China growth strategy and implementation
Background: Tractus was retained by Fort Wayne Metals, a global leader in fine grade medical wire with expertise in stainless steel, titanium and titanium alloys, cobalt and high performance alloys to help the company enter and rapidly grow its export sales to the Chinese market. At the time, the company had experienced some embryonic success in China with a small volume of export sales. Tractus was retained through its Business Incubator to recruit, on-board and train a sales representative and develop and execute a market expansion strategy, supported by Tractus’ consulting team.
Project: Tractus recruited and on-boarded a client representative for China in cooperation with the client, hiring and managing the client representative through Tractus’ legal entity in China. Tractus then worked with the client representative to develop a market entry strategy. In the initial engagement period, Tractus worked with the client representative to identify and implement regulatory approvals, conduct a medical device market assessment, competitive intensity evaluation and market price assessment and led the company’s market research and expansion strategy development for China.
Solution: Working through the Tractus’ Business Incubator, Fort Wayne Metals grew sales to China by 133% in the first year and 186% in the second year dramatically expanding market share and capturing new business before leveling out to still-healthy growth of 41% in the most recent year measured.
Since engaging Tractus’ Fort Wayne Metals has been to expand export sales into additional Asia markets, using its representative at the Tractus Business Incubator to manage client relationships and sales not only in China but across the region
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