How Will Veeva Systems Succeed Outside of Life Sciences?

By Motley Fool Staff Markets Fool.com

Relying on word of mouth for your marketing is easy when you're already the top dog in an industry -- but it's not that simple when you're a newcomer. Veeva Systems(NYSE: VEEV) is well established in the life sceinces software space, and it's used to winning new customers with relative ease. Now, as the company enters new markets, it'll have to build a new strategy.

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In this clip from Industry Focus: Healthcare, Veeva's co-founder and president explains how the company will make the transition.

A full transcript follows the video.

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This video was recorded on March 15, 2017.

Kristine Harjes:You mentioned earlier that your team relies a good bit on word of mouth within the life-sciences industry. You have one big pharma company that loves you guys, gets up on a stage and talks about how much they love it, and that's really helpful in spreading the word. How do you see thatgoing as you enter completely new industries? Is your sales forceprepared for building completely new relationships?

Matt Wallach:I think that's a very fair question, and we certainly have the recipe in life sciences. Our customer events are actually a measurable part of our success. I think we've done a good job of bringing the industry together to allow them to share best practices. When we look outside life sciences, it's not as obvious that we can pull together companies across industries. I think we have to invent new ways to build that sense of community around our products. We do believe that in quality management, there are events that people go to, there are topics that we could sponsor that are relevant to people that work in a quality manufacturing capacity across lots of different industries. But it's a little early to tell in our life cycle here exactly how we'll do that. But it's a good question, and it's one we've been asking ourselves and we'll be experimenting a lot over the coming years.

Kristine Harjes has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Veeva Systems. The Motley Fool has a disclosure policy.