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5 Tools Life Science Companies Can Use to Close More Sales

 

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by Mary-Rose Hoja in EPE, Sales

I frequently hear life science companies say they need to close more sales, and today I’m going to talk about 5 tools that you can use to do just that! Let’s start filling your toolbox!

Tool #1: Approach

The approach is everything, and you must approach your sales from a psychological aspect. A huge problem I see in life science is that people start from their solution, and look for a problem. Instead, you need to start with a problem.

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When I ask sales heads how their people are approaching prospects and influencers, and I hear, “They email them”. That is a massive red flag. Simply emailing is not going to cut it. 

First, you need to think – is a direct approach or indirect approach best for where they are in THEIR HEAD? 

If you are in a new market, an indirect approach can be best. You need some rocks to anchor both your contact with them and their trust in you. Especially in life science, people are skeptical by default, and you need to respect that and act accordingly.  Moving in angles is so important!

Timing is also critical. At any given time, only a fraction of your prospects will be ready to start a dialogue or actually be ready to buy now. Same goes for your influencers. They are also in dialogue at different times, and they guard their own interests (as they should).

There is a lag phase, and it is for these reasons that you must have a staggered pipeline filled with people at different stages, receptiveness, and ripeness.

Tool #2: Confidence

Confidence is incredibly important. You must have confidence that you have something to offer them. You need to first love what you are selling. 

At this stage in your business, you have a validated offer –  so that should not be the problem. It is not so much about talking that much, but rather it is more about asking questions to qualify them – and a big part of this is DISQUALIFYING the wrong prospects. 

You are not for everyone. You are for specific people, with a specific problem. This is one of the biggest secrets to how you seed and close big, long-term partnerships. You must focus on the long game, not the short game. Know that you are an A-player, and that you want to be with and sell to other A-players.

Tool #3: Know You are an Investment, Not a Cost

This is essential. When you think in terms of what you save or make them in terms of whatever metric is at the top of their mind – money, health, time – then cost becomes irrelevant. Look for what is RELEVANT and IRRELEVANT to THEM.  Never ever sell on price. Yuck. 

Sell on value. 

Tool #4:  Critical Mass of Imperfect Action

Perfection is your enemy. You must dare to call in the middle of the fear. You have no idea how many people hesitate to call and when they do, their prospect says “Oh, I’m so glad you called!” Your biggest tools are very simple: your phone and video meetings like Zoom. 

The first thing I look at is how many sales calls you have booked in. How many calls do you make? How many do you receive? No matter what pipeline you have, you will always need to make some calls. 

If your calendar is not filled with prospect calls, visibility activity, nurturing your influencers, and basically being of service to the people around you, then stop what you are doing and get on the phone with the last 3 people you had a fantastic sales calls with.  That in itself will jolt you into action. Which brings us to…

Tool #5: Follow Up!

I read an incredible statistic that 46% of salespeople never follow up. That is insane! 

You must know that only a fraction of your prospects are ready to buy at any given moment. That is again why you must have a staggered pipeline. You must be in their world and on their screen in more than just your direct sales conversation. 

The rule of thumb is seven gives for one ask. Give value seven times to someone you want to do business with. This creates debts of value, meaning that even if they never buy from you, they know you as a person who helps and who is valuable. Who comes when they call.  And then you are top of mind. They will be happy to recommend you – and presto, they are now an influencer. 

If what I just mentioned sounds interesting – then I would love to come in and do a free sales audit for your company. I know that with some tweaking, we’ll get things pointing in the right direction. Click the link to find out more and have a great sales day: www.maryrosehoja.com/contact

 

 

 

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