Life Sciences GTC Winning Practices Series: Lead Generation
Lead gen is a critical point for leaders but is often sub-optimized.
In this article, we will explore the topic of Lead Generation, a key topic in a six-part series covering winning go-to-customer practices industry players are investing in to capture above-market growth.
Alexander Group’s recent community events, research and project work have highlighted how companies are working to be the signal in the noise. They are investing in a well-orchestrated mix of motions to stay top of mind and abreast of what’s going on in a lab when access is less than what it once was.
Here are four plays to help take your Lead Generation capabilities to the next level and help your organization maximizing the productivity and efficiency of your investments:
- Consolidate
- Codify
- Go Digital
- Cross-Sell/Upsell
Consolidate
Many companies operate isolated or blended versions of the function. It’s not uncommon for a business to have several small groups spread across business units or geographies. Recent Alexander Group research indicates that more than 50% of companies are centralizing inside resources. Co-locate or put these teams together under common leadership in a virtual model. Bring in experienced leadership. Create connectivity with marketing, sales and service via technology and process.
Codify
Don’t rely on individual skills and marketing campaigns to drive throughput. Avoid letting a lead generation rep’s preference guide their motions. In a recent Alexander Group study, while 100% of commercial leaders indicated that providing tools and training were important for lead generation, only 22% said these efforts were effective. Build and manage to a scalable, programmed machine producing a regular rhythm of activity. Measure touches, contact engagement and quality conversations in addition to qualified leads.
Go Digital
The days of office-based lead generation reps sending emails and placing outbound calls are dead. The contemporary version of the function features data and technology-driven outbound motions including social (especially in Europe due to GDPR), virtual events and content, in addition to those more traditional outbound activities. In fact, recent Alexander Group research shows a direct relationship between qualified lead volumes and investments in technology and data, and it is not unusual to see ~20% of per lead generation rep expenses being made in digital investments.
Cross-Sell/Upsell
Turn your lead generation teams on existing accounts. Harness customer data – marketing intent, IoT and historic transactions – and push relevant content and offers that source net new leads or increase the velocity of inflight deals. The #1 digital investment right now is in data scientists and data analysts. Use data to move past internal blockers and seller protectionism.
Want to learn more? For a deeper dive into the lead generation topic with one of our practice leaders, please contact an Alexander Group Life Sciences and Analytical Instruments program manager.
Want to Network? Join our upcoming virtual roundtable session to exchange best practices with other industry leaders.
