The COVID-19 crisis will stabilize. The slowdown of science will end. Life Sciences and Analytical Instruments commercial organizations must be ready to serve the needs of scientists as they get projects back on track.
The second half of 2020 is ripe with opportunity. Commercial leaders must be ready to capitalize on the relationships that have been nurtured during the crisis and convert pent up demand for instruments, consumables and related services.
This two-part article series explores the steps that commercial leaders must take to emerge on top:
- Build Your Action Plan–tactics to win new business, retain accounts and accelerate pipeline
- Prepare the Team to Act–actions to ensure the team is focused and ready to win
- Calibrate Sales Compensation and Quotas–changes to engage and motivate the team to move fast
- Maintain Remote Work Momentum–learnings to take into the new commercial reality
Build Your Action Plan
No doubt commercial leaders have spent time reengineering the financial and operating plan to account for the unforeseen impact of COVID-19. New budgets and headcount plans have likely been set but many have yet to pivot to second half growth planning.
Commercial leaders have a narrow window to deploy tactics to steal share, ring fence strategic accounts, accelerate pipeline and prioritize territory pursuits. Commercial operations teams will need to arm the organization with the real-time insights needed to respond to opportunity on a daily basis.
Prepare the Team to Act
The pandemic had a profound global impact but the rebound will soon be upon us. Now is not the time to let commercial muscles atrophy. Use available time to hone technical skills, plan customer engagement in the months post slowdown, prepare specialist teams to execute short-term value-add plays, and prepare the back-office and field service team for an influx of demand. Have a new playbook ready and ensure the team is ready to execute.
In part two of this series we will explore sales compensation and quota changes that need to be made and how we can maintain the current remote work momentum.
Join us May 7th for a virtual roundtable where Life Sciences industry leaders will gather to discuss how they are investing for a return to growth in the second half of the year. Click here to register now. If you are unable to attend, or would simply prefer to speak with someone directly, please contact us for an individual discussion.
Finally, you may also visit our website for our latest articles on the COVID-19 crisis. Please stay safe and healthy.
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Author
Matt Greenstein is a principal based out of the New York office. He works with clients across technology, life sciences and healthcare. He has responsibility for leading the firms Life Science and Analytical Instrument and Digital Transformation practices. His areas of focus include large scale transformation and integration across all commercial functions–tactical marketing, sales and service. Matt has global consulting experience and is known for his fact-based, hypothesis-driven, problem-solving style.
