Leaders in the 2023 life sciences field find themselves in a market ecosystem drastically different from years past. Data insights tell the story of a hyper-competitive, customer-focused market attracting investors far and wide because of life science’s proven immunity to economic recession. CSS ProSearch has compiled three market-leading 2023 trends within the sales sphere of the life sciences industry below.
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Adjusting your sails to the winds of sales
Although life science industry companies are trimming fat while simplifying and streamlining go-to-market strategies, their market is expanding. The ever-recession-proof life sciences industry, including the biotech, pharma, and medical device verticals, is experiencing a wave of new sales trends.
“These developments are forcing sales teams to alter their processes to attract new customers. New sales methods require new salespeople with new sales skills, so fresh staffing will be key as well,” says Abby Prince, CSS ProSearch Managing Director.
To modernize sales pipelines, managers first need to be aware of the changes taking place in the life sciences market arena. Here are three leading life sciences market trends salespeople need to institute into their sales frameworks.
Commercializing via the Minimum Viable Product (MVP) method
This burgeoning method of commercialization planning involves the development of a medical product that just barely surpasses the threshold of fundamental features. This method is geared toward attracting early adopters and investors through simplicity. 19 percent of startups fail due to cost issues and 17 percent fail due to products with poor user experience. This MVP development method helps salespeople alleviate both of these pitfalls.
A product designed as minimally as possible saves cash upfront while offering a product fleshed out just enough for investors to understand the potential. Additionally, its bare-bones nature creates flexibility to iterate off initial focus group findings to enhance customer usability. Organizations launching products to sell via the MVP method need to understand their short and long-term life sciences goals. Short-term projects launched to accompany a client’s current life science processes need to be balanced with long-term projects intended to create acquisition interest.
Modernizing your life sciences sales team
As alluded to earlier, new life science buyers in markets like forensics and environmental industries require a new batch of salespeople. Life science products are no longer being sold Ph.D. to Ph.D. which will require organizations to build their teams with an eclectic group of multi-faceted salespeople.
As the life sciences field is becoming increasingly customer-driven, these salespeople also need experience with the customer experience on top of niche technical knowledge.
Another enticing sales strategy employed by life sciences is upselling through field service engineers. While conducting paid services to clients and customers, many field engineers are upselling the product they are servicing with supplemental offers. They’re able not only to upsell but also to generate leads and gather valuable customer data to iterate current and future products.
Value-based pricing
The customer-centric market that the life sciences field is finding demand for value-based pricing. Instead of value being measured from the cost of delivering therapy outcomes, value-based pricing charges customers based on the actual health outcomes the therapy aimed to improve. This personalizes services to customers and saves an incredible amount of spend. In fact, a study conducted by the JAMA Network found that a whopping 25 percent of total healthcare spending is wasted in the United States every year, a retractable number with value-based pricing.
Value-based pricing allows companies to penetrate previously inaccessible market territories for pharma organizations and reduces risks for buyers in a buyer-centric ecosystem. Not to mention it also makes patient health the number one priority by placing value on positive health outcomes.
Partner with CSS ProSearch today to build a team of expert life science salespeople with unmatched industry insight
To implement the best sales talent and leverage the most-comprehensive industry data, partner with CSS ProSearch, an organization with an extensive network of sales, marketing, and executive business professionals. With a focus on technology as well as consulting and healthcare verticals, CSS ProSearch provides the finest talent and opportunity through seamless recruitment processes. Connect with CSS ProSearch today to attract top managerial talent!