As publishers of market research information, we are analyzing companies on a regular basis and have seen certain patterns in what successful, and unsuccessful companies do. Here are a few common errors we’ve seen over and over during
the years.
·
Misidentifying the Customer – Healthcare
products operated in a market environment that can make it less than obvious as
to who the customer is. Consumers may use the product, but the providers are
the ones ordering their use. Payers may be the ones pulling the strings.
Administrators or facility procurement managers may have the say on
equipment, tests, forumlaries. To understand market dynamics, one must
correctly identify who is making the buying decision.
·
Assuming Statistics that Don’t Exist – The most
elegant market model or sophisticated scenario analysis will only output data
that is as good as the inputs. Be sure that the variables you want to plug into
your model are data that can be reliably obtained. Like lines diverging from an
angle, models built on estimates built on guesses can leave you pretty far from
the truth. And all the time it took to work out the model may prove to have
been wasted.
·
Overestimating Adoption Rates – Even the most
efficacious technology, the most well validated theory, can take a remarkably
long time to penetrate healthcare markets where everything from entrenched
attitudes among physicians to risk-averse organizations can be a force for
market inertia. In our line of work, some companies were quick to predict more rapid adoption of molecular diagnostics, or EMR software systems, than has actually occurred. Forecasting scenarios must take into account the very
conservative nature of the medical community. (Does anyone know what causes
stomach ulcers yet – isn’t it stress?)
