Our client was a specialised solutions provider in a highly innovative and cutting edge domain, implementing life sciences related systems across a number of countries.
As part of its growth strategy, the company built its portfolio on a suite of integrated products gradually providing a fuller coverage of its typical client profile constantly growing its stickiness. Integral to this strategy was the development of a highly specialised product targeting a critical area, placing the company at the leading edge in the provision of the solution in this specific domain.
We were engaged to assess the product, review the solution and map out a growth strategy together with a go-to-market programme for the solution on an international scale and within a diversity of markets. Our brief covered the full spectrum of the commercial facets of the solution and the international posture to be adopted by the company in its delivery, in a highly competitive market with very steep barriers to entry.
The Challenge
The company had invested significant amounts of funds in the development of the solution with a sizeable degree of intellectual property and unique features required by the potential client base which however was still hesitant to engage in commercial terms for the product. The client was facing the classical dilemma of a solution requiring further investment within a competitive and evolving market and still in the absence of sufficient critical mass to justify the investment in the first place.
Execution
We took ownership of the solution and developed a comprehensive business strategy for the evolution, market penetration and mainstreaming of the product through:
· Critical analysis of the product, its positioning within the company’s overall strategy and global product positioning.
· The determination of the primary shaping external factors influencing the product’s way forward and clear response tactics for each factor.
· The determination of the vision, strategic direction and commercial objectives for the next generation of the product, leading to its mainstreaming.
· The development of a detailed execution plan with a granular set of recommended measures.
· A business modelling framework to serve as a tool for budgeting and funding purposes, facilitating internationalisation and channel-driven growth.
Outcomes
· The company engaged into an acquisition stream to acquire competing and complementary products and integrate them into its portfolio.
· The solution was strengthened on the basis of the recommended direction, strongly contributing to the appreciation of the company’s enterprise value.
· Operationally, the company successfully penetrated a number of jurisdictions through its product obtaining important engagements to approach critical mass.
· In parallel to the execution of its business development strategy the company continues to enhance its USP, in line with the recommended framework, by building additional mainstreaming features into the product offering which continues to add value, enrich the customer experience and consolidating its market positioning.