Marketing and Selling you Idea Tales from a Life Science Entrepreneur

Technical specification Market specification Beta validation a new product is a multi-staged process Product proposal Feasibility review Technical specification Market specification Beta validation Product approval Release to market Release for sale Market surveillance Product iteration Marketing function involved at every stage of the process Sales cannot begin and its outcome is conjoined with marketing

PRE SALES: Your product values What is your offer and why do you think customers will care?

Product Values: What are the key technical features? What are the key customer benefits? What is the Unique Selling Point (USP)? How, where, when will it be used? What does it say about the company?

PRE SALES: Meeting customer needs Test your assumptions. Do customers really care about what you are offering?

Meeting Customer Needs: Key success factors SWOT, do we have the right product? What are the current alternatives? What is missing from the offer? What will customers find most compelling? What is the right business model?

PRE SALES: Market opportunity Given the environment, the customer need and your relative market attractiveness, what is the scope of the opportunity?

Market opportunity: Market model and levers TAM Total potential users (e.g. # labs) % of market capable of accessing solution SAM % of market using solution or substitute Sales per user per term Revenue Impact of competitors Impact of market awareness Perceived need Barriers to adoption

SALES STAGE: Strategic marketing What is your strategy to seize the opportunity?

Strategic Marketing: The product lifecycle Innovators Early Adopters Early Majority Late Majority Laggards Price # of customers The Chasm Technology validation Early revenue generation Low market penetration Low brand presence Uneven revenue Premium pricing Expanded applications of technology High market penetration Strong brand presence Smooth revenue generation Optimal price/revenue point Next generation product introduction Engineered market cannibalization Commodity pricing

SALES STAGE: Tactical marketing What tactics will you use to implement your go-to-market strategy?

Program: Demand Creation Tactical Marketing: The Sales Funnel Program: Reputation Market Intelligence Program: Program: Demand Creation Sales Enablement Program: Marketing Playbooks

Consistent professional branding Web presence Tactical Marketing: Reputation building Clear brand persona Consistent professional branding Web presence Raising awareness through Advertising Social media Tradeshow presence Media articles PR activities

Customer-led social media Peer-to-peer marketing KOL adoption Tactical Marketing: Demand creation Targeted marketing Customer-led social media Peer-to-peer marketing KOL adoption High-value publications High-value content-driving marketing (e.g. webinars)

Tailored messaging by segment/ stage of buying cycle Tactical Marketing: Sales enablement Tailored messaging by segment/ stage of buying cycle Precision lead identification Collaterals Customer education materials Objection handling guidance Marketing-qualified lead process

Sales enablement: Communication Messaging guide Simple, clear positioning on company and offer Questioning guide Short list of open-ended questions Overcoming objections List of common objections with prepared responses Sales speaks with customers Feeds back interactions/ objections to marketing Marketing updates messaging, questioning and objection guides Marketing provides updated guides to sales

DIRECT SALES How you align the needs of your customer to your product and organization values creating a win-win situation?

Sales: targeting the right people A buying centre includes all members of the purchasing organisation who play any of six roles in the purchase process: INITIATOR first identifies the need to buy a particular product or service to solve an organisational problem; INFLUENCER (their) views influence the buying centre's buyers and deciders; DECIDER ultimately approves all or any part of the entire buying decision -- whether to buy, what to buy, how to buy, and where to buy; BUYER holds the formal authority to select the supplier and to arrange terms of condition; USER consumes or uses the product or service; GATEKEEPER controls information or access or both, to decision makers and influencers.

Product knowledge Prospecting The approach Needs assessment Sales is about building the confidence of your customer so that the aspiration of buying will overcome the fear of cost, negative press etc Product knowledge Prospecting The approach Needs assessment The presentation The close Follow-up Should be a continuous process!

SALES STAGE: Product knowledge You need to understand the features and benefits, USPs, competitive landscape, customer environment in detail

SALES STAGE: Prospecting You need to mine your own, colleagues, customer networks for potential lead as well as fielding leads from marketing

SALES STAGE: The approach You need to understand the working environment, patterns of your target and provide clear, concise and targeted information that aligns the product with their specific needs

SALES STAGE: Needs assessment You need to gather specific information about the needs of the customer (e.g. deliverables, milestones, timelines and budget) so you can build a proposal that will enable you to win

SALES STAGE: The presentation You need to be able to convince your target customer that you have the technology, infrastructure and track-record to deliver and support the product

SALES STAGE: The presentation You need to be able to convince your target customer that you have the technology, infrastructure and track-record to deliver and support the product

SALES STAGE: The close You need to be able to align the deal structure and economics to the value proposition of the product to the customer

SALES STAGE: Follow-up You need to continue to build confidence in your product and company with close follow-up. This is the start of the next sales cycle

SALES STAGE: Forecasting Sales Category Sales Definition Finance Risk Adjustment for Cash Flow External Reporting Lost Deal lost completely. If it is timing or certainty issue it should be downgraded rather than removed. Key to track what stage it was lost from and identify root cause 0% Prospect Qualified lead with quotation/financial terms discussed and a >50% chance of closing the deal Outlook Discussion of details of proposal and a >75% chance of closing 75% Legal Final terms and legals agreed >90% chance of closing 90% Signed Contract\ PO complete and with the finance team 100% Also referred to as Sales Order Book

Accurate sales forecasting is essential for managing the sales process

Dr Darrin M. Disley CEO & Serial Entrepreneur Darrin.disley@horizondiscovery.com 01223 655 580