CASE STUDY IN VITRO DIAGNOSTICS
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Manufacturer of drug testing products In the business for 15 years Manufacturing facility in China High volume orders to OEMs Pioneering new technologies COMPANY PROFILE "IVD CORP" CASE STUDY IN VITRO DIAGNOSTICS EUROPEAN SALES EXPANSION Although IVD Corp is a market leader in the POCT industry in the USA, their experience in Europe had not been very successful. In the process of trying to manage the European efforst from overseas they got traction from the market, but were not able to build a network of solid, reliable distributors. They realized the need for a dedicated European-based sales team with the right network and experience in the market, able to offer back-office support on a day-to-day basis for their European customers. Having a European presence was the first step towards becoming a recognized and trusted partner, and reduces the threshold in new business relationships. INTRODUCTION PROGRAM As part of EuroDev's 4-month introduction program, a market research was set up to uncover the European opportunities. The research focused mainly on Germany, France, Italy, Spain and the UK, based on the latest healthcare industry figures and the IVD market size in each country. Research showed most potential for IVD Corp's products in the infectious disease and cardiac markers, based on a study of competitors. Futhermore, drugs of abuse and women's health markets were identified as easy-to- enter markets. Phase 2 of the introduction program focuses solely on lead generation and qualification, in order to get a point of contact at the most relevant companies in the industry. The European sales team managed to generate 150 leads in the top 5 countries, as well as in some smaller sub-markets, resulting in a list of POC product distributors ready to be approached. To increase the brand awareness and general visibility of IVD Corp, the multilingual sales team attended the Medica trade show in Dusseldorf, Germany. Meeting large numbers of market experts, they received feedback that helped to determine their further strategy recommendations. They concluded the IVD market is one that is relatively mature, highly price-sensitive and has proven to be easier to penetrate by companies with a differentiated offer of products. At the end of the 4-month program, 8 sales qualified meetings took place with distributors in the UK, Scandinavia and the Netherlands. After these meetings, IVD Corp decided to continue working with EuroDev and extended the agreement for another year. As the Medica show took place just before the end of the introduction period, the first tasks within the new agreement were the follow-ups from the show, sending additional information to the prospects to create a flow to the sales pipeline for the new scanning device to be launched. Further, the expansion strategy focused on the countries identified during the market research phase: the team approached numerous POC distributors in Germany, Spain, Italy, and the UK. BUSINESS AFTER THE INTRODUCTION PROGRAM NEXT STEPS Creating the right pull strategy for the new scanning product, pushing the POC portoflio Improving the cost-price structure in particular for distributors in Southern Europe Generate country-specific marketing material and activities to enhance local brand awareness and provide support for distributors Develop a direct approach for large tenders Build an online European platform As part of the strategy, the launch time for one of IVD Corp's new products was shortened and a more aggressive pricing strategy was implemented. Narrowing down the countries with the highest potential for their products, IVD Corp decided not to focus on France. The team worked closely together with the distributors for the tendors. The first orders all generated good feedback on the products and services delivered by IVD Corp. Currently, the team is handling several RFQs for a combined value of around 500k EUR. WHY CHOOSE EURODEV? SALES OUTSOURCING Dedicated sales and marketing teams for North American manufacturers who want to expand in Europe EuroDev, established in 1996 with offices in The Netherlands and France, has a single, defining purpose to help mid-sized American companies expand their business in Europe. We have developed a proven, successful development model: since our founding, we have partnered with over 250 North American companies to help them define and meet their European business goals. HR OUTSOURCING Professional employer organization services, HR management and recruiting solutions across the EU [email protected] DIGITAL MARKETING Result-driven B2B marketing for North American companies, at the service of their European clients CONTACT US [email protected] Address Windmolen 22 7609 NN Almelo The Netherlands Contact us www.eurodev.com +31 546 66 00 00 Welcome Visit our offices in the Netherlands VP Healthcare Edward Nijland
Transcript of CASE STUDY IN VITRO DIAGNOSTICS
Manufacturer of drug testing productsIn the business for 15 yearsManufacturing facility in ChinaHigh volume orders to OEMsPioneering new technologies
COMPANY PROFILE "IVD CORP"
CASE STUDY IN VITRO DIAGNOSTICS
EUROPEAN SALES EXPANSIONAlthough IVD Corp is a market leader in the POCT industry in the USA, their experience in Europe had notbeen very successful. In the process of trying to manage the European efforst from overseas they gottraction from the market, but were not able to build a network of solid, reliable distributors. They realizedthe need for a dedicated European-based sales team with the right network and experience in the market,able to offer back-office support on a day-to-day basis for their European customers. Having a Europeanpresence was the first step towards becoming a recognized and trusted partner, and reduces thethreshold in new business relationships.
INTRODUCTION PROGRAMAs part of EuroDev's 4-month introduction program, a market research was set up touncover the European opportunities. The research focused mainly on Germany, France,Italy, Spain and the UK, based on the latest healthcare industry figures and the IVDmarket size in each country. Research showed most potential for IVD Corp's products inthe infectious disease and cardiac markers, based on a study of competitors.Futhermore, drugs of abuse and women's health markets were identified as easy-to-enter markets.
Phase 2 of the introduction program focuses solely on lead generation and qualification, in order to get apoint of contact at the most relevant companies in the industry. The European sales team managed togenerate 150 leads in the top 5 countries, as well as in some smaller sub-markets, resulting in a list of POCproduct distributors ready to be approached.
To increase the brand awareness and general visibility of IVD Corp, the multilingual sales team attended theMedica trade show in Dusseldorf, Germany. Meeting large numbers of market experts, they receivedfeedback that helped to determine their further strategy recommendations. They concluded the IVD marketis one that is relatively mature, highly price-sensitive and has proven to be easier to penetrate by companieswith a differentiated offer of products.
At the end of the 4-month program, 8 sales qualified meetings took place with distributors in the UK,Scandinavia and the Netherlands. After these meetings, IVD Corp decided to continue working withEuroDev and extended the agreement for another year.
As the Medica show took place just before the end of the introduction period, the firsttasks within the new agreement were the follow-ups from the show, sendingadditional information to the prospects to create a flow to the sales pipeline for thenew scanning device to be launched. Further, the expansion strategy focused on thecountries identified during the market research phase: the team approachednumerous POC distributors in Germany, Spain, Italy, and the UK.
BUSINESS AFTER THE INTRODUCTION PROGRAM
NEXT STEPSCreating the right pull strategy for the new scanning product, pushing the POC portoflioImproving the cost-price structure in particular for distributors in Southern EuropeGenerate country-specific marketing material and activities to enhance local brand awareness andprovide support for distributorsDevelop a direct approach for large tendersBuild an online European platform
As part of the strategy, the launch time for one of IVD Corp's new products was shortened and a moreaggressive pricing strategy was implemented. Narrowing down the countries with the highest potentialfor their products, IVD Corp decided not to focus on France. The team worked closely together with thedistributors for the tendors. The first orders all generated good feedback on the products and servicesdelivered by IVD Corp. Currently, the team is handling several RFQs for a combined value of around500k EUR.
WHY CHOOSE EURODEV?
SALES OUTSOURCINGDedicated sales and
marketing teams for NorthAmerican manufacturers who
want to expand in Europe
EuroDev, established in 1996 with offices in The Netherlands and France, has a single, defining purpose tohelp mid-sized American companies expand their business in Europe. We have developed a proven,successful development model: since our founding, we have partnered with over 250 North Americancompanies to help them define and meet their European business goals.
HR OUTSOURCINGProfessional employer
organization services, HRmanagement and recruiting
solutions across the EU
DIGITAL MARKETINGResult-driven B2B marketing for
North American companies,at the service of their European
clients
CONTACT US
Address
Windmolen 22 7609 NN AlmeloThe Netherlands
Contact us
www.eurodev.com+31 546 66 00 00
Welcome
Visit our offices inthe Netherlands
VP Healthcare
Edward Nijland
