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5 Myths About Why Your Life Science Business Has a Weak Sales Trend

 

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by Mary-Rose Hoja in EPE, Sales

 

In my work with Life Science companies, I regularly see the same false beliefs come up. Today, I’m dispelling the top 5 myths about why your company has a weak sales trend!

Prefer to enjoy this in video form? We’ve got you covered:

  1. You need to invest $100k in a new website

I hear it all the time – “Our website is old, and we need to invest in a new website”. “We have to fix our website and marketing material first, THEN we can sell more”.

That is absolutely backwards thinking! You must start with the point of sale. Validate your offer first. Internalizing and understanding exactly who your clients, prospects, and the people who influence them are is key. 

You need to have absolute clarity on how these people look and act at every stage of the buyer journey. 

Only once you have validated your offers and understood what you need to truly support your sale can you develop your website. 

There is limited value in any online material, as a lot of the people you need to talk to are not entering through your website only. Unless you are completely hands-off in the way people buy through your website – in addition to not gaining traction and having a weak sales trend –  marketing material is not a pragmatic place to start. This is not how turning around your sales works.

  1. You need to go to more events.

Networking is my thing. Making strategic connections and working an event is a big strength in the Expert Profit Engine method. 

But the key word here is strategic. Your time is precious, and you must use it wisely. Events need to be leveraged. You need to know exactly why you are there – and it’s not just to meet new people and check things out. That’s fluffy.

I constantly hear LinkedIn films from events where people say, “That was great”. But why?

Will it bring you more concrete prospects at the deal level you need?  Will it give you visibility and relevance among the influencers you must nurture? Will it be profitable?

Billables and revenue are indicators, but your budget needs to be super focused on profit – especially if you’ve had a negative sales trend for a while.

With this in mind, I would choose a select few major or boutique events that are written about by relevant media and be on a panel there for authority, PR, and to anchor your contacts. Don’t be an event tart. It will cannibalize your reputation.

  1. You need to hire more salespeople

Life science is a tricky niche to find great sales people, partly because many people have a research or teaching background and they are not accustomed to the sales hunger behaviour that you need. 

Linked to their background, they can aim their prospect activity at the wrong people –  R&D or too low-level business people. 

In this niche, great sales people are created, not found. 

If external recruitment has not been fruitful for you, you need to look at building your sales capacity with what you have. 

You also need to look at the perception of your company held by internal and external people. Take stock of the operations and info systems that support your salespeople to ensure you have a system that does not set them up for failure. 

Sales is one point in the business process, with delivery, operations, and service all driving around that point. 

4) You need to do more product development

This is procrastination with a different name, and research-based organisations are especially at risk of getting stuck in this myth. 

Massive overhauls are not needed. Fix your sales first. 

Together with an upward sales trend that supports developing your product, do some tweaking. 

Remember that you must not run out of cash flow and operating income. If you run out of cash, you are dead in the water.

  1. You need more leads

I would warrant that you have enough leads in your laptop right now. You need to open them, You need to open, illuminate and agitate them – and then close them. 

Yes, you need a critical mass of leads. But if you are in business, work on those you have already. 

If you are totally off-base with your prospects, you can re-frame them as influencers or test-cases for your sales process. You will see that a lot of this optimizing is reframing and tweaking what you already have.

If you are not getting things to take off, don’t wait on getting a fresh pair of eyes. If nothing changes, nothing will change. 

Sometimes you just need an injection of energy – which is why I’m offering to come in and do a free sales audit for you! We’ll shine a light on things so you can start making changes and find some quick wins. 

To learn more or to schedule your free sales audit, please reach out at www.maryrosehoja.com/contact. I look forward to hearing from you! 

 

 

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