Biotechnology company undergoes strategic assessment to gain insight into its pain points
Read this case study to learn how a biotechnology company benefited from a strategic assessment and improved internal processes and maximized ROI of their pricing and event structures.
Client background
This client is a leading worldwide biotechnology company delivering innovative solutions and technical support to life scientists in the fields of genomics, protein analysis and expression, cellular analysis, drug discovery and genetic identity. It has grown into a global brand with branches in 16 countries and more than 50 global distributors serving 100 countries.
The business challenge
The client had an inconsistent pricing structure that was driving high price variability across products and customers, leading to confusion, customer dissatisfaction and loss of revenue. The manual process to create contracted pricing discounts was inefficient and time consuming.
The client also attended nearly 150 tradeshows and events every year but had no way to understand the return on investment (ROI) of attending. They hoped to better understand their tradeshow ROI to make informed decisions about whether to update their tradeshow strategy.
Strategy and solution
Baker Tilly performed a strategic assessment of the pricing and tradeshow processes that gave the company insight into its pain points with targeted recommendations to improve internal processes so they could maximize the ROI of their event efforts. The final deliverable was a customized implementation plan with a phased approach, including:
- An automated pricing system
- A form in the customer relationship management (CRM) system that integrates into SAP
- An IT system upgrade to improve analytics and visibility into pricing structures
- A process diagram to cross-train employees and create redundancy of SAP expertise
- A road map that aligned with their annual goals and budget
- A customized road map that created a process for defining tradeshow Key Performance Indicators (KPIs)
- A scoring system to help stakeholders evaluate post-show success
- A system to track lead follow-up after an event and measure touchpoints prior to a sale
The client created a new pricing strategy for a point-of-sale unit for labs. They expect this strategy to benefit the bottom line and deliver the ROI to justify changes across product lines. Also, the client now understands the step-by-step process they need to take to understand and improve their tradeshow ROI and how to evaluate internal roles and strategies to best implement this process. Baker Tilly continues to work with this client on a number of implementations to help them achieve their business goals.