Why Should Sponsors Do Business with You?

I write a lot about your strategy in the USA market and how to differentiate your company so you are IRRESISTIBLE to sponsors.  This blog will once again address that topic.

This morning I spoke with an Indian company who had the wrong answer when I asked the question: "What is your specialty... who is your target market?"  The wrong answer, of course, is "We do everything!"

The analogy I like to use is about a Medical Doctor.  If you were suffering from a rare disease, and your life depended on the right treatment (as is the case with many smaller pharma and biotech companies when they need to do a clinical trial), who would you rather treat you?  The Doctor who says "I treat everything... what's your problem?"  or the one that says "I am a specialist in your disease, and here is how I have treated other patients who had similar symptoms as you."

Of course, you would rather go with the latter.  Same with USA sponsors.  They want to know that the CRO or CSO they choose has experience in their therapeutic or indication.  The more expertise you have, the better your chances of winning that business.

This strategy has other benefits as well.  It narrows down your sales and marketing efforts to about 100 companies in North America.  You can more easily engage with these companies, and develop your marketing materials (web site included) to show that you are an expert in certain areas, therefore increasing the chances of winning the business.  This strategy alone will save you tens of thousands of dollars in travel, feasibility studies, phone calls, etc... trying to win business that will probably be won by someone who is the expert.

Give it careful thought.  Where do you have the most experience?  Where do you have the most expertise? What area can you create the most compelling story based on the shared experience of your team?

Once you have identified that, create marketing materials that tell that story, that give sponsors GREAT reasons to do business with you, that show you as the EXPERT in these areas.

Your top line and bottom line will improve... guaranteed.

 Dedicated to your success in America,

Jim Worrell

The American Entrepreneur