Did you know that while the average close rate across industries is around 19%, when it comes to biotech this number stands at 15%?
It's clear that the industry as whole needs to give their sales engagement a closer look. By creating a better process to equip sales reps for customer interactions, biotech, life science, and medical device organizations can realize a variety of benefits.
From ensuring compliance in a heavily regulated field to matching the new changes in the selling environment that sales reps are currently facing, biotech companies need a sales enablement solution in order to keep up with the market and their competitors.
Keep on reading for our full breakdown of why biotech companies need a sales enablement solution to flourish.
Why Biotech Companies Need a Sales Enablement Solution: The Key Benefits
There's a multitude of benefits when it comes to sales enablement solutions.
However, some of them became more relevant due to the global COVID-19 outbreak and how it affected the movements of sales representatives and medical science liaisons.
The Transition from Direct-Selling to Digital Selling and Communication
Due to the social distancing policies on the ground-level, the majority of in-person selling shifted online. This includes all the communication necessary between the sales rep and the potential client.
As it stands, the ability of sales reps to communicate the latest updates and complaint training material needs to be done digitally.
Furthermore, one of the key aspects of client communication is getting customer feedback, as well as understanding how certain devices are performing with your current clients and which content is resonating with your prospective clients.
All of the above used to be streamlined in a single one-on-one conversation.
However, during the sudden shift to have everything conducted digitally, you'll need to have a sales enablement solution in order to centralize all of your data gathering and analytics.
Compliance and Synchronicity with Tech Stacks
As with any seller of complex medical devices, biotech firms need to remain compliant with the ever-changing technical applications.
There are systems like Product Lifecycle Management (PLM) and SAP that are essential to keeping biotech firms in compliance with the rigorous FDA requirements, in addition to having a single source for accurate information about their products.
When it comes to sales enablement, you get a similar platform. Of course, a CRM will generally serve as the foundational platform for your sales and marketing departments. Moreover, you might even have an integration with a marketing automation platform in place as well.
Yet, that system isn't strong enough to withstand the current market with its intense competition and shifting business risks.
This is where the benefit of having a centralized sales enablement platform comes in. It contains all the updated information and content by picking up where your CRM would leave off.
Moreover, your sales enablement solution will be able to provide the necessary help to your sales reps via maximizing engagement throughout the sales cycle for the different buyer personas.
The smooth data transaction will eliminate the need for manual data entry, which is known for its high rates of human error.
Simplification of Mergers and Acquisitions
In 2019, the average of upfront cash and equity of M&A deals reached $2.3 billion. Even with COVID-19 at the wings for 2020, mergers and acquisitions in the life science industries are not expected to slow down any time soon.
When it comes to the healthcare industry, there are markers that point to a shift to a value-based care delivery model. As a result, more companies are merging to be competitive and strengthen their position in the marketplace.
The aim of the mergers is to create an integrated delivery system that's intended to reduce friction in the system, lower costs, as well as improving patient outcomes. All of these factors will lead to a natural boost in the bottom line revenues.
All of these are great goals, and they should work out, in theory. Yet, when it comes to the practical application of mergers and acquisitions, the dynamics of integration can be rather complex. If the mergers and acquisitions involve multinational corporations, things can become even trickier than usual.
On the other hand, with a sales enablement platform in place, the newly merged firms will be able to make sure of standardized workflow processes, collateral, tech stacks, and even messaging.
This eliminates the confusion and the headache-inducing processes of merging multiple stakeholders, such as sales, marketing, IT, and compliance all in one go.
Places the Emphasis on Customer Engagement
Sales enablement systems can provide a variety of value to sales reps in helping prepare, present, and share content. However, it's important to acknowledge that the best sales enablement systems allow sellers to focus their attention on the customer conversation, not the technology.
Integrations with CRM, Microsoft Teams, Slack, and email clients like Microsoft Office can significantly reduce the friction of use for the rep. If you are evaluating a sales enablement system, it’s important to consider how your team would be using the software and what integrations could help improve workflow.
A well-designed sales enablement platform will effortlessly serve up content, training, and sales resources to users during their sales process and allow them to place all focus on leading the customer conversation. The technology just greases the skids.
Riding the Waves of Big Data
Sales enablement platforms can gather critical data and perform enough analytics to produce key marketing insights.
This data can provide marketers with the information needed to shift their strategies, and adjust their content to fit their targeted audience. As a result, it'll provide a boost for positioning strategies and well as marketing effectiveness.
Unlocking Sales Enablement Solutions
Sometimes, it might seem like the variety of sales and marketing solutions all attempt to do reach the same goals, as well as provide the same data.
However, after going through our key reasons why we believe biotech companies need a sales enablement solution, you're in a much better-informed position to start your search for the right solution.
Yet, we also understand that not all biotech firms are the same. With this in mind, the sales enablement solution should be tailored to your firm's needs. If you are interested in beginning your evaluation, you can contact us to learn more about the Klyck.io platform.
Our team can help educate you on industry best practices for sales enablement implementations and help you determine the best process, and software, for your business.
If you would like to access more information and resources, check out our blog for more insights on sales and marketing trends for B2B companies - Including why your sales reps should use social media as the ultimate customer communication tool during COVID-19.