Context:
An emerging startup in Southeast Asia came to NTX Services to develop a Strategic Marketing Plan to enter a target market in the US currently untapped by EEG Headband manufacturers.
Deliverables:
NTX Services used their signature data-driven approach to develop a four phase Strategic Marketing Plan which included the following elements:
- Phase 1: Setting the stage
- Product Positioning Review
- Defining their Mission/ Value Proposition
- A feature based comparison of their headset vs. selected 13 competitor’s products on the market
- A competitive positioning map indicating their positioning relative to these competitors based on average price and technical features
- Target Market Analysis
- Defining the medical use case the manufacturer intended to pursue
- An evaluation of the competitive intensity of the target use case
- Defining the Value Chain for that target use case
- An analysis of whether the target use case was ripe for technology based solutions
- Sizing the Market for that particular use case by Revenue
- Competitive overview of non-neurotechnology based solutions within the selected use case
- Defining the typical Distribution Network in that market segment and identifying attractive distribution channels
- Market Validation with Medical Experts for the selected use case
- Conducted interviews with Selected Medical Experts in the target market
- Delivered insights into the Technical Features, Functional Requirements (for the user), Pricing, Distribution/Sales Channels and Regulatory Strategy based on interviews with these key individuals
- High level regulatory considerations
- Defined requirements for marketing their product in the US at a high level, and recommendations on firms which provide execution
- Defined the path for regulatory approvals based on the expected product classification
- Applied a cost/benefit analysis to their regulatory strategy
- Exploration of Other Potential Use Cases
- Defined one alternate Use Case for the Company to consider
- Sized the market for that particular use case, with a recommendation on which segments were most attractive within the space
- Provided a competitive positioning map including both neurotechnology and non-neurotechnology players in the space
- Recommended a high-level marketing strategy based on trends in that target market
- Provided an analysis of the competitive intensity of that target market
- Analyzed challenges within that target market, and recommended countermeasures to the company to tackle these challenges
- Recommendation of a Use Case to Pursue
- Based on the above analysis, recommended a use case for the company to target
- This recommendation was made in tandem with the company senior management and reviewed by their key investors before moving forward with Phase 2
- Product Positioning Review
- Phase 2: Defining the Target Consumer Segments and Preliminary Sales Plan
- Defining Consumer segments based on demographic and psychographic data
- Analysis of consumer segments and recommendation on which consumer segments to pursue
- Identifying key Distribution Points and Marketing Channels to use to reach a specific segment
- Defining and recommending an Online and Offline Marketing Strategy, including types of content, expected resources required and suggesting KPIs to measure success of the strategy
- Identifying potential commercial partners, including key decision makers at each organisation
- Defining and recommending an optimal distribution strategy to meet company goals
NTX Services is currently contracted to develop Phases 3 & 4 of the company’s Marketing Strategy including an optimal Pricing policy and Go-To-Market Strategy. Updates to follow.