The life sciences and analytical instruments industry has been on a roller coaster for the past several years. When the COVID-19 pandemic took hold in 2020, businesses rapidly expanded to meet the moment.

But four years later, the market is decidedly unusual, for lack of a better term. Many analytical instruments organizations are rife with funding but still grapple with challenging interest rates. Life sciences teams are more productive but less efficient. What’s going on?

In short, the industry is more competitive than ever. Recent research from Alexander Group found that, in the years since the pandemic, life sciences firms are 17% more productive but their average sales expense to revenue ratio has increased by 10%. What does this mean? Sales leaders are in a battle for market share.

To protect and expand their market share, life sciences commercial leaders must execute on two key imperatives: nurturing a customer-centric culture and leading with science.

Adapt to buyers’ new schedules

To be successful, life sciences organizations must not only prioritize customer needs, but evolve their value proposition when those needs change. Today, life sciences customers tend to be chiefly concerned with two things: budgets and time.

Whether hailing from government, pharmaceuticals, or academia, all customers are constrained by a budget. In absolute terms, budgets for analytical instruments are up—but this is almost certainly to accommodate the rising costs of labor and raw materials. Of course, adhering to a budget is one thing, but executing on it is another. Customers are juggling several competing priorities and might be responsible for more projects than ever before. They will look for their analytical instruments vendors to understand their entire budgetary perspective and come prepared with solutions.

Life sciences sales teams must also accommodate the way their prospects and customers work. Many buyers now operate under hybrid schedules, spending just two or three days per week in the lab. When they do work on-site, they want to retain tight control of their schedules to make the most of their time—which means unsolicited visits from vendors are often unwelcome. Sales reps must make the most of the time they get with prospects by coming prepared with a keen understanding of their challenges, concrete and grounded solutions, and technical expertise. But in-person meetings aren’t always possible. Sales and support teams must also demonstrate a proficiency in digital and asynchronous engagement.

To prove their understanding of buyers’ challenges and their ability to deliver solutions, life sciences sales reps must center the customer in everything they do. This means asking detailed questions about budgets and following up to learn about any flexibility or constraints. It means understanding that many buyers are being asked to do more with less. Buyers also need to know that sales reps appreciate just how precious their in-lab time is. All touchpoints should have a clear agenda, technical details, and meaningful value-adds. One great way commercial teams can add value is by articulating their understanding of the science behind the technology.

Bring it back to the science

Analytical instrument customers are, first and foremost, scientists. They need to know that any new product or service will advance their mission. But sales calls aren’t the only time vendors should be discussing science, and it’s not the sole responsibility of whomever closes the deal—it’s a team effort that spans the entire customer journey.

First, marketing teams must ensure their collateral emphasizes the scientific impact their product or service can deliver. They need to highlight detailed, quantifiable proof points that resonate with the buyer and their unique goals. From the top of the funnel, prospects must be engaged in their own language.

Then, midway through the funnel, sales teams can reinforce their understanding of the science by sharing technical resources to support the value proposition. At this stage, buyers should be able to find detailed answers to all their questions; they should have everything they need to make an informed decision.

But the work doesn’t stop when the sale closes. Life sciences buyers need ongoing support to help address any questions or troubleshoot challenges. Customer success teams (post-sales FAS) must have the technical chops necessary to help solve problems, illuminate best practices, and keep buyers happy.

Specialists (e.g., field application specialists, service application specialists, etc.) may be helpful here. They possess a unique depth of product knowledge and can serve as go-to technicians for customers’ ongoing needs. Specialists are becoming more popular among analytical instrument teams, with the ratio of specialists to sales reps increasing 33% over the past three years.

Commercial teams must evolve

Like most industries, life sciences is adjusting to a new reality—one that emerged after the pandemic but is defined by today’s challenges. Commercial teams who appreciate and understand these shifts will gain the advantage in the battle for market share.

Understanding buyers’ day-to-day schedules means respecting their time and being as efficient as possible. Gone are the days of drop-in visits. Schedule a time, build an agenda, and include as many details as possible.

Commercial teams must let their technical expertise shine, starting at the top of the funnel. Buyers (and their customers) need to be able to trust the product and the team behind it. After all, health outcomes are at stake.

At a tactical level, these imperatives might include designing low friction buying experiences, improving quote turnaround times, facilitating seamless account setup, improving data quality and reporting, and holding expanded training offerings.

With customer-centricity and an emphasis on science, commercial leaders can help their teams build lasting relationships and grow sustainable revenue.

Raj Sharan is a principal at Alexander Group, with over 15 years of business and management consulting experience. Raj co-leads the Life Sciences & Pharma Services practices. He also works with leading tech hardware and semiconductor companies. Raj’s global experience includes client work in Europe, China, Japan, South Korea and India. He recently led the global sales transformation of the team driving renewals and expansion at a technology company.