Targeting New B2B Customers
A client realized that pursuing new types of devices would require a significant investment in capabilities well before earning lucrative returns. It was therefore critical that the opportunity be fully assessed by Health Advances which was also tasked to help target specific promising customers.
- A successful contract manufacturing organization (CMO) enlisted Health Advances to contribute to its 5-year planning process.
- The CMO was known for its excellence in manufacturing containers and injection devices for the biopharma industry.
- Health Advances was asked to identify the types of devices on which the Company should focus and the specific biopharma companies upon which to focus.
- As an acid test of the resulting focus, the Board insisted that Health Advances identify specific target customers with compelling rationales to consider the client as their future CMO.
Questions to Address
- Which drug delivery devices are most commonly outsourced?
- In those categories frequently outsourced, which specific biopharma companies have R&D pipelines that will need these devices?
- Do any of these biopharma companies already develop and/or manufacture these devices internally?
- Are the competitive CMOs already contracted with any of these biopharma companies for devices?
Health Advances Approach
- Interview key decision makers inside biopharma companies
- Review patent databases and disclosures in SEC filings to identify in-house design and/or manufacturing
- Analyze R&D pipeline databases to identify drugs in development needing specific devices
- Develop a sales prospecting database for the client and then summarize the database to identify the highest value prospects
- Develop a key account sales plan for each major biopharma prospect with a strong pipeline of drugs requiring these devices
The management team and Board agreed with the analysis and funded the growth plan. This included hiring new sales management and reps, training them on consultative selling, and building internal design capabilities for some of the categories. The early returns from the account targeting are extremely encouraging as the client has gained market share inside some of these target accounts.