How to attack a 'dominated' market, with Björn Thorngren (CEO, Meds) (S14E07)
In this episode,- Richard Medcalf speaks with Björn Thorngren, the CEO and co-founder of MEDS, a leading online pharmacy in Sweden. MEDS has been the fastest-growing Swedish company (2018-2021) according to the Financial Times, having grown in 6 years to 800,000 customers with a brand recognised by 50% of people.
In this conversation, you’ll learn:
- How Björn identified the potential of the pharmaceutical sector in Sweden
- How to build a strong consumer preference and win market share against strong incumbent competition
- The one part of the financial plan that Björn underestimated
- What caused one of the co-founders to resign, and what Björn learned from that
- The next steps, now the initial goals have been attained
Resources/sources mentioned:
- The Impact Multiplier CEO Podcast(https://xquadrant.com/podcast/)
- Meds (https://meds.se/)
- Join Rivendell (https://xquadrant.com/rivendell/), our exponential programme for elite CEOs dedicated to transforming themselves, their businesses, and the world.
- Ready for a big leap forward in your own leadership? Elevate your leadership forever with Richard's book "Making Time for Strategy: How to be less busy and more successful". Buy your book here: https://xquadrant.com/time/
Timestamps:
00:00 Intro
03:42 Crating successful companies with marginal market improvements
08:03 How to overcome competitors in the domestic market
10:42 Transitioning from store to online
17:22 How to create your brand in a competitive market.
23:55 Challenges in reaching new customers
32:25 Expanding business with new markets and products.
Activity