Quite often we hear that there are enough leads, there is not enough time to follow. This is a bit wrong statement, because leads, pure leads are those whom you would always remember because they are almost your customers. These are prospects that are meant. And with prospects they are indeed many, especially if hunting goes by authors on publications. Here is nothing to object, having 2-digit millions of prospects is indeed hard to follow up.
Even if narrowed down by topics/years/publication number – these are still many people to follow, and not sure whether systems allow to download them as a dataset, unless one makes an internal solution for that. Even then, these are up to 1 million prospects. With them, one can only shoot email and hope for the best. Some top candidates one can warm up through other resources, but the rest finishes here. And it works, we don’t mind, but we want to bring the other perspective.
Look on your market as a dataset. If you have X product, and offer it to customer segments, those segments can be split on companies in Pharmaceutical, Biotechnological, etc. sector, diagnostic labs, academic labs. We solve the problem with academic lab segment. For companies, there are multiple other companies that offer good services. Academic lab segment remains untouched due to its difficulty, fragmentation and constant change. To keep in mind, academic life science labs are 2X more than biotech SMEs worldwide.
Because most of the publications are produced in academic labs, it is fair to admit that those 1 million of prospects to chase can come down to a number of academic labs in your target topic. And this is what brings the other perspective, saves time and enables scalable, consistent, and a no fall-through follow up with those prospects. In this case, the target market among them becomes couple thousands labs to follow. And couple thousands labs one can work with, it fits to a small spreadsheet. And with such numbers, 1% will come immediately as customers while the others will require going after them from time to time.
While for us these numbers of prospects seem to be low and easy to work with, for some it is still difficult to change in mind. Here we’d like to put it from the other perspective. Do you still remember your 100 customers, do you remember how it felt to your company when you had your first 10 and then first 100 customers? It’s a different feeling, right, with that what you can do within your company. Same here, if your market is 10K labs in Europe or 40K worldwide, then having 1K labs in Europe as customers means 10% market share in this segment in this region. Is it not cool? This is what we want your brain to operate in, the dataset of prospects and how to get them as customers.
This is of course from sales perspective, from research collaboration perspective is – how good you know all labs in your topic. Where are they, and whom new can you onboard. Easy access to information gives a new view. This was our brief view, hope you enjoyed the read and will come for more.