Exploring Growth Opportunities

Microgem International Plc

Strategic Customer Growth, Market Expansion & Extension

Approach

Impact

Startup and SME’s are challenged with generating continued growth. This can manifest in the dilemma of diversifying products, organic growth in existing markets or expanding into new markets.

A global life science company with locations in US, UK, New Zealand and China was faced with this problem and wanting to remain focussed on their existing product line, wanted to explore the potential in new markets. The application of rapid DNA extraction had significant potential outside their existing market, but the client needed to understand the commercial potential in difference markets, the barriers to entry and the investment required to enter the market.

Cynapse was contracted to undertake an independent review for the company. The review was focussed on the potential to extend into new markets and expand the customer base. With many potential markets, it was important to understand their attractiveness in order to prioritise the limited company resources with expansion.

• Review of business development personnel capability

• Review of existing marketing and promotional strategy

• Assess commercial potential of different markets

• Determine ease of entry and competitive advantage

• Identity new market stakeholders and adopters

The commercial potential across all markets was significant. The client’s technology was superior to existing processes across the markets creating a clear competitive advance. However, in certain markets existing approaches had required significant investment infrastructure. The portability of the client’s technology resulted in a focus in those markets where this was a clear advantage. The board adopted our recommendations in terms of market prioritisation, establishing footholds in the new markets. Recently, the client has seen sales jump by over 1000%.