Healthcare Archives | Challenger Inc Challenger Sales Tue, 07 Feb 2023 16:01:41 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.2 https://challengerinc.com/wp-content/uploads/2022/10/cropped-Challenger-favicon-48x48.jpg Healthcare Archives | Challenger Inc 32 32 Biotechnology | Sales Training https://challengerinc.com/success-stories/biotechnology/ Sat, 26 Nov 2022 10:59:11 +0000 https://challengerinc.com/?post_type=success-stories&p=121853 Affymetrix, now called Applied Biosystems Microarray Analysis and part of Thermo Fisher Scientific, is a leading provider of products that enable parallel analysis of biological systems at the gene, protein, and cell levels.

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Revenue: £330M
Employees: 1,100

Client Challenge

Affymetrix faced a turbulent market environment. Given downward cost pressures in the genetic research market, global economic uncertainty, and increased competition, the company’s revenue fell from a high of $330 million to $267 million in four years. Affymetrix recognized the need to change its go-to-market strategy and improve the value it brings to its customers in multiple and diverse markets.

Solution

Affymetrix wanted to transform the behavior of its salespeople and how its entire commercial organization interacted with customers. Affymetrix began its transformation by developing Challenger messaging for key market segments and products. These messages focused on insight as the compelling lever to force customers away from their status quo.

Affymetrix conducted global training in North America, EMEA, and Asia across a matter of weeks and immediately implemented both manager and individual coaching and messaging support.

Results:

Under the direction of its new chief commercial officer, Affymetrix invested heavily to make its Challenger transformation a sustainable effort. The company selected a dedicated, internal Challenger champion who immediately took control of continued message development, refreshing skills, and training new hires. The company also created an internal Challenger website to consolidate messages, highlight case studies, and recognize star performers.

Roughly one year after the training events, Affymetrix began to see a turnaround in its revenue performance. Bolstered by a timely acquisition, the company bounced back to $330 million in revenue and trended upward. Affymetrix beat Wall Street estimates, performed closer to its industry peers, and improved overall energy and morale. As a result, the Company’s stock price doubled.

Quotes

“The Life Science market is very complex on a number of levels, which means that the effective creation and use of insights are of particular value.”

David Weber, Former Vice President and CCO

Quotes

“The Life Science market is very complex on a number of levels, which means that the effective creation and use of insights are of particular value.”

David Weber, Former Vice President and CCO

Before Challenger

  • Stock price of $4.31



After Challenger

  • Stock price of $8.66



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Healthcare Sales Training https://challengerinc.com/success-stories/healthcare/ Wed, 23 Nov 2022 16:17:46 +0000 https://challengerinc.com/?post_type=success-stories&p=121265 With more than 10,000 employees and an annual sales revenue surpassing $2B, this healthcare manufacturer simplifies complex medical testing to improve patient care. Its research and products drive healthcare innovation.

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Revenue: $2B
Employees: 10K

Client Challenge

A large healthcare testing company faced a daunting 70% plunge in Year-Over-Year bookings due to pandemic-related disruptions. A transformed market and new normal had emerged in this highly competitive space. To reverse the decline, Challenger elevated the company's sales narrative and guided teams to emphasize outcomes. In short order, the company bounced back and exceeded its annual sales target, without introducing any new products.

Solution

Challenger took a deep dive into the company’s sales processes and determined it had failed to differentiate its products and reinforce the negative impact of staying with current suppliers.
The company faced two overarching sales issues: (1) Messaging lacked compelling reasons for customers to change their buying behaviors (2) Sellers needed tools and skills to establish differentiation and the under-appreciated costs of inaction.

Results

Challenger adjusted the company’s sales narrative to stress the problems caused by the status quo rather than simply the benefits of its products. By transforming how the company sells rather than what it sells, profits rebounded within a year.

Sales refresh in 3 steps

Challenger de-siloed the company’s sales and marketing departments to create unified messaging. Shifting from products, Challenger coached teams to underscore outcomes.

Challenger constructed a plan for sellers to engage at higher organizational call points and provided tools for more successful interactions between stakeholders and decision-making committees.

Challenger trained sellers to deliver conversations that amplified the costs of the status quo and ran deal accelerators to reinforce Challenger-driven behaviors.

Sales refresh in 3 steps

Challenger de-siloed the company’s sales and marketing departments to create unified messaging. Shifting from products, Challenger coached teams to underscore outcomes.

Challenger constructed a plan for sellers to engage at higher organizational call points and provided tools for more successful interactions between stakeholders and decision-making committees.

Challenger trained sellers to deliver conversations that amplified the costs of the status quo and ran deal accelerators to reinforce Challenger-driven behaviors.

Winning Sales Teams Now

  • Create compelling narratives and shift the dialogue
  • Identify key differentiators and unseen cost drivers
  • Draw attention to outcomes
  • Seize market share from competitors

Launched to Success

With Challenger, the only thing that changes is HOW a company sells, not WHAT it sells.

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