Quickly finding global prospects with healthcare commercial intelligence
A global medical device company develops and manufactures high-performance scientific instruments and diagnostic solutions to improve productivity and patient outcomes in the life science industry. Using Monocl ExpertInsight, they were able to significantly increase their efficiency by reducing time spent identifying potential customers by 90%.
reduction in time to identify prospects
A medical device company sought to obtain complete market penetration and coverage. To be successful, they knew they needed to identify the right KOLs for their product, and then gain a deeper understanding of those experts’ activities and relationships within the industry. Previously, they relied on manual internet searches and third-party companies to identify possible opportunities by geographic location. The lists compiled by thirdparty companies took weeks if not months to compile across all locations. Additionally, they were consistently missing experts and data that was necessary to achieve the market penetration and coverage they were looking for.
Operating on its own, Advise worked hard to collect this intelligence. However, because there wasn’t a centralized place to find this information, the teams spent long hours searching through multiple sources to arrive at the necessary conclusions needed to move the business forward.
The team uses Monocl ExpertInsight daily in three main functions to achieve their business goals. The first is to rank and prioritize experts based on their research and surrounding activities. This enables them to align experts to the solutions that best suit their needs and areas of focus.
Second, the team uses Monocl to identify the total addressable market (TAM) and home in on niche markets to have both a topdown and bottoms-up approach, depending on the solution. This information also helps to ensure personnel coverage and territory alignment to maximize opportunities.
Third, they also use Monocl to build and understand relationships in more granular detail. Being able to understand the networking component behind the research is critical to knowing where the real opportunity lies.
One member of the team described Monocl as “the go-to source for information that I hope my competitors don’t find out about.” This product was widely anticipated by the team and has exceeded expectations across the company. Time spent previously hiring companies to research, deliver, and vet contact lists (which were accurate and relevant only about 10% of the time) can now be dedicated to increasing business opportunities. Having time to set up projects and keep current information readily available enables the team to engage clients in deeper, more meaningful conversations. The most valuable factor for the team overall is the impact it has made on their numbers. The team has increased facetime with clients, developed new and versatile strategies, and saved time thanks to automation and information accuracy, making a significant impact on their overall business.