A company without any background in Animal Health was planning to launch a service solution for owners of veterinary clinics. They had a limited understanding of the vet clinics’ structure, the macroeconomic environment and market dynamics of a specific local market.
Publicly available market data was limited, and our client was unable to identify a reliable source of information internally. Also, there was a need for neutral and unbiased feedback from key stakeholders on the likelihood of adopting the new service solution, which they could not get by asking these stakeholders themselves. To ensure a successful launch, our client had to identify and estimate the potential market size, specific customer needs, drivers as well as barriers to adoption. They also needed customer feedback to fine-tune their communication strategy and tactics.
Cost of not finding a solution
Without these insights, the opportunity to enter this major and dynamically developing market successfully would have been at risk. Launching the new service solution could have completely failed or not led to maximizing our client’s return on investment.
PetTrak provided a snapshot of the vet clinics structure, such as geographical distribution by type of clinics, detailed revenues, pet owner behaviors and expenses, trends, etc. In addition, we conducted an online survey of 200 vets to identify their perceptions and attitudes towards the innovative service solution that was introduced in the survey. The survey also generated insights on the likelihood of adopting the new service solution.
The combination of accurate vet clinics data and primary research enabled a data and customer insights driven market assessment, as well as increasing the efficiency of our client’s communication approach. The service was successfully launched 6 months after we provided our data and survey insights.