May 2008, Issue 1
Welcome to the latest issue of the G2D newsletter!
Newsletter Contents
- Reserve Your Ticket to the 2008 Life Science Industry Awards¿
- Upcoming Report: Market Perception: Maintenance and Service Contracts
- BioInformatic's Custom Capabilites
- Case Study Spotlight: Market Estimation
Ticket reservations have begun for the 2008 Life Science Industry Awards¿ Event. As a G2D Newsletter subscriber, BioInformatics, LLS has set aside a complimentary ticket for you at the reception and ceremony. This year's gala event will begin with a cocktail reception and buffet where you can catch up with old friends and meet some of the most influential people in the industry. Immediately following the reception, we invite you to join us for the formal presentation of the Awards honoring the market's leaders in 20 different categories.
Join us Tuesday, June 3, 2008 at the beautiful Renaissance Boston Waterfront Hotel, right across from the Convention Center where thousands of leading scientists are attending The American Society Of Microbiology General Meeting. To reserve your complimentary ticket please use the online form at www.lifescienceindustryawards.com.rsvp.
The 2008 Finalists are also available on the Industry Web Site. The 45 finalists represent the five companies receiving the highest overall scores in each of 20 award categories and were selected from the more than 500 companies nominated.
A new published report has been added to the BioInformatic's 2008 Report package, which will focus on the market's perception of, and satisfaction with, maintenance and service contracts.
Regardless of the type of instrumentation, the maintenance and service of such specialized equipment is a constant in every lab. Offering solutions to address these maintenance and service needs allows companies to extend their service offerings beyond the initial post-purchase phase, effectively locking-in customers for longer and more lucrative periods of time. While the financial benefits of such contracts are obvious, they can also be effective means of maintaining brand awareness and building brand loyalty. Knowing how to successfully structure maintenance and service contracts may give companies an edge against their competitors, especially in an era where some leading life science manufacturers are offering multi-vendor service contracts for a "one-size fits all" approach.
Publication and Webinar Schedule to come. Feel free to email any specific questions on the new report to Catherine Seguin at c.seguin@gene2drug.com.
In addition to the published reports that you are already familiar with, BioInformatic's also offers custom-designed studies. Theses studies are tailored to the specific needs of your company. Each study is carefully calculated to answer questions you need throughout any step of marketing, sales, or product development. We provide critical information for many key decision points for our clients.
Some important questions we've answered for our clients include:
- Is there interest, funding or need for my new product concept?
- What product or service attributes are not meeting my customers' expectations?
- Do our product advertisements convey the intended message to the end purchasers?
- What do customers think of my catalog or Web site? How can it be changed to improve sales?
- Which brands do customers consider my closest competitors?
- How loyal are my customers to my brand?
Forward-Thinking Decisions Using Validated Market Size, Share, and Growth
Understanding the market size and share of your product line is critical data to gauge the impact of ongoing marketing, to stay informed about competitors and to calibrate important marketing efforts. A Market Estimation from BioInformatics provides your company with the current landscape, forecasted changes in the market, and the positioning of each major competitor. Why is this so important to your company? Market size gives decision-makers current metrics valuable for strategic planning. The information generated from a Market Estimation can give you insight into the following:
- What is the estimated size of the market? Is it growing, stagnating, or shrinking?
- At what rate is the market growing or declining?
- How many competitors are in the market? Where does my company stand compared to competitors?
- What purchasing trends and patterns exist?
- What customer segment is spending the most on my product?
- What are the potential sales of my product?
- Are we currently reaching a specific segment with marketing efforts?
- And much more¿
A leading life science supplier asked BioInformatics to estimate the market size and share of the mass spectrometry market for instrumentation and consumables. Our client needed to understand their competitive position, recent purchasing activity, future growth, and threats/opportunities posed by other suppliers. We utilized a Market Estimation incorporating end-users' purchasing patterns, usage rates, and equipment inventory along with secondary market data confirmation. Our results provided this life science supplier with the most accurate market size and share data for the mass spectrometer market, along with segmentation and growth information.
Structuring a Market Estimation
Utilizing primary data from end-users as well as secondary market data, we designed a statistical model that combined key input variables to forecast the market for mass spectrometry instruments and reagents. This approach is based on the market viewed as a set of objects (products, prices, discounts, usage, etc.) that interact. Using sophisticated statistical analysis, we can display the relationships between these objects and achieve higher accuracy than top-down market estimates. Some of the variables that were used to build the statistical model in this case study included:
- Average number of scientists/technicians per lab/group and the number who perform mass spectrometry
- Number of scientists who plan to begin using mass spectrometers in the next 12 months
- Number of experiments/reactions run per week and the average volume per experiment/reaction
- Expected change in the number of experiments/reactions over the next 12 months
- Number of instruments per lab per brand
- Number of scientists who intend to purchase a new product in the next 12 months
- Number of scientists who intend to switch brands in the next 12 months
The statistical model output was presented to our client in clearly explained tables that combined the areas of size, share and segment to give an overall Market Estimation.
Thank you for reading this issue of the G2D newsletter! As always, I welcome your feedback. Send me your complaints, comments, or compliments at c.seguin@gene2drug.com.
Best Regards,
Catherine
Catherine Seguin
Director of Communications
BioInformatics, LLC
2111 Wilson Boulevard
Suite 250
Arlington, VA 22201
TEL: (703) 778-3080 x 13
FAX: (703) 778-3081
c.seguin@gene2drug.com
http://www.gene2drug.com
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