Life Science and Diagnostic companies face a variety of forces demanding acute attention on revenue growth strategy and commercial execution.
These forces include complex product portfolios, evolving customer expectations, competitive strength and uncertain growth with changing political and regulatory landscapes.
In light of these demands, today’s Life Science revenue leaders should focus on a few key areas, each of which offer specific opportunities for great impact on revenue growth potential:
Keeping Customers at the Center
Multi-channel strategy: Buyers demand a multi-channel model. Leading manufacturers activate channels, educate customers on the role of each, and influence customer transaction behaviors in alignment with revenue growth strategy.
Specialization: The industry struggles with specialist divestitures. Despite cost pressure and customer demands for change, many maintain these legacy models. Leading companies maintain a disciplined approach to migrating products from specialist to alternate channels.
Orchestrating Complex Revenue Motions
Account management: A recent Alexander Group industry study concluded that 60% of Life Sciences companies use account managers. These roles deliver customers a consistent experience while ensuring complete buying point coverage.
Channel management: 3rd Party Channels play a critical role in industry go-to-customer models. Top life sciences companies invest in structure, process and enablement to get the most out of these partnerships.
Training and enablement: Leading companies align their investments in training and enablement with the revenue motions being executed. While some resources require heavy product and technical training, others require a disciplined sales methodology.
Driving Sales Execution Excellence
Sales operations: Industry players often find their roots in a ground breaking technology leading to rapid growth followed by an M&A phase. Few make the investments in sales operations needed to maintain an efficient and scalable revenue growth engine.
Manager Coaching: Many companies populate their sales management ranks with scientists who have seen success as sellers. Few invest in tools and frameworks needed to transform successful scientific sellers into high performing sales managers.
Managing Cost of Sales
Marketing-Led Sales: Leading companies are applying digital marketing techniques to more cost-effectively cover low-volume accounts in lieu of shifting them to distribution, or forgoing sales coverage. These motions are often in tandem with Inside Sales.
Inside Sales: It’s no longer a question whether Inside Sales has a place in Life Science. This key sales role has proliferated across the industry and is now a critical coverage resource. Leading companies are investing in their inside capabilities and deploy a mix of model types.
Junior Reps: Life Science industry sales forces often feature tenured scientific sellers. Classically, talent is poached from distributors, low-tech consumable sales forces, or adjacent industries. An emerging trend is the use of low-cost Junior Reps.
eBook: Life Sciences sales leader – your world is changing, are you ready? This eBook includes internal and external factors for the new life sciences go-to-customer model. It also gives a peek at the 2016 Life Sciences Sales Trends. In addition to this eBook, listen to the webinar recording.
How Alexander Group Can Help
Proven frameworks: Our Revenue Growth Model serves as a holistic framework to evaluate your go-to-customer model and our Sales Operations Assessment Framework delivers a thorough audit of current state and prioritizes opportunities for investment. Combined with our proprietary industry sales benchmarks, our assessments provide leaders a complete evaluation of sales ROI and deliver the business case for investment.
Industry experience: Alexander Group clients benefit from our highly experienced consulting resources, who partner with your leadership to design new and improved processes and scope technology investments. Our change management and adoption frameworks ensure companies realize ROI.
Global strategy: AGI has deep global integration experience ranging from strategy development to detailed model design to implementation and change adoption. We seamlessly assimilate with your team, allowing you to limit risk and stay focused on delivering in-year growth.
With deep cross-industry functional expertise in sales and revenue growth, the life science industry experts at Alexander Group can show you how to invest smartly, execute efficiently and accelerate growth.
Contact us today to see how our expertise can help your Life Sciences sales organization.