Market Entry Strategies for a Healthcare Company
With continually changing healthcare market environment and policies, healthcare companies are facing challenges in establishing their market presence in a new market. Also, recent studies show that more than half of the healthcare companies have failed while trying to enter a new market. With this, it is becoming imperative for healthcare companies to formulate efficient market entry strategies to make their expansion smoother. To achieve this, companies are partnering with firms like Infiniti Research to leverage their expertise in formulating market entry strategies. Infiniti’s market entry strategies have helped various global giants to successfully establish their market presence in new geographies and achieve maximum market share.
The client is a healthcare company based out of Central United Kingdom. As the UK healthcare market was highly saturated, the client decided to expand their business operations across Germany and Belgium. Before entering the new market, the client wanted to analyze the opportunities and challenges in these regions. Also, they wanted to understand the size of the market and growth potentials, identify the right business partners to support their operations, and select the right entry mode to enter the new market. Furthermore, with Infiniti’s market entry strategies, they wanted to evaluate the market entry barriers and take appropriate measures to establish a foothold in the new market.
To help the client formulate a market entry strategy, the experts at Infiniti Research followed a three-phased approach. The experts conducted a thorough assessment of the market landscape to understand the market size and opportunities in Ireland and Germany. The experts also analyzed factors such as what’s driving growth in the market, competitors’ market share, and the regulatory environment.
Infiniti’s market entry strategies helped the client to estimate the market potential. Also, the experts helped the client to identify the right business partners to support their operations in the new region. Furthermore, Infiniti’s market entry strategies helped the client to understand the market entry modes opted by other major players in the healthcare industry. With this, the client was able to identify suitable pathways for entering the new market. Consequently, the client successfully established their foothold in the new market. Also, within one year of entering the new market, the client was able to exceed their revenue expectation and achieve millions of dollars in savings.
Steps to Creating Winning Market Entry Strategies