How to Establish Value in Life Sciences Sales

In the current business landscape, establishing the value of your product or service is more crucial than ever. If you can’t communicate how your offering boosts revenue, reduces costs, improves patient recovery time, or delivers better clinical results, it becomes challenging for potential customers to see why they should choose you over your competitors. According to a study by Forrester Research, the primary obstacle to achieving your sales targets is the salesperson’s inability to effectively convey a value message that customers and prospects agree to.

Here is the ranking of the top inhibitors to meeting sales quotas:

  1. Insufficient leads: 13.3%
  2. Poor sales skills: 16%
  3. Too many products to know: 21.4%
  4. Information gap: 24.3%
  5. Inability to communicate a value message: 26%

“Value proposition (message)” is a term that gained popularity in the 90s, and regardless of whether it is considered a buzzword or not, establishing your product or service’s value without overwhelming potential customers with a barrage of features and benefits remains essential. So, how can you achieve this?

1. Understand Your Customers:Begin by studying your customers thoroughly. Dive into their market, understand what they sell, assess the competitive landscape, consider the size of their organization, and identify the key decision-makers involved in their processes. Conduct informational interviews within your network, seeking insights from industry insiders who have experience with your ideal customer. Lastly, engage directly with your customers and prospects. Learn about their goals, how they measure success, and understand their pain points.

 

2. Demonstrate Value:Utilize the knowledge you’ve gained about your customers to craft a message that highlights the value of your product from their perspective. Explain how your product can alleviate their pain points and help them achieve their daily, weekly, monthly, and quarterly objectives. The best way to do this is through testimonials or Success Stories from existing clients.

 

3. Position and Differentiate:What sets you apart from your competitors? Is it your exceptional customer service, an extensive range of capabilities, or competitive pricing? Whatever it may be, ensure that this differentiation is consistently emphasized across all your sales and marketing channels. Align your messaging on your website with your social media channels, marketing materials, and the language used by your sales representatives. This might sound straightforward, but regrettably, many organizations overlook this crucial step.

By understanding your customer, effectively demonstrating value, and positioning your unique offerings, you can streamline the sales process and avoid falling into the 74% of businesses that struggle to communicate their product’s value consistently.

 

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