How would you describe the STEM industry? I’d say that it’s fast-growing. There are lots of untapped subjects that the professionals involved can always explore owing to the ever-changing environment. Humans will always depend on STEM-related products.
Don’t get tired of hearing this, but take the Covid-19 Pandemic as an example. No one saw it coming. The outbreak surged mercilessly, forcing scientists to formulate novel vaccines at short notice. They must have been under intense pressure due to the enormous demand.
The STEM industry is dynamic because of its broad scope. Let me discuss the field of operation that I’m familiar with: the bio enterprise. It sure thrived during the global health crisis. Some of our clients’ products sold fast. Though the post-pandemic era is here, I don’t believe the overall sales will plummet. How so? Diseases keep evolving; illnesses emerge. Therefore, researchers are always on a mission: developing new medicines, antibiotics, etc. It’s never a dull moment.
What about the challenges?
Inventing new life-science technologies is a remarkable achievement; however, selling them poses its own set of challenges. While unusual global events can impact sales, the experience of selling is not always enjoyable, as my fellow ISRs would attest. Drawing from the expertise of skilled lead specialists, we have identified six key challenges that biotech representatives face in marketing their products:
Affordability Concern
Although your offer may genuinely interest potential prospects, its value becomes meaningless if they cannot afford it. Biotech devices, for instance, tend to be pricier due to the complexities of production. While we can justify the price tag considering the production cost, it often leads to hesitation and reevaluation by potential buyers.
Pending purchases still indicate a chance of conversions, highlighting the importance of a persuasive B2B sales strategy. Maybe they must spend their limited budget on more urgent expenditures. Unfortunately, it is outright rejection due to funding constraints that can be disheartening, emphasizing the need for a flexible B2B sales strategy. It leaves salespeople feeling so close to success, yet ultimately far from it. A well-crafted B2B sales strategy can address these affordability concerns effectively.
Unpredicted Grant Approval Process
Building upon the previous point, one of the hurdles biotech representatives face is the unpredictable grant approval process. When it comes to determining an acceptable waiting time, it becomes an arduous matter. The circumstances surrounding grant approvals can vary significantly, ranging from weeks to months before your prospects’ decision-makers give the green light to proceed. This uncertainty can be nerve-wracking, whether you’re dealing with academic institutions or corporations.
We recommend moving on to your next pitch in your B2B sales strategy to avoid fixating on one interaction. Dwelling in uncertainty can drain your energy and hinder your progress. By proactively pursuing other leads in your B2B sales strategy, you can maintain momentum and increase the likelihood of securing more promising opportunities. Remember, perseverance and adaptability are key traits in navigating the intricacies of the grant approval process, critical elements of a successful B2B sales strategy.
Navigating Product Differentiation and Increased Competition Among Reps
his section delves into the crucial aspect of standing out among your peers in a highly competitive market, emphasizing the significance of a unique B2B sales strategy. The sheer versatility of biotech products often leads multiple salespeople to approach the same leads, necessitating a differentiated B2B sales strategy. As a consequence, you may find yourself competing with your own coworkers, which can create awkward dynamics within the team.
In such a scenario, what steps can you take to thrive and develop a winning B2B sales strategy? The answer lies in leveraging your ultimate sales skills and finding unique ways to win the hearts of potential customers, a key part of a successful B2B sales strategy. Instead of being disheartened by the internal competition, view it as an opportunity to showcase your expertise, an essential aspect of a successful B2B sales strategy.
By focusing on building strong relationships and offering tailored solutions in your B2B sales strategy, you can set yourself apart from the competition and establish a reputation as a trusted advisor, a crucial element of a winning B2B sales strategy.
Market Size
At LeadGeeks, we take pride in promoting state-of-the-art laboratory instruments. However, we must acknowledge that these cutting-edge devices are not everyday staples. Only a select few organizations utilize them, emphasizing the need for precise targeting in your B2B sales strategy. As a result, prospecting for such exclusive products poses unique challenges, requiring top-notch networking skills and a strategic marketing approach, key components of a successful B2B sales strategy.
Fortunately, this is where our ISRs shine. We are masters of our craft, armed with extensive expertise in the high-tech industry. Our track record speaks for itself, as we’ve assisted numerous high-tech companies in achieving remarkable results over the past three years— (and still counting 😉).
As a B2B marketing agency specializing in inside sales solutions for the high-tech sector, our dedicated lead specialists excel in customizing sales workflows to maximize productivity for your in-house sales team.
If your company is considering hiring a sales outsourcing provider, look no further. Click here to learn more about how LeadGeeks can elevate your sales efforts and drive your business toward greater heights.
Long Holidays
An additional challenge that can slow down the customer journey is the impact of long holidays and day-offs. Managing outbound marketing campaigns can become particularly challenging when you start receiving a wave of out-of-office notifications. While everyone deserves a well-earned break, it does pose complications for sales teams, necessitating careful planning in your B2B sales strategy.
During these holiday periods, reaching decision-makers and key contacts becomes tough. It may temporarily stall the direct results you were anticipating. Updating the contact database with accurate information during these times requires patience and adaptability, both essential qualities in your B2B sales strategy.
However, it’s essential to view these holiday periods as opportunities for preparation and strategic planning in your B2B sales strategy. While direct interactions may be limited, you can utilize this time to fine-tune your marketing strategies, refine your pitch, and identify potential new leads for when business operations resume as usual, demonstrating the importance of adaptability in your B2B sales strategy.
Covid Protocols
The Covid-19 outbreak profoundly impacted the biopharma industry, offering both opportunities and challenges in crafting an effective B2B sales strategy. While giant corporations experienced a surge in demand for life-science technologies, smaller research centers and academic labs were forced to shut down due to social distancing protocols.
This situation proved to be a double-edged sword for sales and marketing. While some segments thrived, reaching potential clients turned strenuous. Numerous out-of-the-office replies we received highlighted less effective marketing campaigns. These researchers could have been those who could benefit from non-Covid-related solutions. Alas, they had no option but to pause/wrap their projects, emphasizing the need for adaptability in your B2B sales strategy.
Replacement Competitors
New entrants and substitutes are often the forces that motivate high-tech enterprises to keep growing, necessitating ongoing innovation in your B2B sales strategy. This drive for constant innovation is what allows these companies to maintain their foothold at the forefront of the competitive market.
To remain relevant and irreplaceable, biotech representatives must understand that complacency is not an option. They need to invest in research and creativity to create email campaigns that transcend the boundaries of conventional marketing, a crucial aspect of a forward-thinking B2B sales strategy.
In the fast-paced and information-rich world, generic and uninspired emails risk being lost in the digital noise. To make a meaningful impact, your email content must be uplifting to encourage your audience to engage with your message, a key goal in your B2B sales strategy. Biotech reps must know how to raise a beacon of hope that resonates deeply with their leads and inspires them to embrace the products offered, a unique element of an effective B2B sales strategy.
At LeadGeeks, we understand the complexities of navigating the ever-changing business landscape, especially during unprecedented times like the pandemic. Our team of experienced ISRs takes a proactive and adaptive approach to sales, consistently tailoring our strategies to align with the evolving needs of our clients and prospects. Visit our website to read more.
As we continue to embrace the challenges and opportunities resulting from the pandemic, we remain committed to finding innovative solutions that bridge the gap and ensure our clients receive the support they need. Our dedication to personalized service and a deep understanding of the biotech industry allows us to offer tailored solutions that address the unique concerns of each client.
Read our previous blog about Sales outsourcing right here.
