Life Sciences Industry Trends
Strategies | Insights | Metrics
The battle for market share is here. Life Sciences and Analytical Instruments commercial leaders need to be talking about differentiated, above-market growth. Leaders need to make thoughtful investments that nurture a customer-centric culture and lead with science. It is time to feed the commercial engine and win a greater share of a growing market.
Alexander Group’s latest research effort, Life Sciences & Analytical Instruments Industry Trends: Strategies, Insights, Metrics, was conducted with 30 marketing, sales and service industry executives across 15+ companies. Including productivity metrics ranging from total sales expense to revenue ratios to job roles along with spans of control and pay levels, leaders shared their viewpoints on the commercial investments they are operating under to gain more share.
- With less time being spent in the lab, scientists no longer prefer “pop-in” visits from sellers. Commercial teams must actively demonstrate how they help to solve scientific problems through segment, workflow, application, product and technical expertise.
- Commercial operations are a top investment as they are charged with delivering support to the commercial organization’s needs to respond to customer demands.
- Leaders are establishing direct engagement with customers, no longer relinquishing the customer relationship to distributors and agents.
- Customer success is paramount to lab customers. Industry leaders are investing in this role to provide ongoing education and knowledge regardless of the customer journey stage.
- Marketing investments are increasing. Research, data, tools and processes are being put in place to enable active monitoring of customer journeys and to drive awareness, stimulating inbound demand.
- With high talent turnover, many are investing in programs that include scientific and product training along with real-life experience for scalable, long-term retention solutions.
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Life Sciences: Demand Generation Performance and Investments Trends
Kevan Savage and Raj Sharan from Alexander Group recently discussed emerging trends in demand generation for the life sciences and analytical instruments industry.