How can automation help devise winning life science sales plans & strategies?
Although the life science market is fast-growing, it is highly competitive due to intense competition and rapid advances in technology. Sales organizations therefore need to find ways to streamline their processes to single out opportunities, and to cut through the noise with powerful strategies that focus on customized engagement to secure sales.
A sales team’s productivity relies heavily on its ability to develop smart sales plans that maximize reach and optimize resources. Traditionally, sales plans were broken down solely by territory. However, these days, the highly technical nature of the life science lab equipment and reagents market means that plans tend to be broken down both by technology and by territory. Today’s life science sales managers are expected to develop business strategies and sales plans that accelerate the sales cycle, identify development opportunities, competitive strategies and targets to drive sales growth. They therefore need to:
- Identify key prospects that could be interested in their product portfolio quickly and efficiently.
- Personalize messages and sales pitches to improve customer engagement
- Optimize their resources to minimize trip costs and travel time while maximizing impact and value.
Much of the leg work involved in developing effective sales plans is time-consuming, yet many of these tasks can be automated. Modern digital tools make it easy to automate processes for analyzing a competitive product’s usage landscape and leveraging new leads, but how exactly do these help life science instruments and reagents sales managers devise successful strategies faster and with fewer resources?
Analytics for tapping into your competitors’ customer base
Growth involves tapping into your competitors’ market share. However, identifying and engaging with your competitors’ customer base requires access to much information – their names, the types of products they sell to them, the territories in which they operate, etc… automated tools can deliver all of this information in real-time to help you identify their best-selling products and most lucrative markets. This kind of gap analysis, which allows you to compare your products and their performance side by side to those of your competitors’, is essential for devising winning strategies.
Instrument manufacturer A has launched reagent A and wants to identify more new leads. Several competitors of his manufacture reagents B and C. By using a gap analysis to compare usage of all three reagents, manufacturer A can identify and prioritize which companies buy reagents B and C, but not A. In this way, manufacturer A can highlight opportunities it needs to exploit.
Outreach strategies that segment customers to optimize resources
The identification of distinct needs-based or value-based segments is essential for scaling sales plans efficiently and effectively. There are so many variables on the life science instruments & reagents market that it’s helpful to separate them using well-developed automated tools. Separating targets into specific segments, such as research field, type of technology or territory allows sales teams to prioritize specific target groups and maximize engagement using outreach strategies that make optimum use of resources and carefully crafted messages.
For example, a life science supplier’s rep planning to visit a customer at University A to promote its new reagent can use a combination of filters to segment targets by region and research field. This allows the rep to identify, within seconds, other scientific experts working on similar programs in the same field, within easy reach of University A. The rep will not only be able to maximize outreach during a single trip, but also to customize messages with minimum effort as all the prospects will be working in the same field.
To devise winning strategies capable of meeting ambitious sales targets, life science companies are increasingly having to find new ways of enriching their CRMs to maximize productivity while minimizing investment. Automation can be used to generate smart insights for incorporation into existing CRMs, to make optimum use of sales teams and guide personalization initiatives for optimizing customer acquisition rates, engagement and revenue per person.