Harvard Case - Myomo: Getting Sales in Motion
"Myomo: Getting Sales in Motion" Harvard business case study is written by Frank V. Cespedes, Shikhar Ghosh, Matthew Preble. It deals with the challenges in the field of Entrepreneurship. The case study is 25 page(s) long and it was first published on : Oct 9, 2013
At Fern Fort University, we recommend that Myomo pursue a multifaceted strategy to accelerate sales growth and achieve profitability. This strategy involves a combination of financial analysis, capital budgeting, risk assessment, and marketing initiatives to optimize resource allocation, enhance brand awareness, and capitalize on the growing market demand for assistive technology.
2. Background
Myomo is a medical device company specializing in wearable robotic exoskeletons designed to assist individuals with upper limb weakness or paralysis. The company faces challenges in scaling its operations to meet the growing market demand. Despite strong product innovation and positive clinical outcomes, Myomo struggles with limited financial resources, high operating costs, and a lack of brand recognition.
The case study focuses on Myomo?s CEO, David Cohen, who is tasked with finding a path to profitability and sustainable growth.
3. Analysis of the Case Study
Myomo?s situation can be analyzed through the lens of a strategic framework that considers internal and external factors influencing the company?s performance.
Internal Factors:
- Strong Product: Myomo?s exoskeletons demonstrate significant clinical efficacy and address a real need for individuals with upper limb impairments.
- Limited Financial Resources: The company faces a significant funding gap, hindering its ability to invest in marketing, sales, and research and development.
- High Operating Costs: Myomo?s manufacturing and distribution costs are high, impacting profitability.
- Lack of Brand Awareness: The company struggles to reach its target market and lacks a strong brand identity.
External Factors:
- Growing Market Demand: The assistive technology market is rapidly expanding, driven by an aging population and increasing awareness of the benefits of exoskeletons.
- Competitive Landscape: Myomo faces competition from established players with greater resources and market share.
- Regulatory Environment: The medical device industry is subject to stringent regulations, which can impact product approval and market entry.
Financial Analysis:
- Financial Statements: Myomo?s financial statements reveal a pattern of increasing revenue but persistent losses. This highlights the need for a strategic approach to managing costs and maximizing revenue.
- Capital Budgeting: Myomo needs to carefully evaluate potential investments in marketing, sales, and research and development to ensure a positive return on investment.
- Risk Assessment: Myomo should assess the risks associated with its growth strategy, including market volatility, regulatory changes, and competition.
4. Recommendations
To address Myomo?s challenges and achieve sustainable growth, we recommend the following:
1. Secure Additional Funding:
- Equity Financing: Explore options for raising capital through private equity investments or an Initial Public Offering (IPO).
- Debt Financing: Consider securing debt financing from banks or venture capital firms, carefully managing debt levels and interest payments.
- Strategic Partnerships: Partner with healthcare providers, insurance companies, or other organizations to secure funding and expand market reach.
2. Optimize Operations and Cost Management:
- Activity-Based Costing: Implement activity-based costing to identify and reduce unnecessary expenses.
- Manufacturing Processes: Streamline manufacturing processes to reduce costs and improve efficiency.
- Pricing Strategy: Develop a competitive pricing strategy that balances profitability and market demand.
- Debt Management: Optimize debt structure and interest rates to minimize financial burden.
3. Enhance Marketing and Sales Efforts:
- Targeted Marketing Campaigns: Develop targeted marketing campaigns to reach specific patient segments and healthcare providers.
- Brand Building: Invest in brand building initiatives to increase awareness and differentiate Myomo from competitors.
- Sales Force Development: Expand and train a dedicated sales force to effectively reach potential customers.
- Digital Marketing: Leverage digital marketing channels to reach a wider audience and generate leads.
4. Strategic Partnerships and Acquisitions:
- Partnerships: Form strategic partnerships with healthcare providers, rehabilitation centers, and research institutions to expand market access and generate referrals.
- Acquisitions: Consider acquiring complementary businesses or technologies to expand product offerings and enhance market position.
5. Basis of Recommendations
These recommendations are based on a comprehensive assessment of Myomo?s internal and external environment, considering the following factors:
- Core Competencies and Consistency with Mission: The recommendations align with Myomo?s core competencies in exoskeleton technology and its mission to improve the lives of individuals with upper limb impairments.
- External Customers and Internal Clients: The recommendations focus on reaching target customers and satisfying the needs of healthcare providers and patients.
- Competitors: The recommendations address Myomo?s competitive landscape by emphasizing brand building, strategic partnerships, and cost optimization.
- Attractiveness ? Quantitative Measures: The recommendations are expected to generate a positive return on investment (ROI) through increased revenue, reduced costs, and expanded market share.
Assumptions:
- The assistive technology market will continue to grow at a healthy rate.
- Myomo can secure funding through a combination of equity, debt, and partnerships.
- Myomo can effectively implement cost reduction measures and improve operational efficiency.
- Myomo can successfully execute marketing and sales initiatives to increase brand awareness and generate leads.
6. Conclusion
By pursuing a multifaceted strategy that focuses on securing funding, optimizing operations, enhancing marketing and sales efforts, and exploring strategic partnerships, Myomo can overcome its current challenges and achieve sustainable growth. This strategy will enable the company to capitalize on the growing market demand for assistive technology and establish itself as a leader in the industry.
7. Discussion
Alternatives Not Selected:
- Focusing solely on organic growth: This approach would be slow and may not be sufficient to address Myomo?s financial challenges.
- Selling the company: This option could be considered if Myomo is unable to secure funding or achieve profitability.
Risks and Key Assumptions:
- Funding risks: Securing sufficient funding may be challenging, especially in a competitive market.
- Execution risks: Successfully implementing the recommended strategies requires strong leadership, effective execution, and a dedicated team.
- Market risks: The assistive technology market may be subject to volatility and changes in regulations.
8. Next Steps
To implement the recommended strategy, Myomo should take the following steps:
- Develop a detailed financial plan: Outline funding requirements, investment opportunities, and expected financial performance.
- Establish a strategic partnership team: Identify potential partners and initiate discussions to secure funding and expand market reach.
- Optimize operations and implement cost reduction measures: Conduct a thorough analysis of operating costs and identify areas for improvement.
- Develop a comprehensive marketing plan: Define target audiences, develop marketing campaigns, and allocate resources to marketing initiatives.
- Build a strong sales team: Recruit and train a dedicated sales force to effectively reach potential customers.
By taking these steps, Myomo can position itself for success in the rapidly growing assistive technology market and achieve its goals of profitability and sustainable growth.
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Case Description
In late 2012, the management team of Myomo, a startup which had designed a unique myoelectric arm brace for patients with dysfunctional arms, was deciding which of the three sales models the company had tested to pursue as its sales strategy going forward. Each model had its own unique merits and risks. The team planned to fully examine each strategy to determine how to best get the brace into the hands of those who needed it most, the patients, and identify which one enabled Myomo to grow.
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