Smaller players in the life sciences ecosystem face challenges that are unique to them when it comes to marketing and sales.
In a recent survey we conducted at elandas with the help of our friends at Worldwide Business Research we heard from marketers and sales professionals at smaller pharma, med device, and biotech companies who told us they have demands and output expectations similar to their counterparts working at larger life sciences companies. However, they often do not have the same level of resources at their disposal to meet such demands.
Notable from the survey is the following;
+Only 34% of small company respondents say their sales teams are prompted to act on key market access opportunities, and most of those say they do not have the sales tools available to ensure the opportunities are acted upon quickly but wish they did.
This is in stark contrast with the more than half (54%) of large company respondents who say their sales teams are prompted to act on key market access opportunities as soon as they arise, and that this is an extremely important part of their strategy.
+Almost a third (31.5 %) of small company marketers and sales pros told us that their marketing has not changed at all in the face of the consolidated buying power of Integrated Health Networks (IHNs).
Large companies told us that only 7.7% of them haven’t reacted to this tsunami-sized shift in the market.
We also learned through our survey that there are a number of information/data gaps that are having a negative impact on small life sciences companies. The top three being;
- Reimbursement data
- Competitive intelligence
- Healthcare provider (HCP) communication preferences
Looking at the state of where smaller pharma, med device and biotech companies are right now, it’s obvious that sales enablement technology can become the great democratizer, as it facitlitates;
- Customizing assets quickly and easily
- Creating more data driven messaging
- Harnessing internal intelligence with ready access to feedback from the field
And the right technology solution can support doing all of this compliantly and more efficiently than before.
Technology that enables teams to fill their critical information gaps sooner and more fully means that size no longer matters. With the right sales enablement tools in place smaller marketing and sales teams in life sciences become able to move as quickly and confidently in today’s shifting marketplace as their larger cousins who have more people and processes in place can.
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