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Sales Management - Bausch & Lomb

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Sales Management - Bausch & Lomb

  1. 1. John Hardy, Alex Heide, Ross Gregerson & Laura Grbavcich<br />
  2. 2. Company Background<br /><ul><li>Founded in 1853—Bausch received a $60 loan from Lomb
  3. 3. Developed array of optics products & first flexible frames
  4. 4. 12,000 employees servicing over 100 countries</li></li></ul><li>Customer Base<br /><ul><li>Optometrists (OD’s)—non-MD’s—able to prescribe eye-health pharmaceuticals
  5. 5. Ophthalmologists (MD’s)—mostly surgeons
  6. 6. Purchase surgical equipment
  7. 7. Prescribe pharmaceuticals
  8. 8. Diagnose & refer patients</li></li></ul><li>Business Portfolio<br />Sold cleaning solutions to OTC’s in large retailers<br />Sold 5 major lens brands to OD’s<br />Sold prescription pharmaceuticals<br />2 Divisions:<br /><ul><li>Refractive
  9. 9. Cataract/Vitreoretinal</li></li></ul><li>Business Portfolio<br />
  10. 10. Market Overview<br />
  11. 11. Sales Force Phases<br />Phase 1<br /><ul><li>Present one face & expand customer education
  12. 12. Convergence of previously isolated divisions
  13. 13. Management restructuring to identify cross-selling opportunities
  14. 14. Target larger accounts to leverage full product line</li></li></ul><li>Sales Force Phases<br />Phase 2<br /><ul><li>Consulting firm to reassesses market position
  15. 15. Cross-selling’s potential to increase wallet share
  16. 16. Minimize “windshield time”
  17. 17. Surgery group wanted independence back
  18. 18. Vision & Pharmaceutical TM’s became “Eye Health Reps”</li></li></ul><li>Problem 1 – Underinvested in R&D<br />Competition is gaining wallet share while B&L becomes stagnant in innovation<br />
  19. 19. Recommendation 1 – Invest in R&D<br /><ul><li>More retained earnings, less dividends
  20. 20. Communicate vision & goal to shareholders
  21. 21. Goal:  #1 or #2 in every product category 
  22. 22. Focus on weakest lines without neglecting others
  23. 23. Potentially re-appropriate funds from other departments   </li></li></ul><li>Problem 2 – Brand is Weak<br />B&L is not competing on price, so they must push the quality aspects of their brand<br />
  24. 24. Recommendation 2 – Strengthen Brand<br /><ul><li>Generate “one stop shop” awareness with ad campaign
  25. 25. Cross-promote all products
  26. 26. Focus on consumers, not just customers
  27. 27. Consider advertising to ethnic populations</li></li></ul><li>Problem 3– Organic Growth<br />B&L needs to build its B2B customer base in order to grow sales & profits<br />
  28. 28. Recommendation 3–Build Incentivized Referral Network<br /><ul><li>Reach out to current loyal customer base
  29. 29. Referrals for appointments, not sales  
  30. 30. One-time incentive per 3 appointments generated ($50 or $100 gift cards)
  31. 31. Doesn’t require extensive time commitment</li></li></ul><li>Summary of Recommendations<br /><ul><li>Greater investment in R&D
  32. 32. New brand-building marketing initiatives
  33. 33. Referral network to grow customer base</li></li></ul><li>Questions?<br />

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