Guide

The Sales Enablement Breakdown for Life Sciences

Sales Organizations

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In today’s environment of strict regulation and reduction in spending for healthcare, life sciences companies are under pressure to reduce operational costs, increase efficiency and provide greater value to the system—and sales enablement is a crucial component to achieving all of the above.

But what exactly is sales enablement? Who is using it? How does one know if their company actually needs it? And why is it so important to you as a leader within your sales organization? This guide will begin to answer those questions and more.

What is Sales Enablement?Coaching? Training? Content creation? Operations? If you ask experts for an explicit, applied definition of sales enablement, odds are you’ll receive more than one.

In fact, there’s an entire group of practitioners “solely dedicated to the elevation of the sales enablement role and the creation of standards for the profession.” It’s called the Sales Enablement Society, and its mission is to bring clarity, set standards and define best practices for the sales enablement community. But before this group was formed, there was little to no consistency surrounding the definition of sales enablement, its goals or its applications.

It’s apparent that sales enablement is continuously evolving, and its meaning can vary from one organization to the next. But in its broadest scope, Forrester defines sales enablement as:

“…a strategic, ongoing process that equips all client-facing employees with the ability to consistently and systematically have a valuable conversation with the right set of customer stakeholders at each stage of the customer’s problem-solving life cycle to optimize the return of investment of the selling system.”

So, what does that mean? Let’s break this down a bit.

…a strategic, ongoing process…Think proactive versus reactive. The complexities of the selling environment are endless—and it takes more than a singular technology solution to solve them. The role of sales enablement is honed in on the perpetual process of actively identifying the most efficient ways for sales reps to successfully sell. Keep in mind that sales enablement involves strategy, not just tactics. This means that sales enablement ≠ training; it goes further than checking the box after onboarding an employee, and can’t be confined to a single event or timeframe.

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For a life sciences company, the tactics leveraged within a properly-executed sales enablement strategy would look like:

1) Developing a clinical case study

2) Providing guidelines to reps for how to use the case study

3) Delivering the case study in a way that reps want to receive it

4) Tracking usage and gaining visibility into the performance of the case study

5) Modifying the case study based on those metrics

6) Refine and repeat

…equips all client-facing employees…More often than not, sales reps have the most customer-facing role in an organization. They’re tasked with being an expert in their field and supplying a wide assortment of segments with insightful, educational information. The role of sales enablement ensures that those who work directly with customers are equipped with relevant content, clearly defined goals and a consistent, compelling message.

For a life sciences company, that means a sales rep heading into a call or meeting is armed with:

• Subject matter specific to the physician specialty, hospital or lab

• Custom, FDA-compliant collateral

• Content that promptly positions the device, drug or tool they are selling

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…to have a valuable conversation…Gone are the days that sales reps can have a “one size fits all” customer call. The discussion can go in so many directions, but sales enablement provides reps with the ability to keep the conversation relevant and personal.

For a life sciences company, the following scenario often occurs:

After weeks of reaching out, a sales rep finally locks down 10 minutes with a target physician, hospital administrator or lab associate—in the next hour. Lucky for them, sales enablement initiatives allow for the rapid accessibility of:

• Specific insight into the physician, hospital or lab’s history with the company

• The current problems their office, hospital or lab might be facing

• How the rep’s drug, device or tool can help alleviate those problems

With this information, the rep can get the most value out of that 10-minute window.

…with the right set of customer stakeholders at each stage of the customer’s problem-solving life cycle…This revolves around a company’s ability to understand what customers need, and when they need it. Sales enablement helps sales reps identify their customers’ needs, pain points and goals at various stages of the buyer’s journey. It also gives reps the confidence they need knowing they will always have access to impactful, relevant content for all customer stakeholders involved in the purchase process.

A sales enablement strategy not only helps reps recognize the right customers, but also ensures they understand the differences between the various stages in the buyer’s journey. Even further, it equips reps with the resources and support necessary to have that valuable customer conversation discussed above.

For a life sciences company, this calls for:

• Implementing a system for managing interactions with current, potential and future accounts (typically a CRM)

• Analyzing data gathered from that system to better understand what stage those accounts are seated at

• Mapping all sales content and collateral to the various stages to help move those accounts along in their decision-making process

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…to optimize the return of investment of the selling system.Sales reps are the primary revenue generators of any organization. Considerable budget dollars are invested in sales each year, because the selling system is directly linked to revenue generation. Sales enablement ensures that leadership has the strategy, resources and support in place to optimize both the sales force and, subsequently, ROI. By directly aligning with revenue goals, sales enablement efforts become less of a cost center and more of a revenue driver.

For a life sciences company, this means:

• Investing more resources on the back end of the sale

• Shortening the amount of time spent on the front end of the sale

• Capitalizing on that shortened sales cycle to strengthen and grow physician relationships

Who is Using Sales Enablement?When the 2016 Sales Enablement Optimization Study participants were asked to identify the user communities that they are focusing on this year, an overwhelming 94.3% responded “Salespeople/Account Managers.” So—if these companies highly prioritize their salesforce, they must all have a sales enablement function…right?

Not necessarily. Only 32.7% of those respondents work at a company with a dedicated sales enablement function. That being said, in 2013 the number was a mere 19.3%.

The fact is that more and more companies are adopting sales enablement every single day—but who are they?

Over half of the medium-sized businesses

and almost 40% of the small businesses still

reported having an entire strategic function dedicated to sales

enablement.https://www.demandmetric.com/content/sales-enablement-benchmark-report

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When first glancing at the data from Demand Metric’s Sales Enablement Benchmark Report, it’s evident that more large companies report having a sales enablement function than medium or small ones.

But after a second look, it’s clear that companies of all sizes recognize the importance of this practice. Over half of the medium-sized businesses and almost 40% of the small businesses still reported having an entire strategic function dedicated to sales enablement.

Large life sciences companies like Elekta and Illumina develop innovative—yet complex—devices and tools. Add to that diverse product portfolios, various indications/uses and countless regions across the globe, and it’s easy to imagine how critical it is to set their sales force up for success. By prioritizing strategic sales enablement efforts, their sales reps are able to:

• Quickly access thousands of pieces of content from a singular, controlled repository

• Know that every single piece of content meets regulatory and FDA standards

• Automatically customize content based on customer needs

• Spend less time searching for the perfect piece of content and more time selling and strengthening relationships

The sentiment that sales enablement as a strategic discipline is growing, evolving and becoming more widely adopted every day is more than, well, a sentiment. In its’ report “No Longer a Luxury: Why the Best-in-Class View Sales Enablement as a Must-Have,” the Aberdeen Group goes as far to say:

“Those who can (have a dedicated sales enablement function) are able to speed deal closures up by connecting content with conversations, track content engagement, create actionable business development insights, and continuously fine-tune their messaging to achieve Best-in-Class results. As for those who can’t, the cost of doing nothing may end up being their cross to bear.”

How do I Know if I Need Sales Enablement?Now that you have an idea of who is using sales enablement, you might be wondering where your company stands. Some organizations are under the impression that they have enough sales support in place, and there isn’t an overwhelming demand to elevate or restructure their selling system. Others view the inefficiencies and weaknesses of the sales organization as necessary evils and things that cannot be fixed. However, a good way to determine whether or not your company needs to take a closer look at sales enablement is to identify which of the following four stages your organization falls into:

World Class

Mature

Undefined

Progressive

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Stage 1: UndefinedNo CRM or Marketing Automation System in place

Product collateral distributed via email, inundating reps’ inboxes

New reps and specialists are at full productivity in 9 months

Neither sales process nor buying process are defined

Success metrics are unknown and not tracked

Win rate is >10%

If you closely relate to the “Undefined” stage, it is likely that your company needs to start thinking about how sales enablement can help enhance and elevate long-term strategic goals.

Stage 2: Progressive

CRM in place with reasonable adoption

Product collateral distributed via a portal or intranet

New reps and specialists are at full productivity in 6 months

Sales process defined but not mapped to the buying process

Success metrics for top performing reps are known

Win rate is between 10-20%

If you fall into the “Progressive” stage, you’re getting closer to a more focused, strategic sales enablement effort. The foundation is there, but it’s time to start building the framework with content mapping, mobility and more actionable analytics.

Stage 3: Mature

CRM, Marketing Automation and Sales Enablement systems are in place

Product collateral is distributed via a Sales Enablement Platform

New reps and specialists are at full productivity in 4 months

Sales process is mapped to the be buying process

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Success metrics tracked

Win rate is 20% or greater

If you identify with the “Mature” stage, odds are your company has worked hard to make sales enablement a top priority. You’ve got all of the right people, processes and tools in place—but there’s still opportunity to optimize your efforts even further.

Stage 4: World Class

All systems are available on mobile devices

Product collateral is rated for optimal use

New reps and specialists are at full productivity in 3 months

Case studies, sales aids and clinical data are mapped to the buying and sales process by persona

Success metrics are managed closely to incentivize reps

If you check all of the boxes above, your company’s sales enablement efforts are on-point. You understand the need for a strategic, ongoing sales enablement function that revolves entirely around ensuring your sales team is set up for success—and you have likely seen improvements. While it’s hard to beat “World Class,” you can take it to the next level by aligning yourself with sales enablement experts to ensure that your organization is staying on top of this always-evolving practice.

Why Does Sales Enablement Matter to Me?If you fall into any of the first three stages above, it’s time to either revisit your company’s current sales enablement initiatives or start having the sales enablement conversation.

Let’s talk about why.

According to Aberdeen Group, companies that fall into the “World Class” stage are likely to implement sales enablement efforts like: determining a process to align content with key stages of the buyer’s journey, using specific, named sales methodologies and capturing feedback on content from both internal and external stakeholders.

Companies that prioritize these sales enablement initiatives see a higher rate of overall team achievement of quota, individual reps achieving quota and lead acceptance—due in large part because the sales organization is working arm-in-arm with marketing.

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Learn More Download the 2016 CSO Insights Sales Enablement Optimization Study

About SeismicSeismic’s leading end-to-end sales enablement solution for enterprises increases sales efficiency and marketing effectiveness by delivering the right content at the right time. Seismic is the only sales enablement platform anchored by the award-winning LiveDocs® technology, which automates the creation of personalized sales materials within seconds, achieving personalization at scale and dramatically improving time spent selling and win rates. Seismic customers are customizing more than a million pieces of sales collateral per year, and real-time analytics provide unprecedented insight for marketing teams looking to gauge which content helps closes deals. Headquartered in San Diego and with 150 employees across the globe, Seismic is privately held by its executive team and investment firms General Atlantic, JMI Equity, and Jackson Square Ventures.

For more information about Seismic’s end-to-end sales enablement solution, please visit www.seismic.com.

As a leader within your company’s sales organization, these initiatives matter to you because:

• You are more likely to win business with personalized, relevant messaging

• You will increase efficiency by better understanding how customers are engaging with that messaging

• You can modify efforts based on data-driven decisions that lead to a shorter sales cycle

• Your sales reps will be better positioned to win at every stage of the buyer’s journey

At the end of the day, your job is to get your drug, device or tool into the hands of as many physicians, hospitals or labs as possible. The sale is more than just a sale; it’s enhancing, and in some cases saving, people’s lives. And while the productivity your organization will gain from prioritizing sales enablement will undoubtedly have an impact on the bottom line, it will ultimately impact so much more.