How Biopharma Teams Should Visualize the Sales and Marketing Process
The following is an excerpt from our free ebook How to Use Digital Marketing to Grow Revenue for Your Biopharma Business. Click here to download your copy.
Understanding how individuals interact with your brand from the first time they hear about you to when they become a client will help you understand different goals for different parts of your sales and marketing.
For example, when someone anonymously visits your website for the first time, it may be more fruitful to earn their contact information via a downloadable piece of content than to direct them to your sales team.
Likewise, if someone has visited multiple pages on your website, engaged with your team at a conference, and sat through a capabilities presentation, you would rather direct them to signing a contract than to follow you on social media.
Conceptualizing the sales and marketing process will help you:
1. Outline which activities happen at which stage of the process
2. Set up an infrastructure that can track which marketing stages your traffic and leads are in
3. Improve conversion rates at each stage of the process, thereby improving your overall revenue generation.
Take a look at the following visual. Notice that the entire process is grouped into 4 stages, and each stage can be broken down in more detail.
Why is This Visual Best for Biopharma Teams?
There are many visuals out there people use to conceptualize the sales and marketing process. We believe this one to be specific to how biopharma teams function for a few reasons.
One reason is that it acknowledges the need for conferences. Conferences are still the standard forum in the industry for relationship building, and we wanted to show you how this works well in tandem with a digital marketing strategy.
Another reason is the sales process. Financial services or HR software companies for example use a different sales process than biotech, pharma, or pharma services teams. The sales process overview you see here can be applied to most firms in the industry.
How this Works in Reality
The visual is a simplified overview of a process that is complicated in practice. Here are a few acknowledgements of what this visual fails to convey:
- The lines between sales and marketing are different at each company. For example, the lead stage is handled by the sales team at some companies, while handled by marketing at another.
- Contacts aren’t usually aware of where they are in your sales and marketing process, and don’t neatly go through each stage one-by-one. Something you intended for the awareness stage, such as a social media post, may influence a contact that’s in the sales process.
- There are even more activities that could be included in this visual, such as advertising, videos, hosting events, comarketing with other brands… the list goes on.
- What we have provided you is designed to give an overarching idea, which could be more finely customized for your company.
To track all of this efficiently. you need specific tools in place, such as marketing software and a sales CRM. The discussion on which tools to use could fill another ebook in itself. If you have questions on this piece of the puzzle, we recommend you schedule a free consultation with us. We will take the time to analyze your current sales and marketing structure, and recommend effective tools to use.
- Understanding where buyers are in your sales and marketing process will help you direct them to the next step of that process in a more productive way
- The sales and marketing process can be grouped into stages, and each stage can be broken down more granularly
- Conceptualizing the process will allow you to better setup a reporting infrastructure that measures each stage
- A visual such as the one provided is helpful but oversimplified. You must also understand what a visual fails to convey, and plan accordingly.