A Fortune 100 Global Conglomerate Expects to Double Revenue Growth with Global Market Entry Playbook
Challenge: The health information system division of a global conglomerate has a strong position in its home market of North America. While it sees great potential for growth in global markets, market penetration was significantly below expectation. Entering global markets had proven challenging due to a complicated offering, evolving healthcare regulations in local markets, and the need for intensive business development activity and resources with specific competencies.
Assessment: Blue Canyon performed in-depth interviews with the country and division leaders to gain insights into the market entry challenges faced in the local markets. Based on the organization’s experience, on-the-ground knowledge, and Blue Canyon’s expertise in developing global market entry strategies, Blue Canyon identified key elements necessary for this organization to successfully enter new geographies. The elements ranged from how to develop a detailed understanding of the local healthcare market to identifying and running different plays for entering the market, to laying out critical milestones and timelines for the chosen play.
Strategic Solution: The organization needed a streamlined approach detailing the key steps and best practices that need to be undertaken for successful market entry. Blue Canyon partnered with division leaders to build out the design for a global market entry playbook. The playbook is tailored to our client’s business and dynamic in that it addresses different situations driven by the healthcare maturity of the market, primary targets (regulators, providers, payers), and needs of the market, such as reducing healthcare cost, increasing access to healthcare, improving care quality, etc. It also guides the user through execution with use of frameworks and tools to aid decision making.
Result: The client gained approval from its executive team for the detailed build out and deployment of the playbook. The playbook is expected to contribute significantly to the division’s goal of doubling revenue growth outside of North America in the upcoming years.