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Market Research and Analysis for Product Launch

Market Research-Culture Shift Team.png

Client: Confidential

Dates of project: 2023 - 2024

Type of Project: Market Research and Analysis 

 

Background:

Culture Shift Team was commissioned to conduct market research and analysis for a client launching a new product tailored to non-profit organizations serving underrepresented communities in the U.S. The COVID-19 pandemic highlighted severe health disparities, underscoring the importance of involving these underserved communities in clinical research. Nonprofits working within these communities face significant hurdles due to the complexity, expense, and technical demands of clinical research tools, coupled with stringent regulatory requirements. These organizations often lack the necessary resources, expertise, and technical knowledge to effectively adopt and utilize such sophisticated tools.

Approach:

Identifying Alignment and Target Audience. CST began by thoroughly understanding the client's goals, the distinctive features of the product, and the potential target audience. A comprehensive list of non-profit organizations serving minority populations throughout the U.S. was compiled. The team then analyzed how the product features aligned with the various missions of these potential non-profit partners, considering their values, as well as the specific needs and interests of their stakeholders. This strategic alignment was crucial for conducting thorough market research and ensuring the product's resonance with the identified non-profit partners and their diverse stakeholder communities.

Methodology:

Culture Shift Team developed a three-step approach for market research, analysis and reporting.

A.  ANALYZE THE COMPETITIVE LANDSCAPE THROUGH BENCHMARKING AND MARKET INSIGHTS

  • The competitive analysis identified which products were direct or indirect competitors and benchmarked the functionality of each competing product.  

  • The analysis also addressed the ways that resource-constrained nonprofit organizations engage with competing products and resources. Data inputs included research, benchmarking, market analysis, and a baseline survey conducted with the target audience. 

 

Benchmarking Against Industry Standards

  • Given the complex nature of academic or clinical research, CST benchmarked the industry standards for compliance, privacy, and consent.

  • The analysis also included performance metrics, partnership models, and success indicators.

  • CST identified best practices within similar projects or partnerships, gathering insights on what worked well and lessons learned as well as common pitfalls to avoid.

 

Competitive Analysis

  • Market Positioning: CST analyzed direct and indirect competitors, assessing their strengths, weaknesses, and market positioning.

  • Product Differentiation Strategy: CST recommended a strategy for differentiating the product in the market, leveraging the non-profit collaboration as a unique selling proposition.

 

B. TARGET MARKET ANALYSIS OF RESOURCE CONSTRAINED ORGANIZATIONS

  • CST created target market profiles for potential buyers 

  • CST conducted qualitative research to uncover perceived value of the solution and to identify ranges of price sensitivity

  • Managed and implemented outreach to target audience for qualitative and quantitative research

  • Achieved an 9% response rate of an online survey Led one-on-one interviews to deepen understanding of market perceptions and key themes that nonprofits face in adopting new technology

  • Conducted focus groups for qualitative data collection

  • Analyzed and interpreted all quantitative and qualitative data to identify patterns and actionable insights

  • Developed a SWOT analysis to evaluate market landscape and potential strategy

 

C. REPORT OF FINDINGS & RECOMMENDATIONS: VALUE PROPOSITION AND MARKET POTENTIAL

  • CST provided a series of Summary and Presentation Design

  • Detailed Reporting: CST delivered comprehensive reports detailing the outcomes of the benchmarking, competitive analysis and differentiation, market opportunity and recommendations for product launch.

  • Feedback on Investor Pitch Deck: CST was asked to review investors' pitch deck and advice on which aspects of the market research to include.

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