Next Ship60
JXJTech
Learn how we supported them in researching, outreaching and closing Corporate Strategic Partnerships in Europe
Company & Background
JXJTech is a HealthTech company based out of Beijing (China). JXJTech develops a full range of mHealth and eHealth solutions for elderly people. In 2017 JXJTech was awarded Most Innovative Companies 50 by FastCompany out of 2000 participating companies in China. JXJTech received funding from Microsoft ScaleUp Accelerator for HealthTech scaleup companies.
Challenges & Needs
JXJTech wanted to enter the European HealthTech market by setting up Corporate Strategic Partnerships with different health-related stakeholders, but had limited resources to achieve the early results and didn’t have experience on how to develop the market entry and which channels to adopt.
Solutions & Impact
We worked with JXJTech on identifying which geographical markets to focus on, related to their adoption of HealthTech in health institutions and hospitals and related to their experiences with elderly-related health policies.
We planned and designed the strategy and operational plan and executed the contact criteria specification, research, shortlisting, outreach and closing of potential stakeholders in the HealthTech industry in Europe.
These messages keep our motivation high and our team going strong
” FFA helped us to reach out to over 500 corporate contacts in the healthcare space in less than 6 months, bringing in various strategic and business opportunities to enter this market for JXJTech. Their structured approach in an operational market research and in building of corporate strategic partnerships produced the expected outcome 3x faster and with 50% the cost than if we would have done it alone. “
Jiannan Xiang
” FFA helped us to reach out to over 500 corporate contacts in the healthcare space in less than 6 months, bringing in various strategic and business opportunities to enter this market for JXJTech. Their structured approach in an operational market research and in building of corporate strategic partnerships produced the expected outcome 3x faster and with 50% the cost than if we would have done it alone. “
Jiannan Xiang
CEO and President | JXJTech
Company & Background
JXJTech is a high-tech company based out of Beijing (China). JXJTech develops a full range of mHealth and eHealth solutions for elderly people, as for example a set of intelligent monitoring watch (jWotch), a permanent temperature stick (jTemp), a multi-parameter blood pressure and vitals home-based monitoring system (jMp) and a platform with big data harvesting and analytics engine (jDoctor and JXJ Cloud ERP).
In 2017 JXJTech was awarded Most Innovative Companies 50 by FastCompany out of 2000 participating companies in China. JXJTech received funding from Microsoft ScaleUp Accelerator for Health-Tech scaleup companies.
Challenges & Needs
After JXJTech visited Switzerland during the Seedstars Global Summit, they became interested in entering the European market in a structured way and identified two main problems related to their potential market entry in Europe:
1. Limited resources for a European growth plan:
JXJTech identified a great opportunity to bring eHealth and mHealth products and solutions to the European market. With an already very vibrant B2C market space (with fitness and health trackers and the first released iWatch) the market could be interesting also for JXJTech B2B2C solutions for health institutions and corporations. The problem was: how to validate with the least amount of resources and with a fast and low-risk process?
2. Uncertainty about proper channels to be used for European growth:
In addition to limited resources, JXJTech was unsure on which channels to engage their potential stakeholders (importers, distributors, corporations and startups with complementary technologies or products). Although they were selling already in China and in other regions globally, in Europe they had to adapt to a different language (or languages across different countries) and corporate and tech culture. Also, they needed a proper value / partnership proposition for each stakeholder, in order to spark the interest when reaching out.
Solutions & Impact
We provided the following solutions:
1. Market research:
We started working with JXJTech on identifying which geographical markets to focus on, related to their adoption of HealthTech in health institutions, hospitals and to their experiences with elderly-related health policies. We proposed them to focus on these 5 European countries: Germany, Switzerland, UK, France and (as a region) the Nordics (Denmark, Sweden, Norway and Finland).
In addition to determining geographic markets to focus on, we worked with JXJTech to identify customer and health-related stakeholder segments to target.
We developed a customer database of the target decision makers in the companies with a set of lead development and segmentation tools, ready for the next steps in the outreach process. By segmenting and combining contacts with similar interests, we could also combine the value propositions provided and therefore standardize the communication for them.
2. Preparing product and value proposition materials:
We supported JXJTech to build presentations targeted to the different segmented contacts, in order to provide very specific information. The segmented communication and materials provide a much higher open, click and conversion (meeting or expression of interest) rate (in some of the segments we experienced 88% open rates and 60% click rates). Ask us to see examples of the materials and segmentations done
3. Full-Funnel Outbound Outreach Activity:
With the contact database in hand, we set up an automated Email and LinkedIn process, in order to reach out to the contacts and control the metrics and outcomes automatically and generate different responses and follow up messages based on the behavior of the outreached parties. To make the most out of the defined channels, we identified different tests to experiment with these message templates:
- Changing message length and tone
- Targeting several different contacts (at different levels of each company, with different angles in the communication to get the direct introduction with the final decision maker)
In addition to the lead generation, we also produced the A/B tests and selected the best-converting messages/copy, content, and contact types (within the target company) as an additional product of our collaboration, in order for the company to run the outreach activities by themselves.
Our Impact:
With relatively reduced efforts and budgets (70% less than the company would have spent if executed directly by JXJTech with no support) we reached out to 500 contacts in 3 weeks time, generating a chain of opens, views, clicks on the content and replies that transformed in 15 concrete leads with some corporations and scaleups in the targeted ecosystems (including a leading, very well known and solidly funded fitness tracker scaleup in the UK).
The performance against the benchmark set for JXJTech was 400% higher than expected, making the activity profitable and replicable by JXJTech in the long term.