Business Analysis
Are you seeking business growth? Looking to increase sales, expand your reach or improve productivity? Businesses today must constantly grow and evolve to compete and survive and the Orthotics and Prosthetics business is no different.
The first step in an analysis is an in-depth understanding of your business. We ask questions such as, “What products (including services) are offered?”, “How are they defined and sold in the market?”, “How does the market view your company and your products?”, “How do you compare with your competitors?” and “How do you operate your business?”
You may be starting a new company or have been in business for a while and are seeking change. In both cases, we will help you define your goals and develop strategies to reach your targets.
If you are setting up a new business, what products are you offering? Do you plan to be a Orthotics and Prosthetics service provider and fit devices to users? Or do you plan to sell components and materials to service providers? We will help you define your strengths, create a product portfolio that meets real market needs and develop marketing plans with laser focus to drive sales to your business.
When seeking new opportunities to expand an existing business we have the market knowledge and industry insights to support your business development needs. How does your company and products measure up with the competition? An external analysis often reveals critical information that influences major decisions.
Whether you are planning a new business or seeking to expand, talk to us, we’ll give you the clarity you need.
Market Entry
Planning to enter the market with your products or services? Like other medical device industries, entry into the Prosthetics and Orthotics market requires in-depth market knowledge, compliance to local regulations and knowing the various channels to market.
Understanding your business and the market is an important step when planning entry into a new market. What products or services are offered? Do they answer a need in the market? What are your strengths and weaknesses? How are you leveraging on your strengths and bridging your weaknesses? We will deep dive into your business and understand your goals so that a market entry plan can be customized to your needs.
Singapore has one of highest rates of leg amputations in the world, with public hospitals needing to conduct some 4 amputations a day. That’s an estimated 1500 amputations a year. With good access to healthcare, the Singaporean market shows good potential. On the other end of the spectrum, the most populated country in South East Asia, Indonesia, needs an estimated 30,000 prosthesis a year. This number is predicted to rise significantly with the rising prevalence of diabetes mellitus which is quickly becoming the major cause for leg amputations. However, access to healthcare in Indonesia is limited, some estimating only 10% of amputees have access to a Prosthetic service provider. Understanding and making sense of market size is key when planning market entry. Will you be competing in a large market with multiple competitors or a niche segment with a few competitors? We will help you size the market, define your market segment and plan your successful entry.
Sales Channel Development
What is the right sales channel for you? Should you partner with distributors, sell directly to service providers or end users? Knowing the right channel for your product is key to reaching your customers.
Partnering with distributors can be one of the most effective routes to market. However, recruiting the right Orthotics and Prosthetics distributors for your product can be challenging, especially in unfamiliar markets. Our guide to successful distributor channel development includes
1. Searching for suitable Orthotics and Prosthetics distributors across the market.
2. Evaluation and recruitment of shortlisted distributors.
3. Distributor onboard training.
4. Development of distributor marketing plans.
5. Development of customer support systems.
Alternatively, you may want to market directly to service providers or end users. A customized direct sales channel development plan will include
1. Finding representation in the market or setting up your own office.
2. Compliance to medical device regulations.
3. Knowledge of who your customers are and how to reach them.
4. Developing a marketing strategy.
5. Consultative Sales training for your sales team
We will guide you through the process of defining the right sales channel for your product, developing the channel and scale your business.