Developing Trial-Size Products to Offer More Effective Solutions for Experimental Design
This research project was sponsored by the marketing department at Company X. As flow cytometry experiments become increasingly complex, researchers need tools and products dedicated to making experimental design as efficient as possible. For example, flow cytometry reagents that come in smaller quantities will make experiments cost effective, minimizing money spent and materials wasted. The goal of this project was to assess Company X’s current offering of small size reagents and recommend a plan to serve customers more effectively in this space and drive growth for the business. A survey was administered to flow cytometry users across the United States to determine their current workflow and unmet needs. Concurrently, a market analysis was performed comparing Company X’s offerings to those of competing companies. Based on these activities, an initial recommendation for a trial-size strategy was formed. Finally, an internal assessment was performed to understand the operational and financial implications for carrying out the recommended plan. The market analysis revealed that Company X has an opportunity to catch up to the competition in their offering of trial-size reagents, as well as boost sales performance of their existing trial-size products through increased awareness. The survey results showed that there is a significant segment of customers who desire trial-size products, and they prefer trial sizes for specific product types. Finally, the operational analysis revealed that Company X can move forward with a targeted strategy of new trial-size releases and increased awareness for these products online and with sales representatives. These actions will help customers design experiments more efficiently and increase revenue growth for Company X.