Using Customer Insights to Drive Growth in a New B2B Market
Problem
To drive growth soon after a recent acquisition, a medical equipment manufacturer with medication management solutions wanted to expand into the health systems and hospitals market. To optimize growth with limited resources, they needed to better understand the different customer types in this new market and identify those with the highest future potential. A better understanding of the buying journey for specific customer types would help the client develop market positioning and strategies, as well as marketing messages and sales tactics, to ultimately drive the desired growth.
Approach
Excelerate began with a discovery phase by reviewing existing data, analyzing competitors, and interviewing key executives and customers. Excelerate then developed and administered a custom-designed survey to capture information from both the client’s customer database as well as an outside panel of qualified healthcare leaders in the target market. Excelerate analyzed the data, uncovering valuable, new insights on distinctions in what mattered to various customer types along their buying journey.
Excelerate then conducted hybrid journey mapping workshops with over 20 sales & marketing employees, using the new customer insights to brainstorm various opportunities to attract, convert, and retain different types of customers in this new market. Excelerate identified over 70 sales & marketing opportunities through the various project phases and developed a customized benefit/effort analysis to rank and prioritize them.
Results
Excelerate reduced uncertainty for the client by developing a sales implementation playbook that included data-driven recommendations for which customers and health systems to target to drive optimal growth. Utilizing custom consumer research and customer journey mapping, Excelerate identified the most influential customer types and their top priorities to inform strategies and specific sales & marketing tactics for each stage of the customer journey.
Excelerate further developed high level go-to-market plans for top initiatives, which the client ultimately implemented. The client then integrated additional project outputs into their overarching sales playbook and training materials. This ensured all sales reps shared an improved understanding of their target customers, enabling more effective sales and customer interactions.