An in vitro diagnostics (IVD) products company serving the reference laboratory market was searching for new growth opportunities to quickly fortify lagging growth for their core product portfolio. Internal analysis identified contract research organization (CRO) core laboratories as a potential unserved market segment. However, with limited experience in this market they had few contacts and were uncertain about customer needs, competition and overall market dynamics. Facing an imminent need for sales growth, they needed to quickly understand and quantify their opportunity in the CRO market and rapidly develop and deploy actionable plans. They knew Kineticos’ deep technical and market experience with CROs would be valuable in assessing this opportunity.
Working with our sponsor’s business unit leadership and commercial team, and using our scientific and laboratory management relationships with these core laboratories, Kineticos was able to understand the specific product requirements, expected volumes and competitive dynamics for our sponsor’s suite of products. Most importantly, we mapped each of the key laboratory’s related workflow, developed a unique value proposition and synthesized a targeted plan to ramp sales quickly.
Kineticos worked with commercial teams to develop sales tools, including customized capabilities presentations targeted to the CRO central laboratory market. We also trained their field sales staff on the specific needs of this segment and arranged initial meetings with key decision-makers at some of the leading global CRO laboratories. Our collaborative activities and guidance enabled our sponsor to realize meaningful incremental sales rapidly and positioned them for sustainable future growth in a new market segment.