In her quest for health solutions to solve challenging problems, Colleen Costello founded Vyv (formerly Vital Vio), a manufacturer of “planet-friendly antimicrobial LED lights that combat the growth of bacteria, fungi, yeast, mold, and mildew.” After her grandmother contracted MRSA while hospitalized, Costello decided to find a better way to fight germs.
Vyv’s LED lighting fixtures provide numerous advantages. The lights provide nonstop protection for bacteria-sensitive environments, are safe to use around people, and are clean while lit. When Vyv wanted to know if there were additional markets for its fixtures, we collaborated with the Center for Economic Growth (CEG) to help Costello understand the compound pharmacies’ market opportunity.
Identifying new markets, ensuring growth
We researched the use of LED lighting fixtures in compound pharmacies to help our clients understand
- whether there was a need for the Vyv fixture
- purchasing decision criteria and barriers
- price points.
Through our insights work, we confirmed the compound pharmacy market opportunity. Vyv attributed to this market $30,000 in new sales. The organization also set a $7.5 million revenue goal given estimated growth in this market. We informed our health solutions client of opportunities in markets that were previously unknown. And we connected them with a firm that designs clean rooms for pharmacies within hospitals nationwide.
Today compound pharmacies use Vyv’s lights. Costello continues to expand her company into new markets, including the residential, emergency vehicle, food, airline, and education industries.
Let’s talk about how we can help your organization uncover growth opportunities.
