Does your firm or organisation use life sciences in product design? If not, you should probably consider it.
Commercial operations are the name we give to any types of sales-related operations that a company engages with. It could be that you run a pop-up shop, it could be that you network, or it could be that your business is in procurement. Whatever your reason for commercial operations, life science companies need them as much as any other industry does. Imagine, for example, that you are selling drugs to practices around the globe. A commercial operations manager can oversee the handling of the sales and ensure all shipments are made on time.
Below are three ways that commercial operations can affect your life science company. Whether for the better or for the worse, you can depend on commerce to create the spark your business needs for success.
3 Examples of Commercial Operations in Life science Driven Companies
Does your firm rely on commercial operations for the sale of its products or services? Here are three examples of how your business could feel the impact of commerce ops to help it grow.
1 – Targeted Sales
When you hire to fill commercial operations jobs in your life science company, you open yourself up to better lead generation. How do you do this? Through a more effective targeted sales funnel, brought about by a deeper understanding of the market. Targeted sales are possible because of the information your commercial operations team collect regarding the customer persona. Since life science firms are very much driven by the consumer and their demand, targeted sales are easier to accumulate with a specialist project manager. A commercial operations team can run the ads, dissect what worked and what didn’t work, and create new ads which are more effective, all with the same project.
2 – Commercial Excellence
Deloitte Switzerland say that commercial ops in life science businesses allow us to drive simplification and efficiency across the board. They believe that the only way to obtain commercial excellence is through streamlining, evaluating, and consistently renewing efforts in commercial operations. Each step of the product manufacturing process must be as refined as the image your life science business puts out to the world. Only when the two aspects are working in harmony should you expect success. Recently, the world has experienced a massive shift to the online and virtual sales rooms of the internet. Commercial operations have been redefined as a result of this.
3 – Better Lead Generation
Since examining and refining all aspects of sales falls under the umbrella term of commercial operations, we can assume that streamlining will also result in better lead generation. Commercial life science firms need to generate leads in order to keep sales elevated and stay relevant. In most instances, it is sales which fund the research for new products, so keeping ROI high is fundamental to a life science business.
Moving Forward with Commercial Operations
If your life science business is failing, we recommend a new foray into commercial operations. IT might be just the solution you have been looking for.