Sales Reps Can Boost Sales For Biotech Tools Companies

The companies supplying the tools used by scientists engaged in biotechnology research have long recognized the benefit of fielding a well-trained sales force. In a recent survey of more than 1,000 scientists, nearly 60% of the respondents were classified as product sensitive" customers-those whose buying decisions are most influenced by what effect the purchase of a scientific product will have on his or her research.

ARLINGTON, VA (PRWEB) June 25, 2003 -- The companies supplying the tools used by scientists engaged in biotechnology research have long recognized the benefit of fielding a well-trained sales force. In a recent survey of more than 1,000 scientists, nearly 60% of the respondents were classified as product sensitive" customers-those whose buying decisions are most influenced by what effect the purchase of a scientific product will have on his or her research. Scientists focus on outcomes" is significant because many sales reps may assume their customers make purchase decisions primarily based on product performance specifications. The fact that scientists believe sales reps should have more than two years of laboratory experience and have a thorough understanding of the applications for which their products are designed further points to a desire for a consultative approach to biotech sales.

These findings are elaborated on in a new life science report published by BioInformatics, LLC (Arlington, VA), Improving Sales Rep Performance: The View From the Lab Bench." Given that sales reps close contact with customers can have a direct impact on revenues, the in-depth report offers insights on how sales executives can align their sales force recruitment, training and organization in a way that reflects the needs and expectations of scientific customers. The report will help life science product suppliers enhance their sales reps' credibility and effectiveness by building relationships that boost sales. While scientists generally consider salespeople to be an important resource, the report indicates there is room for improvement with respect to the selection and training of biotech sales reps.

Our report suggests that sales reps would be more effective by relating their products to the scientific objectives of their customers. Since only 11% of the scientists surveyed are technically focused" buyers who want data to guarantee that a product will perform as promised, the best reps go a step further and translate performance specifications into a picture of how the product will help the customer reach his or her goal faster or more efficiently," notes Dr. Robin Rothrock, Director of Market Research at BioInformatics, LLC.

Additionally, sales reps should not underestimate the importance of being friendly and trustworthy as another 19% of respondents are relationship focused," indicating that they feel that cultivating a relationship with good, credible sales reps is in his or her best interest. Scientists seem to prefer to relate to sales reps as peers given the importance they place on sales reps professional knowledge. The remaining 10% of respondents are price sensitive" buyers, however, these customers focus on price performance, not just price. They are not interested in low cost products that could potentially diminish lab productivity.

According to survey respondents, the best-trained and most effective sales reps can be found at Invitrogen (NASDAQ 100:IVGN), Amersham Biosciences (NYSE:AHM), Bio-Rad (AMEX:BIO), Fisher Scientific (NYSE:FSH), Applied Biosystems (NYSE:ABI) and Qiagen (NASDAQ:QGENF). Although these companies sales reps are generally top performers across the board, there is a slight difference in the rankings when examined by the academic and industrial market segments. Additionally, drilling down by annual budget and geographic region reveals that some companies sales forces are perceived stronger than others.

Maximizing the productivity of sales reps is a vital part of any life science companys success. To help suppliers in this regard, the report also highlights the relative value of the various functions typically performed by sales reps, including where scientists need purchasing assistance and technical support. Purchasing assistance from sales reps is valued most when scientists purchase capital equipment. They also consider this purchasing assistance valuable when buying biologicals and specialty kits. Although the scientists surveyed most often turn to colleagues or a printed manual for technical assistance, they appreciate technical support from their sales reps when they purchase a product that requires extensive training.

A poorly trained sales force is actually quite destructive in this market because corporate reputation is a key determinant of success. Life science suppliers looking to increase sales and capture market share should use this report to guide them in effectively recruiting, training and organizing their sales forces," concludes Rothrock.

For a complimentary Executive Summary of this report, please visit http://www.gene2drug.com/reports

ABOUT BIOINFORMATICS, LLC

BioInformatics, LLC is a market research firm located in Arlington, Virginia. BioInformatics supports marketing, sales and R&D executives in the life science, medical device and pharmaceutical industries through published research reports, custom research and consulting. BioInformatics sponsors the worlds largest market research panel of scientific customers - The Science Advisory Board (http://www.scienceboard.net) - which consists of more than 15,000 scientists, physicians and other life science and medical professionals from 62 countries who participate in surveys that address emerging technologies, test customer reactions to new product concepts, measure brand awareness and assess advertising effectiveness.

For more information, please contact:

Alyssa Martin

BioInformatics, LLC

2111 Wilson Blvd., Suite 250

Arlington, VA 22201

703.778.3080 x12 (phone)

703.778.3081 (fax)

a.martin@gene2drug.com

http://www.gene2drug.com/

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