Biotech companies are working on the most innovative solutions in the world. They consistently introduce cutting-edge products to drive meaningful impact and excite their customers. As the pace of innovation accelerates, they are under pressure to keep up in all areas of the business.
But what about the technology that powers biotech sellers?
Many biotech companies use outdated tools and methods to run their sales teams, processes, and operations. The tools they use to run commercial functions (i.e., those providing support to their revenue-critical employees) are old and slow.
These tools, like CRM and spreadsheets, built decades ago, make biotech companies less efficient at executing their go-to-market strategy.
The result? Many biotech companies are experiencing a nasty problem: revenue leak. Revenue leak represents spots in the sales process that break down or go off the rails.
And it's a big problem.
How big? Nearly half (45%) of business leaders feel revenue leak is a systemic problem for their companies, according to a 2020 survey by Boston Consulting Group (BCG).
But wait, there’s hope! Revenue leak is avoidable. Just ask BCG, who calls it “The $2T Opportunity to Boost Sales and Lower Costs with RevTech.”
Let’s discuss why biotech companies should invest in a powerful Revenue Platform to stop revenue leak and keep up with the pace of innovation.
Purpose-built platforms for sales teams
Biotech companies should use the most innovative internal solutions to run a more data-driven sales process. How about an AI-powered platform transforming sales execution—from opportunity to close?
The Clari Revenue Platform gives executives confidence in the forecast, makes sales managers better, and puts sales reps in a position to crush their numbers. In other words, it helps companies keep up with the pace of innovation.
Clari helps biotech commercial teams in ways other tools (e.g., CRM) cannot:
- Pulls actionable insights from data, giving sales reps more time to focus on selling
- Shows the true risk and upside of the sales pipeline, letting reps adjust their strategy accordingly
- Helps sellers follow a tested sales process, emphasizing rigor during a sale
- Make opportunity updates frictionless, leading to less CRM-usage resistance
- Automatically captures all activity data with a customer or account, limiting the amount of manual data entry required by reps
With Clari, sales teams can get real-time visibility into their pipeline and performance, making decisions quick and efficient.
Clari gives biotech sales teams a distinct advantage
The Clari Revenue Platform helps biotech commercial teams achieve revenue precision: the operating standard that results in the full capture of all revenue—predictably and repeatedly.
What’s the impact when your entire revenue team is aligned, focused on the right prospects and customers, and optimizing the right processes?
Sellers are winning way more deals: on average, Clari users see a 15% improvement in sales win rates by year two on the platform.
Commercial leaders and executives forecast extremely accurately: Clari customers can achieve 95%+ forecast accuracy in just two weeks.
Above all, the impact of revenue precision gives executives confidence in the forecast, makes sales managers better coaches, and puts sales reps in a position to crush their numbers. Clari also liberates sales ops from forecast roll-ups and reporting fire drills.
The result is a more efficient and effective sales process for biotech companies like Quanterix: “As a 2x Clari user, I was eager to bring Clari into Quanterix to help drive alignment, trust, and predictability across the commercial teams. Our ability to drive consistent execution and early predictability will help us transform the future of healthcare at an accelerated pace.” Darrin Crisitello, Chief Commercial Officer at Quanterix and 2x Clari user (IQVIA, Quanterix)
As the biotech world continues to evolve rapidly, sales teams must have the right systems in place to keep up.
Choose innovation over spreadsheets. See how Clari is transforming biotechnology companies’ commercial functions. Request a demo.
Read more content like this:
- Bad CRM Data Can Cost You 10% in Annual Revenue
- Is Relationship Selling Dying in Medical Devices?
- Why Top Medical Device Sales Reps Don't Use CRM
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