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Tag : revenue

Serving the Underserved

Carlton Hoyt 7:27 pm , October 11, 2011

Look for under-served markets to boost revenues from your product lines.As in most markets, players in the life science tools industry are always looking to get a squeeze a little more revenue out of their product lines. While price increases may erode demand and ultimately prove ineffective in helping the company’s bottom line, there are markets that are often under-served or overlooked by small life science companies. Efforts to expand into these markets often allow opportunities to grow revenues without much additional effort, and so long as your products would be a fit for the needs of the markets it could prove quite lucrative.

Small life science research tools companies often focus on their largest potential markets: pharma / biotech and academia. This focused approach leaves out a large swathe of potential customers as there are many other ancillary markets for life science tools. Forensic labs, food testing labs, environmental labs, and medical labs (at least for unregulated products / procedures) are all markets that may require little effort to expand into and are effectively less crowded due to many companies overlooking them.

Taking advantage of these often under-served markets may be as simple as creating new marketing communications directed at these markets and advertising through avenues that are higher-visibility within those markets. Product positioning can also be a major help. For example, developing protocols that are specific to the needs of those markets may differentiate your product from others who focus on more “mainstream” life science applications. You may be able to find distributors who specialize in certain markets and leverage their unique reach. Any of these things can be relatively low-cost, low-effort ways to expand your potential market size, and there are certainly other efficient ways to do so as well.

Chances are, there may be potential markets for your life science products that your company is not currently exploiting. Through marketing, distribution, and other means, you can take advantage of under-served markets and get more revenues out of your product lines.

"Need to do a lot with a little? BioBM’s consultants are experts at stretching your dollars and turning small life science marketing budgets into high-ROI demand-generating powerhouses. Contact BioBM and we’ll help you raise revenues and margins so you can fund the creation of tomorrow’s breakthrough laboratory products."
Blog / Demand Generation / Marketing Strategy 7:27 pm , October 11, 2011

Leveraging a Weak Dollar

Carlton Hoyt 3:27 pm , October 25, 2010

Take advantage of a weak dollar to drive international sales.[one_half]Small or start-up businesses are rarely sitting on stockpiles of cash reserves. Quite the opposite, cash is usually a bit tight, so if you are running a small life science company you probably want to take every opportunity you can to improve your cash position. What you may not have thought of is leveraging the weak US dollar to generate short-term revenues and grow your cash-on-hand.

The US Dollar Index, which tracks the dollar’s value against a basket of nine other currencies, is down over 11 points from its 52-week high of 88.71 in June. Put simply, that means that if your goods are priced in US dollars, they will be a lot cheaper to customers and distributors in other countries who use currencies that have comparatively appreciated. For example, the dollar is down about 15% vs. from it’s highs against the euro and the Japanese yen, and is down about 10% from the highs against the Brazilian Real and the British pound. Your dollar-denominated products are now 15% cheaper to customers in the Eurozone than they were just four months ago! That’s a substantial discount, and one that you can flaunt to your customers and distributors in these areas and others whose currencies have similarly appreciated against the dollar.

How do you take advantage of this? Simple! Send marketing messages specifically targeting customers in a particular region and bring up the favorable exchange rate. Call your distributors and encourage them to buy now since restocking on your products is now cheaper. Don’t drag your feet, either, since the dollar may begin to re-appreciate in the near future. If you are in need of short-term revenues or an improved cash position, highlight your newly cheap products to your international customers and distributors now![/one_half]

A strong Euro makes your products cheaper in Europe. Use it to increase sales to Europe. A weak dollar / a strong pound make for good conditions to boost sales to Britain Take advantage of a weak dollar to get a boost of sales to Japan Emerging markets such as Brazil may also provide an opportunity for increased sales due to a weak dollar

"Have any questions on topics of exchange rates and dollar value or how to leverage the value of the dollar? Not sure what markets are most appropriate to target because of a weak dollar? Unsure how to appropriately frame a marketing message for your customers discussing it or talk to your distributors about it? Lacking the international distribution network to properly leverage such an opportunity? These are all things that BioBM’s skilled team of business and marketing experts can help with. Contact us for a consultation on how we can help you drive international sales, and assist in any other aspects of your business as well."
Blog / Demand Generation / Distribution / Marketing Strategy 3:27 pm , October 25, 2010