There are unique issues and challenges in life science companies when it comes to customer relationship management (CRM). In fact, it’s unlike any other industry for a variety of reasons. For instance, CRM in life sciences can be tailored to focus on the customer relationship surrounding sales, support, clinical, marketing, safety and other areas. This means the right software is needed to address the varied needs of the company.
Given the dynamic nature of life science companies, it’s not possible to take a one-size-fits-all approach to CRM. For starters, there are different objectives that align with each individual area. In fact, there might be a regulatory requirement or constraint for one life science company that is unlike the requirements of another. From a tactical and strategic point of view, choosing the right life science CRM software requires thoughtful consideration of the objectives, regulations and operations of companies. It’s also important to understand how often the industry evolves.
Developing a CRM Strategy
When developing a CRM strategy for a life sciences company, you should know the specific challenges they face. Perhaps one of the biggest challenges is the fragmented nature of customer communication, which can make it difficult to establish relationships. There’s also the issue of declining margins and ever-increasing competition. New regulations, healthcare reform, marketing requirements, market access challenges and many other issues are creating complex problems. These issues affect all aspects of customer relationship management.
The goal of a CRM strategy in life sciences is to not just respond to customers, but anticipate challenges that will occur and understand how to address those challenges in a way that’s satisfactory. The implementation of an effective CRM strategy will include compliance with regulations and the ability to deliver the right information to the right people. As aforementioned, you can’t make any assumptions about a life science company because the needs and requirements vary.
Benefits of CRM in the Life Sciences Market
When developing a CRM solution for life sciences company it will be important to understand the different relationships that might exist when it comes to account management. Clarity is necessary because assumptions cannot be made given the varied structures. The breadth of stakeholders can include hospital administrators, doctors, payers and key opinion leaders, to name a few.
It’s no surprise that a key component is mobility and facilitating customer relationship management from any location and at any time. This is obviously to maximize availability and manage the demands of doctors, administrators and staff. There are many different CRM capabilities that make mobile access a great option, such as the ability to capture digital signatures online, even from a mobile device.
Personalization in marketing isn’t an option, it’s an expectation. This is why nurture marketing is a critical aspect of CRM in life sciences. Essentially, companies have a much greater opportunity to deliver information that is highly customized to the needs of the receiver. This cultivates interest and trust, which means it also serves as an effective lead generation tool. Regardless of the industry it’s all about marketing that resonates with consumers and the same applies to life sciences.
Perhaps one of the biggest benefits is having an opportunity to realign markets as a result of new regulations. For instance, when a change occurs, there might be a need to reconfigure products and territories. There might also be a need for realignment in customer segmentation. The pivot might include changing hospitals, physicians and clinics to a new territory. With the right CRM software, its possible to make these types of changes with relative ease and simplicity.
Given the many capabilities of life science CRM software in the market these days, you might be surprised by the complicated systems that exist these days. When a system is not up to par, it fails companies in many different ways, especially when they are fragmented, outdated and ineffective. The truth is that CRM software in every industry should be managed and maintained proactively because the only constant is change. It’s not possible to meet the changing needs of a life science company without making the necessary adjustments over time to the CRM system implemented.