Pharmaceutical business development – Best Practice tips – Part 3
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Tip #3 – Use case studies that focus on solutions
No arguments around this one, right? You’d be surprised to know how often people forget that the best sales-pitch is no sales-pitch at all. The problem is that very often business development in biotech and pharma assume that their customers will be impressed by a long list if incredible features. Be that as it may, a feature may sell, but will not make people buy. Solutions, which are probably at the very core of your product development, are then turned into a set of features, using the language your company’s marketing department has developed.
This is where in biotech, a little market research can go a long way in helping you understand what your market is facing as a challenge. Knowing the top 3-5 priorities, the league-table of challenges that keep your customers up at night will help you rephrase your features so they actually offer a solution to those problems.
One of our most effective demonstration tools in our conferences is when vendors bring along one of their customers who also make a presentation about how the particular product helped them solve their challenges.
An area in the industry, pharmaceutical business development and licensing, is one where finding a single product to market and sell can have stellar returns, but the risks can also be quite prohibitive. One of our recent studies also showed that external referrals and customer recommendations play a major role in partner selection and signing deals.
So next time, you are tempted to slap an updated feature list onto your website – think again. Each of those features is actually a solution to someone’s problem. Offer them a solution ad they will come to you.
