How can automation help boost life science sales?
The life science instruments and reagents market is expected to grow massively over the next 5 yearsi due to the demand for, and emergence of, innovative applications and products. Competition is rife and fueled by fast-moving technological developments. To be successful, companies need to stand out from the crowd. They need to find new and better ways of identifying leads, engaging with their clients and crafting highly technical and personalized messages.
Personalization initiatives can deliver significant value, including on average 10-30% revenue uplift and higher customer acquisition rates and engagementii. Yet according to a study conducted by Evergage and Researchscapeiii, 55% of marketers say they lack the data they need to use personalization effectively.
There is no shortage of data available in the lab instruments and reagents field, but it takes considerable time and resources to wade through it all and identify meaningful insights. The life science sector has already learned that automation can support research and transform many aspects of patient care, both in drug development and in earlier and better diagnosis. But so far, it hasn’t really been used for commercial purposes even though it can clearly also have a transformational impact on sales processes.
Awareness is growing, however. Life science companies are beginning to realize that they can use automation to carve out a competitive edge by exploiting all this freely available data to improve their efficiency and leverage their existing CRMs.
So how exactly can automation help drive sales?
Lead identification & customer segmentation
Automation is a great tool for analyzing the competitive landscape, identifying untapped opportunities, singling out promising markets and generating leads. For example, key opinion leaders, high-intent prospects and lab equipment or reagent buyers can be automatically segmented in real-time by areas of interest, location, specialization and technology.
Automation makes it possible to conduct much more complex and fluid segmentation than manual analytics processes. Sales managers can then make use of this information to develop outreach strategies that segment customers to optimize resources so that they can decide where best to deploy their sales teams for maximum effect.
Deeper engagement & message customization
Effective segmentation empowers sales teams to personalize engagement. Augmented intelligence helps frontline sales reps to refine and adjust their messaging in real-time. This concept is explained in detail in the article on
capitalizing on evidence-based insights to boost engagement
For example, if a lead has recently published a paper on the proteins involved in cancer, sales reps can leverage the smart analytics to come equipped with compelling information on relevant markers and antibodies, ensuring that personalized and impactful advice is available at the moment it is needed most.
Today, we’re on the cusp of a major technological breakthrough. Automation can be used by sales teams to make smarter decisions faster, for effective resource management and for guidance in message customization.
To reach their sales targets, companies are increasingly having to find new ways of engaging better with their customers by enriching their CRMs to tap into their competitors’ customer bases. Augmented intelligence can carve paths through complex commercial landscapes to deliver the kind of smart insights that sales forces can use to develop successful sales plans and strategies, helping them to enhance ROI by achieving more ambitious targets with fewer resources.
- i According to the ResearchandMarkets.com Global Life Science instruments and Reagents Market: Forecast up to 2025 Report, this market will grow at a compound annual growth rate of 9.6% during the forecast period.
- ii https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/personalization-at-scale-first-steps
- iii https://www.mediapost.com/publications/article/318211/a-gentlemans-c-email-marketers-grade-themselves.html