Chinese Health-Tech Company building smart devices for Elders
JXJTech is a high-tech company based out of Beijing (China) and worked with FFA on their market entry strategy into Europe by setting up Corporate Strategic Partnerships with different health-related stakeholders. JXJTech develops a full range of m-Health and e-Health solutions for elder 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.
We met JXJTech at Seedstars World Summit in Geneva in 2013 (where Fast Forward Advisors was engaged as mentors and judges), in which they participated after winning the Seedstars China competition. Jiannan Xiang, the CEO and President of JXJTech, after exploring the European tech ecosystem, was interested in entering the European market in a more structured way and hired Fast Forward Advisors to support in this endeavor.
In 2015 Fast Forward Advisors started working with JXJTech to execute the market entry strategy based on Corporate Strategic Partnerships, in which 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 health-tech industry in Europe by using different outbound marketing and sales channels.
"Fast Forward Advisors helped us outreach to over 500 corporate contacts in the health care space in less than 6 months, bringing in various strategic and business opportunities to enter this market for JXJTech. Their structured approach in market research and in building of corporate strategic partnerships produced the outcome 3x faster and with 50% the cost than if we would have done it alone.Jiannan Xiang | CEO and President| JXJTech"FFA opened the European market with over 500 warm corporate leads"
PROBLEMS & CHALLENGES
There were two main problems that we addressed for JXJTech related to their potential market entry in Europe:
1. Limited resources for and high risks related to a European growth plan:
When JXJTech visited Switzerland during the Seedstars Global Summit in 2013, they identified a great opportunity to bring the 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 elders. The problem was: how to validate with the least amount of resources and with a fast and low-risk process?
That’s when FFA stepped in. With years of experience in venture growth activities, specifically in B2B outbound sales strategies, and with experience with health-tech startups already, we were a good partner to explore and validate the European market for JXJTech.
2. Uncertainty about proper channels to be used for European growth:
In addition to limited resources, JXJTech was unsure which channels to engage in, in order to attract their 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, the corporations had to be addressed differently than the startups or scaleups, in terms of channels, styles and value propositions.
ACTIONS & SOLUTIONS
1. Market research:
We started working with JXJ Tech on identifying which geographical markets to focus on, related to their adoption of health-tech in health institutions, hospitals and to their elderly-related health policies and experiences. We proposed to Grow:Up that it is best 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 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. Sending outbound messages and manage incoming interest:
With the contact database in hand, we set up an email marketing automation 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.
IMPACT & OUTCOME
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.