Healthcare manufacturers are asking the questions – Where do we go next? What’s happening in the market? Are there unidentified growth opportunities? The right data helps you answer those questions and evaluate sales performance in order to get ahead. We took a look at how one of our medical products manufacturing companies is using GHX Market Intelligence to fuel growth.
Following is a brief overview of how one medical products manufacturing company fueled market growth using GHX Market Intelligence
Looking to expand and develop an entirely new division into an area that the company did not have historical market data to base decisions on, the company needed specific data to obtain a high-level view of the market.
GHX Market Intelligence data has been influential in helping this company to shape a new product pipeline. Their internal team had been using data as a fundamental component in making decisions to bring new products to market with GHX data embedded into the decision making process and shared with key decision makers.
“Upon acquiring the GHX Market Intelligence data, it was eye-opening and we became very excited about our potential opportunities. GHX allowed us to see the market from a 30,000-foot view. Without this data, we wouldn’t have the whole picture to make the best informed decisions. Being a new division, GHX data is guiding us and contributing to develop our short and long-term market share strategies.”
GHX Market Intelligence provides suppliers with visibility into their position in the market using supreme third-party data that represents 75 percent of all distributed U.S. healthcare sales, along with detailed data enrichment and categorization. It helps them identify opportunities, measure market share and evaluate sales force performance for better decision making and business growth.
GHX consolidates, classifies and normalizes distributed sales data provided through an exclusive relationship with a major healthcare industry distributors’ association and then projects it to the market. The data sample is characterized by:
One of the ways this company is using GHX Market Intelligence data is for competitive positioning. For example, they found they were in a competitive situation with another manufacturer and used GHX state-level data to determine assay mix, annual volume and the cost per unit. From there they were able to determine their position and develop a competitive selling approach.
“We determined there was a lot of opportunity for us. Decisions made from this data are very powerful. The data can contribute to a range of decision making from transactional to long-term and strategic. Most importantly it allows multiple departments and key decision makers to see actual market data, which proves for a more robust discussion and realistic goal setting.
The company’s marketing department is using GHX Market Intelligence data from a competitive standpoint to understand key competitors, formulate strategies and determine what infrastructure and messaging is required to protect and grow market share.
“Our marketing department is looking at the GHX data to identify our competitors, and from a market share standpoint to come up with plans to achieve market share gains across the board.”
Today, the company is selling its products through several major distributor partners in North America. They are currently using state-level GHX Market Intelligence data and plan to begin using zip-code level data once sales volume increases. The company noted how valuable it will be to see its performance measures and market share gains as their business grows.
“There is continuity to the data – it’s not just a one and done – we can keep track of performance and measure our success against it. Once we see significant volume, we’ll want to acquire zip code level data and triangulate our sales performance at the local level. Zip code level information will help us identify the biggest local opportunities and with certainty help us focus our efforts for the biggest wins. Whether in finance, marketing, sales, sales management, or CX – data has always been fundamental to building strategies and there is nothing more powerful than actual market data. I don’t know why an organization would not want this data to build their strategies, however until then, I guess GHX data will be my competitive advantage!”
Working with GHX, the company has achieved the following:
Learn more about GHX Market Intelligence.