Global Life Sciences Company Implementing Process Example
Here is an example of a Global Life Sciences Company, which underscores the impact of implementing new CRM processes on an organization’s operations.
In 2009, one of our global life sciences customers decided to revamp its lead management business process before implementing an overarching CRM initiative. Why? Prior to the new process, sales leads would come in from a variety of sources including the company’s Web site, trade shows, magazine ads, and word-of-mouth. All leads were quickly screened by the marketing department before they were assigned to field sales personnel based on ZIP code and/or area of specialization. However, two kinks emerged in this approach: First, the marketing department did not have sufficient time to qualify leads during busy periods, and the department was hesitant to send out unqualified leads to field sales personnel. Result: Leads often remained in the marketing department until they could be qualified, which translated into delays of days or even weeks when the lead was often cold; second, the field sales personnel were often overwhelmed by the number of leads from marketing and had trouble knowing which ones to pursue first.
To correct the situation, the company gathered the sales, marketing, and top management together to create an ideal customer leads process. Leads were designated as “A” (ultra-hot), “B” (hot), “C” (warm), and “D” (cold). Designations were made based on a number of agreed-upon weighted criteria (e.g., contact method, product interest, and type of application). The new lead-management process was accepted and promoted effectively throughout the company. Next, all marketing and sales personnel received training on the new process. Lastly, the new process was automated using CRM software workflow tools. Today, lead screening is automated, and sales reps are sent prioritized leads immediately after the company receives the lead.
As a result, the company changed its lead close from 10 percent to 15 percent, which translated into millions of dollars of new and ongoing business.
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