Top Challenges (+ Best Practices) for Building a Target List for BD Outreach
Here at Sosna + Co, we talk often about the outreach process for expanding your network and building relationships. Reaching out (versus waiting to be approached) is essential.
But who exactly do you reach out to, and how do you prioritize it?
The benefits of a target list
Building a target list is essential for effective business development (BD) because it allows companies to focus their outreach efforts on the right prospects.
Otherwise, you could quickly burn through time and resources by casting too wide a net.
Here’s why an effective target list matters for any BD strategy:
Efficient Use of Resources: A well-researched target list ensures that time and resources are spent on the most promising leads, rather than chasing unqualified opportunities.
Personalized Outreach: Knowing your target companies and contacts helps tailor messaging and build stronger connections, increasing the chances of a positive response.
Strategic Focus: A clear list of potential partners helps align outreach efforts with your business goals, whether that’s licensing deals, partnerships, or sales.
Increased Success Rate: By focusing on high-potential leads and key decision-makers, a targeted approach leads to higher conversion rates and more successful deals.
Competitive Edge: A comprehensive and up-to-date list gives companies an advantage over competitors that may be relying on outdated or generic lead sources.
Why is putting together a target list so difficult?
That said, creating a target list can be challenging due to several roadblocks:
Data Overload: With countless companies and contacts in the life sciences, it’s hard to filter through and find the most relevant prospects.
Outdated Information: Public sources and databases can often have outdated or inaccurate information, making it tough to connect with the right decision-makers.
Lack of Network: Not all companies have an extensive network or the right connections to get warm introductions, leading to cold outreach.
Resource Constraints: Researching and qualifying leads takes time and effort, often overwhelming internal teams without dedicated BD resources.
Complex Buyer Personas: In the life sciences, identifying who holds decision-making power within large organizations can be a lengthy and complicated process.
Read on to learn best practices for building a target list that will work for you and help you systematically reach out to the best prospects for your business goals.
How to build an effective target list you can use starting today
As we just covered, the first step in any successful BD campaign is building a strong target list. This process involves identifying potential partners, clients, or key contacts who align with your business goals. For life sciences companies, this means targeting the right mix of pharma, biotech, CDMOs, and other relevant players.
Start by tapping into your existing network – sometimes, the best opportunities come from familiar contacts. Check in with trade associations and organizations, people you met at a conference or trade show, your LinkedIn connections.
Next, explore industry-specific databases that offer current information on companies and key decision-makers. Attending events, as mentioned above, is another great way to identify and engage new prospects.
Be sure to save business cards, update your CRM or spreadsheet, and connect on LinkedIn when relevant. Tracking these contacts and companies will be key when you begin your outreach via message, phone, or email. The more you can automate this using software and integrations, the better.
Depending on the size of your target list, you will want to prioritize them based on criteria important to you. Rank those of top priority as “Tier 1,” second most important as “Tier 2,” and so on. Ideally, you will be in contact with all the names on your list, starting from the top and working your way down.
At the end, you will have a systematized list of targets to approach and then track communications with.
At Sosna + Co, we simplify this step by leveraging our extensive network of over 80,000 life science professionals and using specialized industry databases. We track and qualify leads in our digital system, ensuring no key opportunities are missed. This strategic approach ensures your outreach is both comprehensive and targeted, laying the foundation for successful partnerships.