Beyond Features: Unlocking MedTech Success with Value Proposition Testing

In the fast-paced, innovation-driven world of medicaltechnology, a brilliant idea isn't enough. You need to know if yourproduct's value resonates with your target audience—clinicians, patients, procurementor payors. That's where robust value proposition testing comes in. It's aboutvalidating the core promise your technology delivers, going beyond simplefeature confirmation.

Why Test your Value Proposition?

‍

·       Navigating regulatory hurdles. MedTech products face stringent regulations. Value proposition testing can help you understand if the perceived clinical or economic benefits justify the development and regulatory pathway.

·       Addressing complex decision-making: Healthcare purchasing decisions are often made by committees, involving multiple stakeholders with diverse needs. Understanding these is critical.

·       Mitigating adoption risk. Even groundbreaking technology can fail if it doesn't align with existing workflows, patient needs, or reimbursement models.

·       Optimising marketing spend. Refining your messaging based on real-world feedback ensures your marketing efforts hit the mark, saving time and resources.

‍

Developing an Effective Value Proposition

1.  Clearly define your target audience. Don't settle for broad categories. Test your value proposition with specific personas to gain more meaningful insight.
2.  Focus on benefits, not just features. Move beyond technical specifications and explore the “so what?” for your audience. For example, instead of “device with 99% accuracy,” try “reduces diagnostic uncertainty, leading to faster treatment decisions.”
3. Test multiple value propositions. Don't assume your initial hypothesis is correct. Explore alternative messaging and positioning to see what resonates best (conjoint analysis can be very useful here).
4. Simulate real-world scenarios. Present your value proposition within the context of clinical workflows, patient journeys, or reimbursement pathways. This provides a more realistic assessment of its relevance.
5. Emphasise the economic value. Especially when dealing with procurement stakeholders and payors, it is important to show the economic value, like reduced hospital stay time, or reduced readmission rates.
6. Iterate and refine. Value proposition testing isn't a one-time event. Use the insights you gain to refine your product, messaging, and go-to-market strategy. This is a continuous improvement cycle.

‍

SCR's Data-Driven Value Proposition Testing

‍

At SCR, we provide actionable insights to refine your value proposition and maximise its impact. We employ a mix of qualitative and quantitative methods to understand customer preferences, pain points, unmet needs, and emotional drivers. When appropriate, we also measure the relative importance of different value elements, including the willingness to pay.

Our process involves a detailed examination of your value proposition's core elements, ensuring maximum impact:

‍

‍

Ultimately, value proposition testing is essential to successfully bring MedTech innovations to the market. By actively prioritising customer-centricity and rigorously validating your core value proposition, you can optimise your marketing efforts and commercialisation success.

At SCR, we believe in building solutions that resonate deeply with your customers and drive meaningful change. Don't just build a product; build a solution that truly matters. Reach out to us to help you do just that and support your commercialisation success.

Julia Lain, Insights Director, SCR

julia@smartconnectresearch.com

‍