months left at school, time has flow by!

So far this semester my TI:GER project has been focused on creating and ranking marketing claims for an biotechnology start-up. While there are claims that any medical device company needs to make in order to achieve FDA approval (efficacy and safety claims), there are also a wide array of other claims such a company would like to be able to make for marketing purposes.

Through our team’s research of competitor companies, we generated a list of claims that other medical devices in our field used to distinguish themselves from the current technology. This process involved going to competitors websites to find the claims and then reading the actual studies that were undertaken to back up these assertions. Most start-ups need to be lean and make sure their money is spent in the most effective way possible. By understanding not only what claims were being made in the market, but also the underlying testing required, our team was able to develop a cost vs. claim table.

After we generated our unranked list of claims and associated tests, we met with our client to determine next steps. Our client was pleased with our progress but needed our team to go the next step and rank our recommendations. These rankings were done in concert with the client as well as through competitor research. Our final deliverable was a set of the top 10 claims the start-up should test for in order to truly differentiate them in the market.

The next step is to vet these claims with current users of the technology. The next phase of our project (market entry analysis) will provide our team with ample time to speak to actual users and discover what would be the most important factors to them when considering changing technologies. Phase one of our project has been a blast and I’m excited about the next steps!