At Meetings.bio, we have helped a variety of life science companies find the right pharmaceutical partners to grow their business. Over the years, we have refined our methodology for generating sales leads so that our partners no longer have to rely on blind, shotgun approaches to find their customers.
If you are trying to build a viable sales funnel for your CRO, you have probably discovered that it involves a great deal of nuance. Below we have highlighted some important lessons that should help you fill the top of your funnel with more high-quality opportunities.
Timing is crucial for any successful sales effort, but even more so for CROs. Biopharma companies typically have narrow timeframes in which they are open to start working with new CROs. Roughly 65% of biopharma executives report they’d terminate their partnership with a CRO over a lack of quality, or a significant failure to meet contractual obligations. However, in reality, once collaborations are established, the cost of switching is relatively high. This means it’s absolutely crucial to actively probe the market not only to try and find companies that have an immediate need, but also those who will be ready to partner in the next 3-12 months. Many of the prospects we match with our CRO customers are in different early stages that they would never find using inbound marketing approaches alone. Below are a few examples of actual responses we got from our lead generation campaigns for our CRO customers:
We believe these are invaluable pieces of information, which need to be diligently recorded and acted upon when the time is right. This is how you build the very top of your sales funnel.
Finding the right partner at the right time requires constant monitoring of your prospects. Drug pipelines are a fantastic indication of where things stand within your target organizations. If their drugs are in active clinical trials, you should regularly follow their progress on ClinicalTrials.gov. Press releases are also a great way to hone in on a rough timeline for the perfect pitch. Conferences, webinars and academic events can also give you an insight into your buyer’s objectives, pain points and needs.
Number of Employees and Geographic Location are the most commonly used attributes to segment the biopharma market. However, in our experience it is essential to segment the market in more detail to generate high quality leads. Some of the attributes we use in our campaigns for our customers include:
For example, your target segment could be an intersection of three different segments, as illustrated below.
In our experience, following the guidelines above will make CRO prospecting campaigns significantly more cost-effective and successful, even though the preparations take a non-trivial amount of work.
If you’d like to share your thoughts or learn more about us, feel free to reach us at info@meetings.bio.
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