Bloom Burton, Medical Investment Bank
Unifying Proposition: “A Faster Path To Monetization.”
The complex nature of Bloom Burton’s offering had created a fragmented sales story that was confusing to clients and employees alike. What they needed most was clarity.
The business case:
Bloom Burton came to us as a variety of services and companies, each working independently to help Canadian biotech companies grow faster. This created a fragmented sales story that was difficult to articulate and difficult to understand. It also made it difficult to determine where they should invest money and resources to grow the business most effectively.
The Blueprint conversation revealed that although Bloom Burton had many tools in its toolbox, some of which were services and some of which were separate companies, it only did one thing for companies at the end of the day: it helped them get to their monetizing event faster. Every biotech company has one or more monetizing event in its business plan. This could be an IPO, an acquisition by another company or just reaching a mature enough state stage in the sales process that dividends can be issued to investors on a consistent basis. This was articulated in their Unifying PropositionTM as “A Faster Path To Monetization”.
Each of the services that Bloom Burton provided was one piece in a single puzzle, which is creating a faster path to monetization. We had to re-articulate all of the service offerings as each being a step in the monetization process. The decision was made in the Blueprint to shut down the consulting company and make it a service inside of Bloom Burton. A third company was kept intact for regulatory reasons but what it did for biotech companies was positioned as a service inside of Bloom Burton. Everything that Bloom Burton did was now consolidated into a single service with a variety of components that all worked together, the benefit of which was easy to understand.
The business impact:
Where Bloom Burton used to spend the better part of an hour explaining its various services and saving the conversation of an engagement for the next meeting — if it happened — it is now able to tell its story and have it understood by the prospect in less than 10 minutes. The rest of that first meeting is spent discussing specifically how Bloom Burton can help the prospect and what an engagement would look like. At a J.P. Morgan biotech conference in San Francisco, many prospects commented on how much broader and deeper Bloom Burton’s service offering was than they expected, and especially when it was compared with its competitors who were also at the conference. The new, shorter and more impactful sales story was also effective in getting big companies like J.P. Morgan to see that Bloom Burton could be a partner rather than a competitor, which opened up new sales opportunities.
The Blueprint also had an internal impact on how engaged employees were with Bloom Burton. For the first time, every employee could understand and articulate the same sales story. This made it easier for Bloom Burton to build a cohesive brand and to expand its sales force by having every employee become a powerful sales evangelist for the company. The partners no longer had to attend every meeting, giving employees more responsibility, because everyone was telling the same story and crafting consulting engagements the same way. In addition, because employees had such a clear sense of “who” the company was and where it was going, they were able to hold the partners accountable to staying true to the Blueprint.
The new sales story made sales come faster and easier because it was clear, concise and compelling, and it became one story told to every audience rather than a different story for each audience.
The Blueprint also made employees more involved and accountable for the growth of the business by giving them a sense of purpose (creating A Faster Path To Monetization) and a strategic filter that guided every decision they made and every action they took.