fCRO, Precision GTM Strategy for HealthTech Market Expansion

An Established AI and Robotics HealthTech/MedTech company based in Spain sought to determine the optimal market for expansion between London and San Antonio. The company needed to evaluate various factors including market potential, resource availability, network, budget, and operational considerations to make an informed decision on where to enter and how to guide an effective market entry strategy.

The team collaborated with an Innovation & Business Consulting Firm to co-develop a strategy and detailed GTM plan to ensure product-market fit and a robust sales and operations strategy. Key actions included:

• Product Development Stages: Assessed and adjusted product offerings to meet market demands, recommending continuous performance monitoring and feedback integration for iterative improvements.
• Market Potential Analysis: Evaluated London and San Antonio based on market size, competitive landscape, and growth opportunities. Analyzed capital targets, explored investment vehicles, and developed a targeted investor outreach strategy based on past fundraising experiences.
• Market Differentiation: Identified strategic differentiators and planned methodologies to leverage these in the new market to drive immediate revenue. Formulated strategies for acquiring and managing localized talent and operational resources to ensure smooth market entry and scalability.
• Product Adjustments: Recommended adjustments to products and business models to address potential barriers and enhance competitiveness in the new market.
• Customer Profiles and Personas: Developed preliminary Ideal Customer Profiles (ICPs) and buyer personas for both markets to ensure targeted and effective marketing and sales efforts, including pilot phase profiles for initial market testing.
• Value Proposition: Highlighted unique product benefits and features to distinguish the company from competitors.
• Pricing Strategies and Distribution Channels: Reviewed and tailored current pricing strategies and distribution channels, discussed volumetric revenue targets, and analyzed sales cycles to align strategies with market-specific needs.
• Positioning: Ensured the product had a distinct and valued place in the market by defining its differentiation from competitors and addressing customer pain points.
• Sales Strategies: Identified key revenue streams and established sales metrics, conversion targets, and lead qualification processes. Developed a preliminary prospecting sequence strategy and recommended a continuous feedback loop to refine approaches based on performance data.
• Adoption and Success Stories: Reviewed previous adoption levels and success stories to build a compelling case for market entry, demonstrating potential success in the new market.
• Timeline and Phases: Developed a structured timeline with phases for preparation, strategic planning, market testing, growth planning and sales strategy, commercialization, and investor engagement.

The Strategic Market Entry & Assessment Planning enabled the client to make a well-informed decision to focus on a Phase 1 market entry into London, leveraging their existing operations in Spain, while identifying San Antonio as a potential Phase 2 market. The thorough analysis provided a clear path for product adjustments, customer targeting, pricing, and distribution strategies, along with structured timelines for effective market penetration and future expansion.