Since many of our customers and prospects are in sales, in this article we will cover the topic how to generate the leads for a 6-digit-plus product. High capex equipment is an important yet has a prolonged sales cycle that may take years. Yet the start should be somewhere, and because of such longer sales cycle one needs more labs to be primed early to reach the target later. And this is where our application can help.
Being in science ourselves we are big believers that technologies and especially pre-made equipment that allows to do multiple measurements and generate the results in a framework are fundamental to producing new experimental data that adds information to the previous experiments made, adds another aspect to uncovering the addressed experimental question. While everyone understands that this is important, the high capital expenditure required to acquire the equipment and the amount of data one can generate with that equipment and the impact of it on other nearby labs are often key decision makers in the process.
This creates a bottleneck for many companies that are small in size however produce a high-cost equipment. The problem is essentially similar to a chicken and egg, where finding the leads though may be tedious and long is not enough as one has to focus on an immediate results picking low-hanging fruits. This holds true even for well established companies that can allow to dedicate a person, though even there the focus is on a productive work. And this is where our application may help, by cutting costs on manual work that doesn’t produce much result.
While lead generation is an oxygen for every company, doing it right spending least amount of time possible is the key. And the reason why it is so unpopular and tedious is clear, because doing it by authors from relevant publications will take ages to finish. Millions and millions of authors are available in addition to other data sources like ResearchGate, LinkedIn, Twitter and so on, to get a more warm contact. Webpages are also seeked, however keeping them up to date, doing it on scale for the other data points too is too much for any company. However, when one focuses on labs the numbers go significantly down in terms of potential prospects one has to prime. At the end, the technology and the equipment are created for people to use it and not to chase irrelevant or off target prospects. To keep it focused and to transfer the developed know-how into the hands of the end user asap, one needs an efficient strategy that brings the most possible result. That was the reason why we developed this application specially for biotech SMEs to enable them to penetrate their market in the academic segment and generate the impact in the academic research, which is the most diverse, though enormously fragmented.
So what are the 5 strategies that can bring the most leads for a 6-digit product? Below we will give you a plan to follow that will generate the most results.
#1 Search for your core topics targets – they are most likely the fit
What it means is that for any product, whether it is a new bio printer or a mass photometer, these devices are for specific applications. And searching the labs that are in those specific applications as the core of their research is the first point to start. It is clear that this is not the last place to visit and in case if the numbers seem low, this hints to the necessity to check literature, as not all labs will have those topics pointed out explicitly. To avoid biases with heuristics, one prefers to have several approaches since it may be highly context dependant.
#2 Check literature – increase your pool
While having your primary targets from #1 is good, it doesn’t mean that it’s all what can be. Digging deeper into the literature produced and understanding the layers and the timeframe of the recency or vice versa the depth back when those outputs started, is an important point to enhance your pool. Whether you prefer to apply as many terms as possible or laser focus on one segment is up to you, and it dictates probably by the nature of your product. However, one thing what should be kept in mind for sure, is that the goal here is to enhance your existing targets with the lateral ones which can be not less interesting, given they are KOLs in the topic.
#3 Merge 1 & 2 – you final pool
This one is the easiest and probably the most obvious. The idea here is to merge the results to produce you the final pool for further analyses. That of course depends on your product and target goal. If your product is highly context dependant then step #4 is the good option to go, otherwise can proceed to step #5 immediately.
#4 Check context, label, apply ML to the rest
Now when you have your pool generated it is time to check the context. While we would like to explicitly mention that this step may not be required for you, that depends on your specific situation, in case if you have highly context-dependant device that is used by a subset of X topic labs, this step may be of high interest. What do we mean here? Context is the most important yet the most tedious job to do, since the usage of same words in a different context can mean different applications. Here you have the option to label the labs that fit by context and apply this model to the rest of data to select the rest which fit by your generated pattern.
#5 Send email, call in 3 days
For those who don’t like to do a research, this step becomes the most interesting as now it is the moment to reveal who will be your the next big bet. Once you are done with preselection, the next is to send an introductory email (for more and for best practices and templates see our article Introductory Email: Best Practices And Templates) followed by a call to check freshly the opinion on the matter. That easy. What one can do in addition or what is done normally, again that depends on your product, one can propose the experiment setup to give a couple of ideas which may point in the direction what kind of data can one acquire with it. Last what has to be mentioned don’t forget to follow with your new family every couple of months to check their standing and maintain the relationship.