Medical Device Sales: The Ultimate Guide to Improving Your Bottom Line

Medical Device Sales: The Ultimate Guide to Improving Your Bottom Line

- March 8, 2018

According to the Medical Device And Diagnostics Industry (MD+DI), medical device sales environment presents new challenges for manufacturers as buying decisions are now driven more by “economic” than by clinical criteria.

“To survive these changes, medical device companies/manufacturers must make significant changes to their value propositions, go-to-market strategies, and sales processes.” ~MD+DI

This year, you can have the right combination of technology and strategy to enhance your sales team and improve your bottom line. Ensure that your marketing and sales efforts are targeting prospects with the most relevant information, delivered through the most appropriate medium.

Related Reading: Medical Sales Trend: Contracted Reps/Tech VS. Rep-less Model

Three concise ways healthcare buyers differentiate their services to patients:

1. Care
2. Access
3. Cost

Before you teach effective selling skills, start by creating a solid sales foundation—something that a majority of medical sales representatives lack.


Creating a Solid Sales Foundation

To do this, align your team goals with the company mission. Ensure that each member can apply a healthcare-specific sales approach to influence buying decisions with healthcare decision-makers. Then comes the easy to follow sales process to encourage the medical device sales reps to sell more.

Now, most medical device companies train to a high level of product knowledge, but in medical sales, it’s not what you know – it’s what you do!

Follow the following techniques to help you and your medical sales team capture and retain business…

3 Proven Value-Selling Tips to Empower Your Medical Device Sales Team

 

  1. Work Your Value Proposition to Target Healthcare Buyers

The best way to get the healthcare buyers’ attention is to provide them valuable information that aligns with their value proposition. Healthcare providers always aim to lower costs and improve their services, so for example, if you offer them a free report or webinar, it should contain a compelling content that benefits their business.

When your sales team understands the overall impact of a new value proposition, you’re better able to make smart adjustments to your value-selling process.

  1. Point Out the Economic Impact Of Your Medical Device

Additionally, show the buyers how your medical device is going to help them solve ongoing struggles of costly inefficiencies to generate an immediate return on investment (ROI).

Your medical sales teams should use the foundation of how your products and services drive ROI to their advantage. They should be able to identify specific value elements for each individual prospect or customer.

  1. Deliver Your Value in Supporting Data

Whether healthcare providers are competing in terms of better care, lower costs, or improved services, they’re looking for proof that your medical device solution delivers the assets that they need.

When contract sales reps provide this proof in a complex system, stats and analytics are key to demonstrating value.

 

7 Things that Medical Device Reps Do to Kill Sales and How to Avoid Them

  1. Focusing on service at the cost of sales.

Yes, service is a big part of being a medical device sales rep. But, contract reps need to remember that they are paid to sell! Most sales growth occurs by sales representatives seeking, cultivating and asking for new business.

Solution: Device contract sales reps must set and achieve daily sales activity goals at from low to high-level activities.

  1. Not calling all of the stakeholders who influence the sale or having the wrong conversations with the right people.

If the decision to purchase your product or service is made by a committee of people who don’t know who you are because you haven’t met to discuss their specific product concerns, you stand to lose the sale.

Solution: Identify all of the players involved in the sales process as early possible. Make sure you have the right conversations with the right people by uncovering each person’s dominant buying motive.

  1. Failing to ask for a commitment to close or advance the sale, or asking when it’s inappropriate.Solution: Ask for commitment during every sales conversation when you have built support to move to the next step in the sales or anytime you detect a buying signal.
  2. Not Following-up or Not Following Up Effectively.

The knowledge necessary for the customer to make an informed buying decision diminishes with each passing day until it drops off their radar screen completely.

Solution: Follow-up must be part of the sales process. It should even be planned before a sales presentation ever takes place.

     5. Failing to plan each day effectively to maximize productivity and selling time.

Solution: Medical sales and tech reps must commit to the highest revenue-producing task at any

moment. They must plan proactively to deal with the unexpected (emergencies, interruptions, admin duties, etc.), while building sales time into their schedules consistently.

  1. Overpromise and underdeliver

The result is the same. Customers lose trust and confidence.

Solution: Clearly define customer expectations. At the very least, always do what you say you are going to do, or don’t commit!

  1. Not able to differentiate yourself and your company at every level.

Failure to characterize your product or service from the competition such that the customer discerns an advantage and seeks to own that advantage.

Solution: If you walk, talk, and act like your competition, then in the customer’s mind, you’re

the same—despite any of your verbal claims to the contrary. Demonstrate to your customers that you are different by exceeding their expectations in every category.


Top 3 Ways to Boost Your Medical Device Sales

Finally, here are some of the ways to getting the most from your leads during your medical device sales cycle:

  1. Implement a Customer Relationship Management (CRM) platform
  2. Ensure mobile access to sales platforms and applications
  3. Use analytics and data management tools to inform decisions

Selling medical devices and equipment to healthcare providers is complex, and getting more complex as the years go by.

 

This 2018, healthcare industry is looking very different. The Affordable Care Act, Value-Based Purchasing, and an increased push to standardize/commoditize products and services are making hospitals, sales directors, surgeons, clinics, and physicians very challenging and unforgiving to sell to.

But with the right strategy and tools in place, these medical device contract reps will truly be a blessing to improving your bottom line in the next months.

 

With 27 years of experience in various medical device industries, Rep-Lite has a proven track record of success. Rep-Lite is changing how manufacturers accomplish business in the current environment by providing cost-efficient solutions using overhead reduction revenue generation.

Call Us at 1-833-REP-LITE or Schedule A Consultation to learn more about our step-by-step process.

Rep-Lite only provides high-level sales and technical support to surgeons and hospitals and works closely with manufacturers to customize the program to their specific needs and challenges.
We would love to hear from you! If you have questions and/or suggestions, please leave a comment below.

Reference:
inveniomarketing.com
medicalsalestraining.com

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