Online Marketplaces and Multiple Value Propositions
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Online Marketplaces and Multiple Value Propositions
Scientist.com is an online marketplace where pharmaceutical companies can quickly source projects for almost every stage of their research, without having to go through a long bid and negotiation process.
I talked to Mark Herbert, Chief Business Officer, about the value propositions for both sides in an online marketplace and how they had to overcome resistance to internal procurement departments.
Why it works: They have done a lot of the routine work up front to make it easy for buyers and sellers. Contracts are standardized (although customization is allowed) and suppliers are well vetted for legal and regulatory compliance.
Value for clients — enabled to keep projects moving quickly, especially during a disruptive pandemic
Value for suppliers — the ability to directly market niche services to a buyer looking for your specific services.
Key takeaway: For me, it was the idea of “how do you sell a service that seems to compete with an internal resource?” In this case, it was helping procurement officers to elevate their jobs and work more strategically as opposed to the idea of replacing them.
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