The biotech sector is at the forefront of innovation, yet when it comes to business to business sales, even the most forward-thinking companies can hit roadblocks.
Navigating lead generation in such a specialized field involves more than just identifying potential buyers; it’s about connecting with them on a level that overcomes the complexities of biotech products.
Below, we simplify the path to overcoming these hurdles!
Finding the Right People
Issue with Finding the Right People
Biotech is full of different things to sell and buy. The niche nature of many biotech products means that the target market may be very small and highly specialized.
Solution to Find the Right People
AI-Assisted Prospecting
Use technology such as data analytics and AI to help you find your customers. With the help of these tools, you would be able to:
- Identify labs using competitor’s tools
- Track your the keyword that your prospect would likely search for and learn their intent data
Account Based Marketing (ABM)
Implement ABM to tailor your outreach efforts, focusing on the specific needs and challenges of your identified prospects.
- Create personalized campaigns for roles like Lab Directors or Clinical Trial Managers.
- Develop custom landing pages for target accounts (e.g., “[Lab Name]’s Guide to Scalable Genomics”).
- Example: A gene-editing startup used Terminus to run LinkedIn ads targeting 50 top-tier research institutes, resulting in 15 qualified demos.
Long Sales Cycle
Issue with Long Sales Cycle
Biotech products often has long research and development, leading to longer sales cycles.. It’s like waiting for a seed to grow into a tree.
Solution to Make Sales Cycle Shorter
Use this time to nurture your customers. Share relevant information with them, not just sales talk.
This way, they’ll think of you when they’re ready to buy. Here are some ways you can nurture and use that process to shorten the sales cycle:
Educational Nurturing
- Monthly newsletters with trial updates or regulatory news.
- Webinars on niche topics (e.g., “Adapting to FDA’s New Cell Therapy Guidelines”).
Lead Scoring
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Prioritize engaged leads (e.g., those attending 2+ webinars or downloading technical docs).
Biotech Complexity
Issue with How Complex Biotech Is
Biotech products are at the forefront of scientific innovation, which can sometimes translate to complexities that are hard to convey in sales conversations.
Solution to the Complexity of Biotech
Make it simple. Find ways to talk about your products that make sense to people who aren’t scientists.
Equip yourself with clear, accessible materials and conversations that distill the essence of your product’s benefits, making it relatable to your audience. Remember, easy does it!
Use Visual Tools
- Infographics: Simplify workflows (e.g., “From Sample to Sequence in 3 Steps”).
- Interactive Demos: Let prospects simulate outcomes (e.g., “See how our AI predicts drug interactions”).
Sales Training
- Teach reps to avoid jargon (e.g., say “accuracy rate” instead of “SNP concordance”).
Budgeting
Issue with Biotech’s Cost
Biotech products can be expensive, and not everyone wants to spend a lot.
Solution to Overcome Biotech’s Cost
Focus on the long-term value your product can bring to them. Provide tangible examples and how your solution can bring ROI in the long run. Combine this with stories of happy customers who think buying your product was a smart move to make them understand that your solutions are worth the cost! Lets break down these solution into specific action points:
Set up ROI Calculators
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Let prospects input variables (e.g., lab size, current error rates) to estimate savings.
Have Flexible Pricing Models
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Offer subscriptions (e.g., pay-per-sample sequenced) or pilot programs.
Include Customer Success Stories
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Highlight ROI metrics (e.g., “Lab X reduced trial costs by 35% in 6 months”).
Selling things in biotech is definitely a challenge, but it’s not impossible.
It’s all about finding the right people, being patient, and making complex things easy to understand. It’s not just about selling something; it’s about offering solutions that make a difference. With the right approach, you’ll not only hit your sales goals but also open doors to new opportunities!
However, navigating through lead generation in biotech can take many trials and errors. If you are looking for assistance as you navigate through B2B biotech sales lead generation, perhaps LeadGeeks is what you need. With our experience and in-depth expertise in biotech sales and lead generation, you can be sure that your objectives are met!
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