Rapid expansion is good, but not if it means sacrificing quality and support. Customers will talk about the NeuroStar to others. This best advertising that the company can have is to make certain that customers and patients have a positive experience not only with the device, but with the company and staff as well. The company needs to treat its customers the way they wish to be treated themselves. This is the philosophy that will result in building a strong base. This initial phase may take as long as two years.
Phase Two
Once a strong foundation has been established and sales begin to increase as a result of initial marketing and customer support efforts, then the business can focus on picking up the pace. It will be at least five years for the market to mature and at least ten for it to become saturated to the point where further expansion is needed to sustain growth. The market is young, which means years of steady growth. During this phase focus will be on building a client base from primary market targets, such as clinicians and treatment facilities. After it is estimated that nearly 70% of this market has been captured or approached, marketing will begin to focus on secondary marketing targets such as general hospitals and educational facilities.
The goal is to continue to expand phase two for as long as possible. Phase two represents a phase of solid growth. The market will continue to expand and develop. During this phase measures should be taken to expand the current offerings. Actions that will help to maintain market growth include development, licensing, and marketing of new improved editions of NeuroStar TMS and the development of similar devices for other disorders. The product pipeline should continue to expand during this phase. This will allow sales personnel to approach primary targets that already own a unit to attempt to get them to upgrade, or to try a different device. This marketing strategy will allow the company to postpone maturation of the market for as long as possible.
When it is estimated that approximately 70% of the secondary target market if saturated, it will then be time to consider seeking expansion into the global market. The process for obtaining regulatory approval in desirable targets overseas will begin. Culturally relevant marketing procedures will be developed and efforts at global expansion will begin.
Phase Three
Phase three represents a mature market where most of the primary targets and secondary targets already have a machine, or do not want one. Continued expansion of the product line will ensure the ability to maintain sales growth. Expanding into the global market could be the key...
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