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Foreign Markets - Indirect Sales Channel
The problem… During my sales career, I often met owners and managers of lower-middle-market medical device manufacturers wanting, and needing, to expand into foreign markets to increase sales channels, and thus sales revenue. Many of these businesses lacked the resources and knowledge needed, and a few, also lacked the motivation and willpower to see the endeavor through.
The solution… As a result of exhaustive market research, including visiting trade shows, working with the US Department of Commerce, and countless phone calls and meetings, I founded a distributor management firm specializing in medical devices in Latin American markets, helping clients to develop and establish indirect foreign sales channels.
The outcome… In less than 9 months of operation, we had recruited, vetted, and were managing a team of ten (10) exclusive medical distributors in Central and South America in key economic countries. Fast-forward 6 months later, we had generated sales revenue in excess of $500,000 in a region where sales were nonexistent beforehand. Furthermore, by request of our clients, we expanded operations into the US market (California and Nevada), and developed a direct sales channel (see Case Study: Domestic Markets – Direct Sales Channel).
Domestic Markets - Direct Sales Channel
The problem… As the principal of a foreign distributor management firm, I had further identified a need in the medical device industry for high-performing sales representation in domestic markets. Working with our clients in respect to foreign markets, we uncovered many problems that dulled sales and plagued their businesses as a whole. Such issues included ineffective and inefficient sales operations and sales processes, along with high rep turnover and fruitless marketing strategies and tactics. All of this translated to flat or declining sales revenue with little prospects for sustainability and growth.
The solution… As per the first example, we expanded operations from focusing solely on foreign markets to include the expansive domestic California and Nevada market. I then recruited, hired, trained, managed, and coached a direct sales team of professionals. Drawing from our experience as an individual contributors, we ramped up sales operations and enacted winning sales processes, and went to work turning around an underperforming territory.
The outcome… Within 12 months, we accomplished the turnaround of a neglected and low performing territory, establishing key relationships at many major health systems located in California, including Stanford Hospital and Clinics, Kaiser Permanente, Veterans Health System, Dignity Health, UCLA Medical Center, and Scripps Healthcare. Furthermore, in that first year, our team exponentially grew sales over 500% from that of prior sales representation. Subsequently, we consistently achieved year-over-year sales growth rate of over 25% moving forward for the next three years, awarded as a top-performing sales team multiple times. As an added value to our clients, we advised and helped to improve their own sales operations and sales processes, as well as improving their marketing strategies, tactics, and materials.