Our Client had identified revenue opportunities within its PBM business that could dramatically increase share growth. Many customers of its PBM business weren’t using our Client’s Specialty Pharmacy (SpRx) offerings, resulting in business lost to competitors. Their goal was to accelerate the growth of its SpRx business and increase its market share. This required expanded distribution and a targeted go-to-market strategy. They lacked a unique value proposition, as well as a direct engagement channel to medical groups, making it difficult to build relationships and capture SpRx referrals.
Our Client’s Senior Director of Strategy and Innovation asked Trexin to create a roadmap and business strategy to drive SpRx growth.
Trexin introduced a “market-driven business development” approach, which starts with targeted buyer/ opportunity segments and maps the value proposition against those needs. It is an “outside-in” approach, rather than finding buyers for existing products and services. We asked three questions designed to identify the key business areas to build upon in order to achieve their goals:
1. Who are our ideal customers?
Our Client needed a better understanding of current customers and how they differ from ideal customers. We began to research customer needs that were being neglected, not only by our Client, but by the entire industry.
2. How can we be unique in the market?
They needed to realize where they had the most success in serving their customers and identify their unique value proposition. We found that most competitors focused on products, not patients. Delivering a patient-centric message, supported by a best-in-class patient experience, represented a unique market differentiation.
3. Who are the influencers?
We identified relevant stakeholders and helped create an understanding of the roles of influencers and decision-makers for both medical groups and patients.
Trexin analyzed the information gathered and answered the pressing question: How can our Client create enough value to convince customers to change their behavior and meet the customer acquisition and financial goals?
Our Client has taken action, following the roadmap Trexin created for them. Operations teams have been devoted to customer care for targeted prescriber groups using Trexin’s “Voice of the Customer” survey data. The customized value proposition has been integrated across the organization, including a recent major acquisition. The new value proposition has been introduced via targeted interactions with buyers and influencers using our fact-based market insights regarding practice groups. And organizational and staffing models based on Trexin’s talent models customizable by business strategy are now being implemented.