Accelerate company growth in the complementary medicine market by redefining the value proposition and determining a new B2P2C go-2-market strategy

Abstract

The European market of complementary medicine is booming due to the rising awareness in society of improving lifestyle needs. Lifestyle includes the behavior and activities that defines our daily life, for example the food we eat that directly affects our health. Various studies show that good nutrition acts preventive and lowers the risk for many diseases. For example, our food habits can prevent or stimulate heart disease, stroke, some types of cancer, diabetes, and osteoporosis. For consumers, nutritional supplements are a more effective way to absorb the daily recommended intake of essential vitamins, minerals and other important nutrients. Consequently, the market for consumer health, in particularly for nutritional supplements is growing with CAGR of more than 6% in Europe. However, this market is highly fragmented and many small- and medium-size companies offer very similar values to the consumer for both their products and services. Therefore, Energetica Natura (EN), operating in the Benelux countries and France, wants to redefine its value proposition and make a clearer statement towards its clients: both the professional and the end consumers. A team of two MBA students, Elija Schirwis and Evelien Vermeiren, was engaged in this in-company -project (ICP) and determined the following two research questions: • What value should Energetica Natura bring to the professional and end-customer? • And what corresponding go-2-market strategy is required to achieve company growth? To reach these goals, the company realized that it requires a clearly defined Value Proposition to communicate towards their professionals and the end-consumers. In the scope of this ICP project, the team analyzed the company data, studied various market reports, carried out interviews with Energetica Natura’s employees and professional clients, conducted a survey with the end-consumers and applied various frameworks in order to draw conclusions and to prepare recommendations. The recommendations that followed from this research are as follows: 1. To strengthen the company’s capabilities, they need to collect more profound data on the professional clients, the end-customers, the lifestyle trends, and the dynamics on the European markets in order to stay ahead of the market and respond to market trends 2. Incorporate the new value proposition for the professional and end-consumer market that is based on three drivers: Partnerships, Specialization and Lifestyle 3. Implement the optimization suggestions in order to improve the go-2-market strategy for the professional market. These suggestions are based on two pillars: Focus on defining specific target groups and augment the digitalization of internal processes. 4. Start building on the newly designed end-consumer go-2-market strategy that consists of three main drivers: Develop on a fully digital customer journey, design a GPS “light” questionnaire for the end-consumer, and launch a specific end-consumer brand Finally, this report is prepared on the premise that the proposed recommendations are useful and pragmatic for the company and that the new value propositions is substantial to accelerate the company’s growth in complementary medicine market. Our team is convinced that this report will serve as a practical roadmap to support Energetica Natura’s go-2-market decision for the B2P2C market.