Industry
Healthcare & Life Sciences
Company Profile
- ~$35bn annual sales, multinational company
- Broad product portfolio across healthcare and other industries
Situation and Objectives
- Product has enjoyed steady financial and clinical success for many years as undisputed market leader
- Product faces increasing competition as healthcare market becomes more cost-conscious
- There is increasing pressure from GPOs and hospital networks for steeper price discounts
Approach
- Prioritized the business division’s strategic objectives and initiatives for growth by aligning with internal stakeholders
- Assessed potential to use price as a lever for increasing product growth
- Improved key account negotiation tactics by evaluating previous win/loss deals and understanding current sales dynamics
- Developed new value-based product story to target C-level stakeholders
Results
- Determined price as the only lever was not enough to reach growth target
- Identified key areas of strength and opportunity in current sales strategy
- Designed new go-to-market strategy with C-level value story and targeted stakeholder groups
Impact
- Refined go-to-market strategy put product back on track to exceed growth target by ~3%
