Expand Markets to Drive Revenue
Question: How do we tap market expansion opportunities to drive revenue?
To drive consistent, sustainable revenue with growth margins is of the biggest challenges for business and marketing leaders. To identify these growth opportunities and determine the most viable path(s) to move forward while striking the right balance between short- and long-term prospects is part of the challenge. Our approach to client's growth strategy is what we call the “tree trunk with branches’ approach. We do not recommend going too far out on a limb, that the burden (or the weight) would be too heavy for the tree branch and its trunk to hold. Rather, we suggest incremental growth in 1) a base approach (existing markets with existing products), 2) same market but competitor’s clients, 3) expanding market with same products, 4) tangential markets, (markets that are similar but not exact), or 5) completely new line of business (products, services, and new markets).
Mapping out the strategy by using techniques like brainstorming, assists the process as we review the risks, advantages, SWOT, resources, and expenses involved with growth. In entrepreneurship, it has a certain level of risk dependents that are involved but generally would be considered more agile then in a hospital or pharmaceutical setting. For patients as the consumers, either business model should be driven to achieve the best outcomes at the lowest cost.
The idea of value today in health, post COVID, is more important than ever before. The opportunity is also at our fingertips to swiftly move this model away from volume for profit into goal oriented outcomes achieved for patients. Every stakeholder in the ecosystem must be at the table to make this happen. As we have seen with the outbreak of COVID, bringing the captains of industry to the same table to agree on the goals and then move towards that same vision with great vigilance took a global crisis.
In the new normalization of healthcare, these patient-centric goals will be achieved when a patient presents themselves with chronic disease which are more common like diabetes and heart disease. It would involve many physicians and other clinicians, pharmacists, laboratory specialists and other diagnostic experts. The broader ecosystem and all its specific nuances would be brought together to take part ownership and overall responsibility of the patient. The patient is not left out of this model. By gar, they are pressured to be the most compliant. Outcomes so far have proven the model works with fewer strokes, amputations, emergency department visits, and hospitalizations, and better performance on other outcomes that matter to patients.
We have entered the age of collaboration. Pharmaceutical manufacturers have built networks including innovation centers, centers of excellence and outsourced R&D affiliations where costs have been reduced, and the burden of risks spread throughout the ecosystem. These effective partnerships with hospital networks are designed to cultivate HCP and patient relationships while improving experiences. Some of these collaborations have included payers-providers and government programs that focus on different therapeutic areas and enable technologies like genomics, stem cell research, and the management of specific patient segments.
Opportunity abounds at the cross roads of the timeless business models that have not failed but restrained potential prospects and the uncharted territory where the abundance of goodwill, beyond the pill, and wrap around services would bring a bounty beyond vision.
Mapping out the strategy by using techniques like brainstorming, assists the process as we review the risks, advantages, SWOT, resources, and expenses involved with growth. In entrepreneurship, it has a certain level of risk dependents that are involved but generally would be considered more agile then in a hospital or pharmaceutical setting. For patients as the consumers, either business model should be driven to achieve the best outcomes at the lowest cost.
The idea of value today in health, post COVID, is more important than ever before. The opportunity is also at our fingertips to swiftly move this model away from volume for profit into goal oriented outcomes achieved for patients. Every stakeholder in the ecosystem must be at the table to make this happen. As we have seen with the outbreak of COVID, bringing the captains of industry to the same table to agree on the goals and then move towards that same vision with great vigilance took a global crisis.
In the new normalization of healthcare, these patient-centric goals will be achieved when a patient presents themselves with chronic disease which are more common like diabetes and heart disease. It would involve many physicians and other clinicians, pharmacists, laboratory specialists and other diagnostic experts. The broader ecosystem and all its specific nuances would be brought together to take part ownership and overall responsibility of the patient. The patient is not left out of this model. By gar, they are pressured to be the most compliant. Outcomes so far have proven the model works with fewer strokes, amputations, emergency department visits, and hospitalizations, and better performance on other outcomes that matter to patients.
We have entered the age of collaboration. Pharmaceutical manufacturers have built networks including innovation centers, centers of excellence and outsourced R&D affiliations where costs have been reduced, and the burden of risks spread throughout the ecosystem. These effective partnerships with hospital networks are designed to cultivate HCP and patient relationships while improving experiences. Some of these collaborations have included payers-providers and government programs that focus on different therapeutic areas and enable technologies like genomics, stem cell research, and the management of specific patient segments.
Opportunity abounds at the cross roads of the timeless business models that have not failed but restrained potential prospects and the uncharted territory where the abundance of goodwill, beyond the pill, and wrap around services would bring a bounty beyond vision.
A few success stories related to
Expand Markets and Drive Revenue
For this leading pharmaceutical conference in New York, Pennsylvania and California, expand to reach a more all-encompassing supply chain.
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For this leading pharmaceutical conference in New York, Pennsylvania and California, expand to reach a more all-encompassing supply chain.
Tactics: Compiled market and industry trends, analysis of registration statistics, attendee and exhibitor profiles while studying the supply chain of pharmaceutical manufacturing. As the FDA must approve the packaging process prior to commercializing any new medication, pharma's R&D is involved from pill to package. Aligned the conferences with Associations as prime sponsors and magazines/trade publications. Its sister publishing organization aligned with the new expansion by launching a magazine of the same name. Collaborated with content, data, research and target markets / databases. Outcomes: Attracting more than 15,000+ attendees, managed the monthly workflow to include contract development, negotiations, budgeting, forecasting, and developed and launched campaign management. Generated additional $10mm Gross Revenue in first year. |
Identify white space opportunities and drive the roadmap
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Identify white space opportunities, explore best of breed and drive the roadmap for business growth.
Tactics: While working with team members in engineering, sales and global management, architect of a five year pro forma technical roadmap with projections that targeted a ten times growth rate for this software global commercialization program. By heading up the global turn around management for well known endoscopic (gastroenterology) medical device company’s software platform, (overseeing team, product direction and plan development) for global launch. Applying knowledge of international standards and regulations to transfer data using systems protocols compliant to regulatory authorities and project management standards for smooth global digital transformation and conversion. Built relationships with direct management teams and third party distributors, globally. Outcomes: Competitively rebuilt software system for interoperability and data analytics to enable opportunities for medical device division (capital equipment) that had been locked out or far-reaching. Received new distribution channels as follows: regulatory approvals for software relaunch were realized in USA, Canada, (+French) Asia (to include China), Australia, Singapore, Europe (Spain, UK, Germany), Central America and South America. DoD and VA also inclusive of software end users. |
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