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Bio-Rad Case Study
Dramatic 3 year improvement in revenue and EBIT
Situation
Bio Rad’s sales organisation needed customer and salesforce data to inform its strategy in 12 countries across two lines of business. Although growing, the CEO saw several problems:
- A lack of clear overall direction
- A need to better integrate the 12 country operations
- Supply chain challenges
- A need to understand salesforce performance
- A need to understand competitor performance and relative strengths or weaknesses
Our Task
As the only external vendor we were asked to:
- Run annual research on 44,000 customers in 12 countries in 9 languages including Russian, Chinese and Japanese.
- Provide customer research on sales staff performance in 12 countries.
- Research their competitors and compare performance.
- Recommend improvements for customer communications.
- Lead a 2 day strategy workshop to present back the data and agree actions for each year of the 3 year project.
Action We Took
Conducted multi national research projects to understand:
- Customers’ expectations and how well these were being met by Bio Rad
- Customer feedback on Bio Rad’s salesforce performance.
- Customer scoring of competitors’ performance
This highlighted gaps and areas of weakness, to inform strategic and operational decision making.
- Provided feedback in 3 two day facilitated executive workshops. These helped Bio Rad understand the data, define and prioritise action to protect and strengthen customer relationships and improve their competitive positioning.
- Helped develop a new customer driven strategy.
- Designed post survey communications to customers.
Results
The new strategy was implemented over a 3 year period, supported by the successful integration of the 12 country organisations under a single leadership team. Results were dramatic:
- Accelerated year on year growth in turnover and EBIT.
- Increased market share in target market segments.
- Improvements in salesforce performance year on year.
- A significant improvement in the way sales explained, and customers responded to, Bio Rad’s differentiation.
- Better prioritisation of internal improvement projects.
- Bio Rad increased sales by $80m, based on our work. This made the project ROI around 200:1.
Project take-away
Bio Rad’s willingness to listen, absorb and react effectively to customer insight transformed their business, delivered significant improvements in financial results and made the company stronger and more resilient.