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20 June 2022

How Data Builds Trust in the Unique World of Life Science Sales

Written by Jenny Kosek

“Establishing trust is better than any sales technique.” – Mike Puglia

 

Many sales professionals understand the value of trust and relationship building in the sales process. There are countless ways to approach a sale, but in the life science industry, trust is key. In a complex industry with some highly competitive niches, those of us looking to increase sales of our life science products and services need tools to better establish trust and close sales with our prospects – and data is an essential tool. In an industry that’s flush with data, how can sales teams hone in on the most actionable data to build revenue?

Sales in this industry are characterized by six-figure contracts, multiple key decision makers, budgets focused on science and research (and not always on sales and marketing), and sales cycles that can take up to 24 months. It’s a costly process, and the life sciences industry has a higher customer acquisition cost (CAC) than many other fields as a result.

To reduce that acquisition cost and increase the lifetime value (LTV) of a new customer, life sciences sales teams have to intelligently narrow our leads and identify the highest-value opportunities to target. Then, we have to approach the lead armed with information and a clear case for our solution’s problem-solving potential. Yes, we want sales VOLUME, but we need to improve our CAC:LTV ratio along the way.

That’s where a tool like Bracken CRM comes in. Our new product puts clean clinical trial data into your existing CRM to provide industry intelligence that allows your sales team to identify qualified leads and connect data to action.

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We know what you’re thinking: Using data to boost sales isn’t new. But you haven’t seen anything like Bracken CRM. Developed by our own life science sales experts, Bracken CRM brings data from ClinicalTrials.gov right to your CRM so you have data and sales intel all in one place, and can trust that it's clean. Bracken CRM uniquely brings industry-specific intelligence directly to your CRM with no need to master a secondary data tool. It solves the problem of too many sales systems and too much inefficiency.

 

Enabling data-driven sales actions with Bracken CRM will make you better at:
  1. Respecting the client’s time. Doing as much research as possible before initiating contact with a potential new client ensures your time and the client’s time is respected. You won’t spend time pursuing an invalid lead, and prospects won’t have to take time away from their businesses to consider an ill-fitting solution. Bracken CRM lets sales teams filter clinical trial data by disease state or condition, location, size, and other key factors to identify potential leads that align with sales team’s target buyer personas so qualified matches are optimized.
  2. Doing the client’s research. Strong sales teams do the heavy lifting of researching the solution’s fit for the client’s needs in advance – saving the client valuable time and building trust from the get-go. Bracken CRM equips sales teams with detailed information about current trials so teams can reach out to prospects already well-versed in the prospect's work and study progress. Sales can then position the solution in as timely and relevant a manner as possible. Cold calls become hot calls, where sales teams can demonstrate knowledge of the client’s work and confidently connect the solution to the client’s immediate needs.
  3. Building relationships and trust. This is what it’s all about. The clean clinical trial data in Bracken CRM gives you a key advantage in the marketplace. By connecting clinical trial data right to your customer relationship management program, sales teams can work smarter, faster, and better – which prospects will recognize and appreciate as they form long-standing partnerships with your team.

Knowledge is definitely power, and data can empower life science sales teams to customize and tailor our sales approaches to make the most impact with unique life science prospects. A data solution like Bracken CRM brings essential industry data right to CRMs to expedite sales’ research process and arm your team to approach sales opportunities with data – and confidence. Schedule a demo today to learn how Bracken CRM can help your sales team thrive in life science sales.

 

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