Traditional lead gen is poorly suited to Life Science marketing and sales
Traditional marketing approaches rely heavily on generating a large number of marketing leads, then spending months executing nurturing campaigns with broad reach and spend. Once these campaigns have narrowed the funnel to eliminate some leads and deliver the remaining MQLs, our sales teams often struggle to act on them, deeming them unqualified or perhaps unsure of how they were qualified.
After the leads are handed off to sales development or sales managers, there is often still a great deal of research and qualification required before outreach is meaningful and relevant. Because of the fast pace of change in pharma and biotech organizations, this often means that by the time you’ve qualified a lead, you may have missed the window of opportunity to get in on the right programs.
When fewer leads are better
With account-based marketing (ABM), leads originate from accounts that match your ideal customer profile (ICP). For Life Science commercial teams, that means that your target accounts should be a fit for not only your products and services but also should have the financial, market, and business potential to succeed. Knowing an account is a match across specific parameters, as in the illustration below, is the best way to qualify them.
Leveraging your ICP means you’ll be dealing with a manageable number of highly qualified leads, and that can give you a significant advantage.
Targeted leads are more likely to convert
Ensuring you are evaluating the entire biomedical landscape to identify companies that match your ICP was once an impossible task. However, with the application of artificial intelligence to this problem, it’s become a reality, even for teams targeting academia, biopharma, and pharma. Identifying research and clinical programs that are a fit for your company’s products and services is also now possible, not just across a few programs but across all programs. It’s as though you have a team of PHDs working for you around the clock.
With detailed insights into each target account, you’re able to personalize your marketing and prospecting campaigns, realizing higher conversion rates. Your sales team is spending much less effort to qualify accounts by using a holistic, scientific approach rather than an ad hoc, manual one, and they’re closing more deals. Welcome to your “smarketing” future.
How your ICP works for you
To understand specifically how you can use business and scientific attributes to find your ideal customers, here’s an example of an Amplion ICP for a small life science product and services provider:
|Organization headcount||< 250|
|Organization HQ||Located in the US|
|Number of biomarkers||> 0 measured biomarkers|
|Evidence date||Relevant publication in the past 2 years|
|Test method||Western blot|
|Diseases / therapeutic areas||Immunology, oncology, rare disease|
|Drug class||Cell therapy, NKT cell therapy, regulatory T-lymphocyte cell therapy, stem cell therapy, T-lymphocyte therapy|
The tech that amplifies your lead gen
You’ve used manual prospecting, enhanced with marketing automation, advertising, inbound, and outbound strategies, and still struggle to generate the MQLs and SQLs you need to drive your revenue growth. If that’s true, then you’re in good company. Because it’s noisy and crowded out there, and it’s busy and time-constrained in here. It’s a common problem because we’re only human—we can’t be everywhere and know everything.
But here comes science to the rescue. Machine learning can help you overcome the noise and get to the signal you need. By leveraging advanced AI technology to do the non-value-added work of surfacing the right accounts, contacts, and buying signals, your team is freed up to do meaningful work. Your messaging gets more targeted, your negotiations are better informed, and your confidence soars because you’re laser-focused on the right customers.
FEATURED RESOURCE: Global Case Study
Learn how an Amplion user leveraged their ICP and targeted account notifications to fill their funnel and close more deals.
We recently worked with an Asia-based business development team that wanted to broaden their market focus to pharma and biotech companies in the US, EU, and Japan, based on specific attributes aligning to their key product capabilities. Learn how they automatically identified 130 target companies and amped up their results with highly targeted lead generation.
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