Clearer View Of Addressable Market and Enhanced Channel Relationship
Radiometer is a Danish multinational company that develops, manufactures, and markets solutions for blood sampling, blood gas analysis, transcutaneous monitoring, immunoassay testing, and the related IT management systems.
Headquartered in Copenhagen, Radiometer is a health science company with a global reach of 3,200 employees and a subsidiary to The Danaher Corporation.
Radiometer’s mission is to help caregivers make diagnostic decisions that save lives
- Industry: Life Sciences: Medical Devices.
- Radiometer’s Business Goals: Engaged kpakpakpa to assist with the local understanding of the intensive care and emergency healthcare segment in Nigeria and to assist in the appointment of a good and credible channel partner.
- Results: Well-rounded and very granular market survey of Radiometer’s targeted segment that gave a full-spectrum of the actual addressable market for its devices in Nigeria along with introductions to vetted distribution partners.
Radiometer already had an expansion plan across Africa with employee representation in South Africa and Kenya. Although it had appointed a distributor in Nigeria, it was yet to see sales growth that aligned with the projections it created for the country
Radiometer needed a clearer understanding of the market which included the high-level healthcare priorities in both the private and public sectors. It also wanted to expand its local channel in Nigeria. Radiometer chose kpakpakpa to provide clearer insights into the local market and to select new channel partners.
KPA arranged a customized business growth solution that lasted over 6 months and culminated with in-person meetings with prospective reliable channel partners. Our solution came with:
- First-in-kind analysis of the total intensive care unit capacity done in Nigeria.
- Analysis of the market to get an overview of the current acute care testing solutions market in Nigeria.
- Understanding the competitive landscape and current install base vendor of blood sampling, blood gas analysis, and monitoring solutions
- Understanding the healthcare landscape – the split between private and public facilities and the appetite for these products in primary, secondary, and tertiary healthcare facilities.
- Pricing research to understand competitive pricing and assist with pricing strategies in a price-sensitive market.
- Curating a list of 15 potential resellers/distributors for Radiometer’s products.
- Educating prospective suppliers about Radiometer’s solutions and evaluating them for partnership.
- Assisting with business visit requirements to Nigeria for two members of the business development team.
- Scheduling face-to-face meetings between Radiometer representatives/sales agent and potential business partners
Outcome – Clearer View Of Addressable Market and Refined Strategy For Long-Term Growth
- New Insights, More Support, New Contacts
Radiometer received a clear view of the addressable market in Nigeria which allowed them to understand their current local distributor’s challenge in supporting its sales goals. With an understanding of the local market and introduction to new key distributors, Radiometer built a more direct approach to expanding in the West African market that reduces its risk and enhances its chances of long-term growth.