Determining your optimal sales strategy hinges on understanding how you will meet the needs of your customers in the face of competition. As we look at trends in the Pharmaceutical and Life Sciences industries, we have observed a number of market changes that may require companies to revisit their sales strategy:
What does this mean for your sales strategy?
Sales leaders must think ahead about the right coverage model to compete in the evolving Pharma and Life Sciences markets. Most of the big players can no longer afford to keep distinct sales teams for each product line. We’re seeing a shift toward account management, with an experienced Account Manager owning the entire customer relationship and bringing in product specialists as needed (similar to the strategy being deployed at large hi-tech companies). Conversely, smaller companies with a more limited product set might choose to target select customers, spreading the word about their technical innovation through key opinion leaders and younger scientists.
At Alexander Group we’re helping companies get a handle on what they can do to drive growth and sharing how other companies address some of these industry trends.
Doug Beveridge leads Alexander Group’s Pharmaceutical Sales practice.
Originally published by Mary Catherine Plunkett.