Global Product Portfolio Discussions Positively Impacts $400 Million in Sales
The company wanted to streamline its product portfolio to better facilitate sales through its downstream global distribution network. However, product-planning decisions were typically made by geographic silo, and there was no harmonizing of ideas, nor was there a vehicle to ensure that all priorities were synchronized to optimize global acceptance.
Initiated regular global discussions on the product portfolio for each of the clinical market segments with the upstream product development team. Represented a unified front to the upstream development team, resulting in a stronger global product portfolio.
A stronger market position was achieved, impacting more than $400 million in sales.
Identifying International Obstacles Improves Medical Access 21%
The drug system of a sub-Saharan African country was fraught with inefficiencies. Because of these problems, much of the donated drug supply lingered in the central supply while the national need was not being satisfied. In addition, donors were becoming increasingly concerned that investments were not being effectively utilized.
Engaged stakeholders to share ideas about the problems. Identified obstacles leading to inefficiencies and categorized each as policy related, donor related or local implementation. Assessed demand vs. supply, calling attention to drug system excesses vs. deficiencies. Harmonized donations with a plan to fulfill all needs and made policy recommendations to improve distribution.
Access to essential medicines was improved by more than 21% exceeding stakeholder expectations.
Negotiating "Finder's Fee" in Marketing Program Generates 12% Sales Increase
In a market growing at less than 4% annually, the company's cardiology diagnostics business was expecting to close the gap created by other, less profitable units, by over-performing in areas of strength. However, the selling organization called on cardiologists, but not on the cardiac surgeon, which was where the growth opportunity resided.
Established a co-marketing program with implantable heart valve manufacturers that included a finder's fee for introductions leading to the sale of the specific technology. Created tools to facilitate a simple demonstration by the heart valve sales reps that paved the way for introduction to the company for a more meaningful discussion. Augmented this effort with co-marketing at cardiac surgery tradeshows, presenting as part of the partner's exhibit. Negotiated contracts with both companies.
The co-marketing program delivered immediate success, generating a 12% sales increase while closing the gap in revenue shortfall by other business segments.
Action-Oriented Proposals Grow Practice from $1 Million to $10 Million
The company needed to gain recognition as a serious player in the strategic communications field, and therefore needed to demonstrate that it had a strategic communications and marketing product that blue chip companies wanted to buy. However, many C-level executives had a difficult time understanding how communications and strategic planning initiatives could help grow their business.
Met with leaders throughout the industry to understand the "pain" of their organizations. Developed action-oriented proposals that called attention to the challenge and posed theoretical solutions at a high level. Negotiated terms of contract, including a roadmap to overcome the "pain", program budget, milestones and deliverables. Collaborated with the team to win the hearts and minds of C-level executives at a number of blue chip medical device companies, including, Johnson & Johnson, Guidant, Boston Scientific, Genzyme and Siemens.
As a result, in just three years the medical device practice grew from less than $1 million to approximately $10 million.
Securing Peer Reviews Strengthens Marketing Message, Boosts Sales
An entrepreneurial medical device company launched a neuromuscular diagnostic technology to evaluate repetitive stress injuries, designed to bring objectivity to the physical exam and replace traditional neurological workups for RSIs. However, despite clinical testing that demonstrated objective diagnostic utility of the device, neurologists would not endorse it.
Built relationships with leading neurologists. Demonstrated through modeling that the point of care diagnostic would actually help to drive additional referrals to neurologists. Secured peer review articles in key reference publications with the initial concerns mitigated.
The peer reviews validated the technology and strengthened the marketing message, growing sales from $500,000 to more than $3 million in just 18 months.
Reengaging Distributors Grows Sales to $5 Million in Three Years
After an initial launch with some short-term product success, the company abandoned its distributors, customers and obligations to educate and share outcomes. As a result, sales vanished, awareness within the medical community eroded and the company became a relative unknown.
Reengaged prior distributors to understand the current situation in markets, working with each to identify users that had a positive experience with the technology before abandonment. Established a suitable compensation and pricing program to reenergize viable distributors, generate interest and encourage investment. Collaborated with key opinion leaders to develop educational programs, and to establish a global registry that encouraged learning and sharing of outcomes. Additionally, positioned technology for an application where outcomes would be more compelling.
As a result, the company experienced a growth of sales to more than $5 million in less than three years.
Communicating a Vision to Announce Benefits of New Product Increases Source Leads 19%
In the wake of an extremely tough economy, company leadership acted swiftly to cut budgets, travel and headcount. The marketing budget took a hit, but the sales target never changed, and it was necessary to do more with less.
Rolled out a promotional concept that could be leveraged across market segments. Communicated a vision to announce the clinical, economic and financial benefits of the new product in a high-impact video that could be altered to include images, as well as key messages for each of the target audiences. Developed a template for the concept and sold it internally.
The campaign was a huge success, leading to an increase in leads from all sources of more than 19%.
Identifying Potential Acquisitions | Partnerships Expands Top Line Growth $75 Million
Large, multinational medical device company was organically grown with a limited IP portfolio. The business was competing more and more on the strength of its intellectual property. Barriers to entry were high and growing fast, and the only way to secure share was through acquisition. The product portfolio was weak, and the organization's ability to innovate was constrained.
Collaborated with key opinion leaders to identify potential entrepreneurial organizations with exciting innovations. Developed business cases and justifications to expand the product portfolio through acquisitions and strategic partnerships, providing multiple recommendations to senior leadership.
The recommendations led to two acquisitions and multiple strategic licenses, expanding top line growth by more than $75 million.
Leveraging Deep Experience to Mentor Team Captures 8% Market Share
Despite a strong creative team and writing staff, the strategic marketing firm had focused its efforts and honed its message on serving clinical diagnostics companies for more than 20 years. With a limited supply of target clients in the sector, the firm needed to branch out. However, the firm had limited success in the medical device sector.
Leveraged deep experience in the medical technology sector to educate and mentor the team. Repositioned the agency from one that did advertising and promotion, to a firm that helped clients "tackle tough marketing challenges", including market development, changing the standard of care and peer-to-peer selling.
Through this process, the firm was able to make significant strides in penetrating the medical device sector, capturing nearly 8% market share.
Identifying Right Distribution Partners Accounts for 80% of Global Sales
As an innovative medical technology startup, the market for the product was undeveloped. Due to its unique attributes, the product required a distribution channel that would be able to engage its audience, as well as sell a concept. However, concept selling required investing in people and educational programs, something that most medical technology distributors were unable, if not unwilling, to do.
Identified distribution partners in Europe, Asia and the Americas whose business was aligned with the product concept. Formulated a vision for how the innovation could aid in the growth of the prospective partner's existing product portfolio. Established an education and training program to engage and entice each organization regarding the possibilities. Negotiated contracts with partners throughout Europe and Asia that included investing in local education programs.
International distributions accounted for more than 80% of worldwide sales in the first year and more than 60% of global sales in years two and three.
Reshaping Company Thinking on Market Segments Improves Profit Margin 10%
The company had a pricing strategy in place that focused on offering products at different price points known as "Premium, Mid and Low". The organization was more successful in the Premium price point, but could not seem to gain access to other price points.
Recast how the business thought about market segments, taking price out of the mix. Focused the selling organization on customer segments - where the products are used and the value that it offers each of the stakeholders. Changed the compensation plan to require achievement in various market segments, not just on dollars sold.
This moved the conversion away from price and ultimately improved the company's ASPs and profit margin by more than 10%.
Baseline Analysis of Various Opportunities leads to $100 Million Acquisition
The company had not yet determined where its platform technology could have the greatest market impact. In order to secure relationships with investors and prepare for growth, the organization needed to focus its resources. However, there were too many ideas and no clinical success causing the executive team to waffle from opportunity to opportunity.
Conducted a baseline analysis of the various opportunities and potential barriers to entry in a variety of clinical specialties. Concluded that interventional cardiology would be the best initial target market for the platform technology. Refined the message through key opinion leaders and built a distribution network with experience within the target call point and launched the product.
This ultimately led to the company's acquisition by Boston Scientific Corporation for more than $100 million.
|