Our Solution:
The major point of the company was faulty product analysis. Research Nester analysts suggested a change of strategy for the product analysis of the company. In fact, to boost further growth and profitability the medications could also be promoted as therapeutic services or bioanalytical testing services, where customers could pay a subscription that covered both the use of the product as well as associated services. Recurring revenue would be more valuable than one-time revenue as it would enhance customer loyalty. However, Research Nester consultants also analyzed that for the above business model to work the products should earn the trust of the users. In other words, the customers shall only be willing to pay a subscription if they find the hardware and related software worth the price. The following strategies were suggested by RNPL analysts-
- Firstly, to clearly define the objectives regarding the functionality and analysis of the product.
- Secondly, to establish a dedicated and specialized team with adequate knowledge and skill sets for analyzing the product.
- Thirdly clearly outlining the methodology of product analysis and consistently and carefully evaluating and improving it as per the product requirement.
- Fourthly, establishing a well-structured and standardized analysis that covers all relevant aspects of hardware and software evaluation and their mutual compatibility.
- Fifthly, documenting the analysis of all products for future reference and better decision-making based on the analysis outcomes.
- Finally, evaluating the product from the user’s perspective, the experience and satisfaction a customer can achieve while using it.
The company incorporated the above strategies to finally achieve its targeted business objective.