How an Animal Healthcare Company Mitigated Its Product Analysis Challenges?

An animal healthcare company selling its tangible products for pets and livestock faced major challenges. The gamble for profitability and growth was challenged by selling strategy, product quality, and inefficient user experience. The company authorities went on to seek the services of Research Nester analysts to strategically devise a solution for effective product analysis using their expertise and experience.

animal-healthcare

An overview:

1

The company continuously failed to identify the crucial aspects of the products that needed consistent evaluation. The company’s strategy was focused on delivering as per the supply and demand analysis. It unconsciously neglected the functionality, performance, security, usability, and mutual compatibility of its products.

2

With recurring failures in delivering functional and efficient user experience, it found itself at a loss of revenue and customer acquisition.

3

Finally, Research Nester was brought into the domain to facilitate a strategy for effective product analysis.

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The Story

The company was founded in 1954 and is now 3rd largest animal health company in the world. The company produces medicines and vaccinations for pets and livestock. There is a very specific market in which animal healthcare industries work. The company produced many products such as vaccines and parasiticides for pets, pet therapeutics, poultry, aquaculture and nutritional health, and farm animal cattle and swine. Their objective is to act on world problems to promote healthy animals, people, and the planet. The company believed in the usage of R&D while partnering with startups, venture funds, and other partners. However, with the attack of the Covid-19 pandemic, the market trend changed drastically. The company did attempt to keep pace with the changing market dynamics, but an absence of domain-specific expertise resulted in the inability to detect vulnerabilities and ineffective product analysis. To complicate matters further, aggressive competition with the rivals, the conflict between Russia and Ukraine, and modifications in foreign trade policy were among the factors which led to the loss of the business. As a consequence, the user experience became poor. All of it has drained profits, margins, and resources. Research Nester analysts stepped in at this crucial time when the company was incurring losses and was finding it difficult to keep afloat.

Our Solution:

The major point of the company was faulty product analysis. Research Nester analysts suggested a change of strategy to learn and understand the marketing landscape. When developing a go-to-market strategy for their products, sales & marketing leaders should consider the specific characteristic of the industry. In fact, to boost further growth and profitability they should serve as early adopters to the clients. While developing their go-to-market strategy for products, sales, and marketing leaders need to consider the specific characteristics of an industry. To emphasize it further RNPL consultants offered its product analysis consulting services solution and also briefed on the opportunities and future trends of Animal Health. However, Research Nester consultants also analyzed that for the above business model to work the products should earn the trust of the users. The following strategies were suggested by RNPL analysts-

  • Firstly, to prepare different channels for new products.
  • Secondly, to establish a dedicated and specialized team with adequate knowledge and skill sets for analyzing the product.
  • Thirdly clearly outlining the methodology of product analysis and consistently and carefully evaluating and improving it as per the product requirement.
  • Fourthly, to maximize sales with profitable inducement.
  • Finally, evaluating the product from the user’s perspective, the experience and satisfaction a customer can achieve while using it.

The company incorporated the above strategies to finally achieve its targeted business objective.

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Results

The company was seeing dwindling sales right from its very beginning, with sales figures being USD 3071 Million in 2019. Even the products sold were failing to meet user expectations. With COVID-19 barging in unexpectedly, the company authorities tried to re-strategize their production and marketing but all efforts fell flat. By the end of 2020, the cash registers of the company showed a bleak scenario with sales being a meager USD 3271 Million. The leadership of the company took the advice and suggestions offered by RNPL consultants to bring the business back on track. After re-planning and re-structuring its product analysis strategies, the sales improved initially little by little to reach USD 4764 Million in 2021 and gradually progressed significantly to reach USD 5000 Million in 2022. Research Nester consultants used their experience and expertise to facilitate the incorporation of the right product analysis methodologies for the company. This way the company was able to build a prominent market position and create profitable prospects for future growth.

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Swara Keni

Head- Global Business Development

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