Willie Sutton, an infamous bank robber in the 30’s and 40’s, was once asked by a reporter why he robs banks. He famously and very eloquently replied:
“Because that’s where the money is”
We are not by any means suggesting that you model your professional life after Willie Sutton, but we must admit – there is a simple brilliance to his strategy. He didn’t waste his professional efforts in places where there was not potential for a substantial, successful outcome.
Suboptimal and improper use of time is a huge problem for most professionals working with sales and marketing. Put simply, it is difficult to know which leads and prospects that are the most likely to respond to sales and marketing efforts and ultimately buy your products and services. This results in a decreased efficiency of the sales force and ultimately makes you miss out on opportunities to grow revenue. Because unfortunately, not every single prospect walks around with a sign above their head that tells you they have cash available to invest in your products – until now.
After many sleepless nights and a lot of hard work, we have now reinforced Monocl EGO with more than $500 billion worth of NIH grant payments. Empowered by our machine learning architecture, we have carefully matched every single grant payment to its corresponding expert profile in Monocl EGO. This makes it possible for you to automatically identify and track who has been receiving funding in your specific area of interest. In addition, we have seamlessly enriched and cross-linked each payment to related clinical trials and publications. All to dramatically speed up your work process and give you the information you need to make smarter decisions and grow your business.
Why grant funding matters
Grant payments gives you the possibility to employ a strategy similar to that of Mr. Sutton. Get the best return on investment on your marketing and sales efforts by using the data to approach individuals with the capital to purchase your products.
A proactive approach could be to identify researchers with a track-record of securing large grants, as they are most likely pretty good at writing grant proposals and probably will receive future funding – making them an interesting prospect for future sales. Perhaps you should reach out and establish a relationship?
Some of our customers are always on the lookout for new influential experts in key areas. Used in combination with e.g. publication and industry collaboration data, grants can be a powerful metric to identify key opinion leader and influencers.
How can I use it to work smarter and sell more to new customers?
By pairing these insights with the existing content in Monocl EGO, you are able to build incredibly targeted lists of experts in a matter of seconds. Use the filters to generate just the right individuals with a need for your specific product category and utilise the grants data to ensure that they have financial means to invest in new equipment. Individuals who have received grant funding recently are in general more likely to buy your instruments and products.
By getting access to the right type of data you can understand the needs of potential customers. Look for recent activity to find the right time to reach out the right individuals. Leverage these insights and increase performance and efficiency of your sales and marketing divisions by personalising your outreach. An important part of sales management is about helping your team prioritise their efforts in the best way possible. So, spend your time wisely and allocate it to work on the right opportunities.
How can I use it to grow my existing account?
But it is not all about identifying and closing new accounts. Growing your existing accounts can be a lucrative strategy. Unfortunately, not all accounts have equal revenue potential, and without the right information, how would you know which accounts to reach out to and nurture? By integrating the data from Monocl EGO into your CRM-system you can track the funding activity of you current customers and important stakeholders. You are thereby enabled to make your team develop stronger, deeper relationships and identify opportunities of up- and cross-selling.
This was a short version of how the right information can help your team work smarter. Feel free to reach out if you want to learn more and discuss this topic in depth. In the next blog post, we will be covering how grants data can help pharmaceutical companies prioritise what individuals and organisations to collaborate with. Make sure to subscribe to our newsletter to get the latest updates delivered straight to your inbox.