Strategic Elevation: How Perceived Value Mapping Optimized Cardiac Ultrasound Pricing

Posted by Cetas Healthcare on February 13th, 2024

Introduction:

This case study, conducted at Cetas Healthcare delves into the strategic journey undertaken by a leading cardiac ultrasound manufacturer. It explores how the company used Perceived Value Mapping (PVM) to redefine its pricing strategy and align its product offerings with the expectations of hospital purchasers, ultimately enhancing its market standing.

The Challenge in Cardiac Ultrasound Market

In the highly competitive and evolving world of medical devices, a leading cardiac ultrasound manufacturer faced a significant challenge. With fierce competition and changing market demands, it was crucial to understand what hospital purchasers truly valued. Identifying and aligning with the key features most significant to these decision-makers was essential.

The Approach: Perceived Value Mapping (PVM)

To address this, the manufacturer conducted an extensive Perceived Value Mapping survey. Engaging in in-depth discussions with hospital purchasers, they focused on understanding priorities and preferences. This meticulous research helped in identifying and prioritizing features like imaging clarity, ease of use, portability, and advanced imaging capabilities.

Insights from the Survey

The PVM survey revealed an interesting narrative: the cardiac ultrasound equipment, despite competitive pricing, offered value that exceeded its cost. Hospital purchasers emphasized features like precise imaging clarity, user-friendly interfaces, portability, and advanced imaging capabilities as key decision influencers.

Strategic Decision-Making

Armed with these insights, the manufacturer adopted a proactive approach. Viewing a price adjustment not as a risk but as an opportunity, they aimed to reflect the true value of their product in the healthcare industry. This decision was backed by data-driven confidence, with PVM results showing a misalignment between the current price and the perceived value.

Implementation of a New Strategy

With a strategic mindset, the company implemented a comprehensive communication strategy. They highlighted the PVM survey results, focusing on the features valued by hospitals, and presented the adjusted price as a reflection of the exceptional benefits their product offered.

The Positive Outcome

The results were remarkable. Hospitals, understanding the rationale behind the price adjustment, not only accepted it but also recognized the manufacturer's commitment to delivering high value. This led to increased customer satisfaction, enhanced trust, and a stronger market position.

Conclusion: The Transformative Power of PVM

This case study exemplifies the transformative impact of Perceived Value Mapping in reshaping market strategies. By leveraging PVM data, the cardiac ultrasound manufacturer not only optimized pricing but also strengthened its market presence, turning a challenge into a strategic victory.