We dug deep into unmet customer needs, jobs to be done and market dislocations to help a bio-tech reimagine customer journeys and navigate into new high-growth markets.
This cutting-edge biotech company offers a portfolio of proprietary engineered medical products that use naturally occurring substances to resemble many of the human body’s own healing properties. Ultimately, increased global demand for essential raw materials dramatically increased production costs and product prices. As cost-conscious customers reverted to older, lower-cost alternatives, the company faced radically reduced growth rates and deteriorating business fundamentals in its core markets.
HOW WE HELPED
The company engaged Opptiv in a customer discovery, mapping and revenue acceleration engagement focused on rapidly developing a new growth strategy, business model and go-to-market/go-to-customer solutions. Through crowd-sourced engagement with third-party experts, and across the science, research, functional and customer-facing elements of the company, we deployed an automated survey instrument to generate a series of customer needs maps. The maps helped all stakeholders visualize and understand current/prospective customer journeys, customer needs, jobs to be done, competitive gaps and product strengths and weaknesses, and how they affected the company’s positioning and future growth prospects. We then facilitated across the multi-disciplinary core team to design a new business model, revenue streams, future growth platform and market development strategy built around new customer persona targets, reimagined customer journeys and updated value propositions followed by testing and rationalizing them against customer needs maps of the company’s relative strengths, weaknesses, asset positioning, competitive forces and market dynamics.
Based on the new insights into unmet customer needs and jobs to be done, the company developed and is successfully executing a new multi-platform, multi-year enterprise growth strategy, go-to-market strategy and go-to-customer campaigns that has produced significant results that includes: 15% revenue growth in its existing market space based on a new channel strategy; identification and positioning of its existing technology in an entirely new market segment that is growing at over 70% annually with minimal competition; and an 1-year reduction of 25% in the company’s overall cost of sales/revenue ratio.the_field('gs_hdr_tagline',get_the_ID());?>