A concept is commercially valuable only if it addresses a problem in a way that is superior to alternatives and satisfies multiple stakeholders involved in its purchase and use. A value proposition needs early validation as it is critical to attract funding and focusing development activities.
Determining and validating the value proposition.
Analysis of competitive offerings.
Quantification of amenable market.
Development of revenue forecasts.
To develop a market assessment we generally take the following steps:
We engage with key stake holders such as physicians, nurses, Value Analysis Committees (VACs), dentists etc. and develop insight into their unmet needs, decision making, and available alternatives.
We couple this insight with Intellectual property assessment, analysis of product use economics and determine if the concept offers value.
Once the value proposition had been determined we use the insights developed and secondary research to develop a quantified estimate of the amenable market generally from the “ground up”.
If the original value proposition is not validated we are often able to identify an alternative proposition which can be pivoted to.