Recently, Alexander Group hosted a group of commercial leaders to discuss how they are adapting long-term growth plans considering accelerated industry growth, changing customer preferences, and the application of data and technology.
The group prefaced the discussion by admitting there are still pressing, near-term realities occupying significant mindshare as we emerge from the pandemic. Practical challenges include serving customers, maximizing plant capacity, and prioritizing the supply chain.
Notwithstanding, many have begun to look ahead. The community discussed the following areas of focus:
67% of participants indicated that they are increasing their commercial investment by 3%+. While investment is spread across functions – marketing, sales, service and operations – the group agreed (75%+) that sales and service are being prioritized. Investments will not only include headcount but new capabilities such as value add services (e.g., IoT insights from instruments).
One participant commented, “Those that respond quickest will win.” The group cautioned against waiting too long to infuse the commercial organization with the resources need to capitalize on market trends.
70% of participants indicated that marketing was very important to achieving long-range growth plans however only 30% saw their current capabilities as effective or very effective. The group zeroed in on (2) priorities for their marketing function:
The new growth plan does not just happen. It requires people with the right skills and enablement. The session wound down with a discussion about the value proposition needed to recruit and retain talent as well as the training and tools needed to get the most out of people resources.
While pressing needs may demand mindshare, those that get caught with their heads down will miss opportunities to capitalize on favorable market trends. The time is now to look ahead and revamp long-range plans. Ensure the commercial organization is getting the investment needed to capture share. Whether it is marketing, people or another area, make thoughtful investments to propel growth.
To learn more contact our practice leaders or attend one of our upcoming Life Science and Analytical Instrument virtual roundtable events.
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