Heat MappingEmerging Spine Company
How to you strategically develop your business in today's difficult climate?
We worked closely with one early stage spine company to help them focus efforts, resources and inventory that will provide them a revenue result in a shorter timeframe. By bringing to light the areas of opportunity in a graphical representation, it became obvious in which areas to focus on developing through new surgeon engagement and distributor recruitment to mitigate risk of slow and non performing territories.
Our analytical clients needed a better way to determine where they should be focusing their efforts to grow. They had a good handle on their business but wanted to see a visual representation of where their current business resides, where they are best suited to focus their efforts on expansion and how their current independent sales organizations are performing. Below are the key areas we were tasked to help them better understand:
- Current Revenue and Trends:
Our clients wanted to see what MSA’s are generating the revenue and try to identify if there are any trends that will help them better plan and prepare for the new fiscal year.
- Hospital Access:
Even though they are a smaller stage company, they have had some successes with National Accounts and Agreements that opened the door to over 2,000 facilities. To compare their current business with their sales opportunities to find obvious synergies.
What is access without proper coverage? We wanted to help them compare the areas of current business as well as their opportunity map with their current distribution. We worked with the client to rank their distributors and laid it over the map to easily identify where to focus recruiting time and energy.
Ortho Spine Partners went to work with several spreadsheets to bring light to the facts. We find that this “moneyball” approach to building business provides extreme value in helping our clients more effectively identify areas with limited hurdles so they can realize revenue in a shorter timeframe.
We provided regional and national maps for our client in a unique interactive way that allows the regional managers and executive leadership to get a better handle of how to grow their business in the new fiscal year. This interactive map is a living document that can be modified to always have a clear picture of opportunities.
In summary, our effort:
- Was completed in 2 weeks
- Created an interactive, password protected map that the regional staff could use to create their game plan
- Created buy-in and accountability to increase coverage to achieve aggressive quotas
- Aligned corporate goals with the financial and career goals of the sales team