Anticipating product potential
Assessing market potential in the aesthetics industry
A leading international supplier in the aesthetics industry was offered the opportunity of acquiring a license of a new product, but was not sure whether this is a prudent move. GIM’s international market research, with doctors from the appropriate field and potential patients, gave the client the foundation on which to base his decision.
The challenge
The client, a supplier of aesthetic products and treatments, tasked GIM with investigating the potential of the new product from a medical perspective (doctors) and from the point of view of the patient. The goal was to elicit reliable statements of future behavioral patterns. In addition, the client was under pressure to come to a quick decision.
The solution
GIM’s Pharma-Team convinced the client to undertake face-to-face semi-quantitative interviews in four markets (two European, one Asian and one South American). The sample was made up of plastic surgeons and aesthetic dermatologists, as well as potential patients (i.e. people with correspondent medical indications).
GIM’s methodical process ensured that the participants spoke openly about their understanding of the product and its possible applications. With the help of a quantitative survey, GIM were also able to estimate future patient figures and types of usage, which enabled the client to reliably assess the product’s potential. During the interviews, a variety of projective and graphical techniques were employed to allow for reliable and future-oriented response.
In total, 104 personal semi-quantitative interviews were conducted. The length of the interviews varied between one and one and a half hours.
The success
GIM identified clear potential for the new product. GIM was also able to advise the client to position the product with both doctor target groups, post-launch. The supplier acquired the license and took GIM’s recommendation on the placement of their product.