The Marriage Of Life Sciences And Retail
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The Marriage Of Life Sciences And Retail

In today’s post, which is part of a series aimed at applying my colleagues’ customer experience (CX) strategy guide to a life sciences audience, we’re getting up-close and personal with retail.

Perficient Digital’s CX strategy guide includes a number of statistics from myriad sources (see guide for sources) about the buying process in the Age of the Customer. Here’s how they apply to the life sciences paradigm:

81% of consumers conduct online research before they make a purchase.

Reading that, did your mind immediately go to patients and treating physicians? If so, you’re absolutely right, but let’s think about some other “consumers” who are likely researching you online before deciding to work with you:

  • Potential investigators: Would I want to run a study for them?
  • Potential clinical subjects: Would I want to participate in one of their studies?
  • Potential employees: Would I enjoy a career with this company?

94% of B2B buyers conduct online research before they make a purchase.

Let’s think about the other types of organizations who might be researching you online before deciding whether to work with you:

  • Investors: Are they a worthwhile investment? Can I trust them?
  • Partner organizations: Would they make a good research partner?
  • Contract research organizations: Would we be able to work well together to run trials?
  • Regulatory agencies: Is this company organized? Transparent? Compliant?

64% of consumers say customer experience is more important than price when deciding who gets their business.

Thinking about all of the different individuals and organizations we’ve already discussed, consider this statistic about CX being more important than price. Think about what that means in each of the contexts above. You might have the greatest corporate culture and make the most amazing products on a shoestring budget, but if your customers experience you as disorganized or complicated or drab or secretive or confusing or outdated, you’re likely to lose out on a lot of opportunities – and revenue.

89% of consumers began doing business with a competitor following a poor customer experience.

Life sciences is an incredibly competitive industry, with companies popping up and disappearing daily. With patent limitations and the demand for generics, no company in this space can afford to lose a customer over a poor experience with your brand. Having a stellar CX is key to customer loyalty on all fronts, not just for patients and treating physicians. If you want to retain the best funders, the best CRO partners, the best investigators, and the best employees in the industry, you need to provide a consistently outstanding CX.

The guide goes on, but that seems like enough, for now. Hopefully, this post has helped you see just how applicable retail has become to life sciences, even though our operating contexts are different.

Stay tuned for the next post in this series as we continue to break down and translate Perficient Digital’s CX strategy guide for life sciences. Until then, if you feel ready to have your organization’s current CX maturity assessed, take our free online assessment.

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