The Medtech industry is rising, with a projected annual growth rate of 5.65% from 2023 to 2028. This signals a clear growth opportunity for MedTech companies. However, the industry is heavily fragmented, with the top 10 companies accounting for only 40% of the total market share today. With new advances and businesses constantly emerging in the MedTech space, the industry is becoming increasingly competitive. This calls for Medtech sales professionals to shift gears and embrace innovative methods for selling medical devices.
Adopting new technologies and experimenting with strategies will not only help medical device companies survive but also thrive in a competitive market. Now, you might be wondering which strategies to use and if there are any prerequisites to consider.
Good thing we’ve got you covered there. This blog will cover everything from key components of successful medical sales strategies to using and measuring their success.
What are the Key Components of a Successful Medical Sales Strategy?
A well-defined medical device sales strategy can help companies maximise their market potential, create a competitive advantage, and achieve successful market entry and sustained growth.
However, a sales strategy on its own will not be effective if the core elements are not in place. It’s like building a house without a solid frame. No matter how detailed the plans, without a sturdy structure, the entire project is at risk.
So, let’s look at the core elements that make up a successful sales strategy.
1. Clear Objectives and Tailored Value Proposition
Clear objectives and a tailored value proposition are essential for a successful sales strategy. Imagine setting out on a journey without a destination — it's hard to know where you're going or how to get there.
In the same way, clear objectives provide a roadmap for your sales efforts. It's about understanding your customers and presenting your product or service in a way that directly meets their needs. That’s because not all your customers will have the same requirements, even from the same product or service. For example, a diagnostician will look for functionality in an MRI machine, whereas a procurement head will look for a long device lifespan. Similarly, the finance team will assess the same product based on ROI.
This combination of clear goals and a personalised value proposition guides your sales team, ensuring they know where to focus their efforts and how to showcase the unique benefits that resonate with your target customers.
2. Measurable Goals
In the world of Medtech sales, having specific and measurable objectives means setting clear targets that you can track. It's not just about saying "We want to sell more," but about saying "We want to sell X amount by Y time."
These goals provide a way to measure the success of your sales strategy. Just like mile markers on a highway, measurable goals help your team stay focused and motivated, knowing exactly what they need to achieve and how close they are to reaching their destination.
3. Strong Sales Process and Skilled Team
A strong sales strategy depends on how well a carefully organized sales process works together with a skilled team. The sales process provides a structured framework for identifying, nurturing, and closing deals. It guides the team through each stage of the customer journey.
Meanwhile, a skilled sales team brings expertise, adaptability, and a customer-centric approach to the table. Their ability to build relationships, understand client needs, and effectively communicate value propositions enhances the overall sales experience.
4. Customer-Centric Approach
Adopting a customer-centric approach in MedTech sales is about understanding and adapting perfectly to what the customer needs. Sales in medical technology require the involvement of multiple decision-makers.
This revolves around understanding and prioritizing the unique needs and desires of clients. The art of prospecting requires adeptly identifying and cultivating relationships with potential customers.
By immersing oneself in the client's perspective, a sales professional can tailor their pitch and foster an authentic connection. This personalized approach not only enhances customer satisfaction but also engenders loyalty, transforming one-time buyers into long-term advocates.
5. Continuous Improvement and Adaptation
Continuous improvement and adaptation in MedTech sales refer to an ongoing process of refining and optimising the sales strategy.
It's regularly checking how well the sales plan is working, trying out new ideas to see if they work better, fixing any problems, or taking advantage of new opportunities that come up. This way, even with things in the market change the sales strategy keeps getting better and stays successful.
With these core elements in place, MedTech businesses can freely dive into sales strategies without any worries about a weak start.
Top 5 Medical Sales Strategies for 2024
Before choosing a MedTech sales strategy, it is important to consider various factors such as the target market, industry trends, and the unique needs and preferences of potential clients. There isn’t a one-size-fits-all fix. That being said, here are the best medical sales strategies that can reliably provide positive results in most situations:
1. Leverage SEO-based Marketing Techniques
Did you know that 71% of B2B researchers kick off their research with a generic search? For MedTech marketing, leveraging SEO can help marketers increase their product's visibility. This not only attracts the right businesses but also helps in building trust and credibility.
SEO acts like a guide, leading businesses to the right place on the internet, and increasing the chances of getting good business leads. Take the example of BFW Inc. This American manufacturer of medicinal headlamps and surgical headlights created highly targeted content and used an intensive SEO strategy to rank for every keyword in their niche.
This enabled them to appear at the top when people searched for medical headlamps, making it easier for potential customers to find them online. Their strategic use of SEO acted as a helpful guide and ensured that the right audience discovered their products.
2. Build a Strong Network
Building a strong network is crucial for sales as it opens doors to valuable opportunities. One way to do this in MedTech sales is by creating a list of potential buyers. Medical conferences and seminars are where you can meet these potential buyers and showcase your products.
More importantly, your network doesn’t necessarily have to consist entirely of potential buyers. It can include other professionals in the healthcare sector who can act as influencers to nudge your ideal customers towards you. Being part of industry associations and interacting with regulatory agencies will also help you understand the market better.
And it does not have to be necessarily in person, you can build a network online. For instance, MedTech companies can build a list, attend virtual conferences, and connect with doctors and hospitals online. By doing this, they're not just selling products; they're building a network of relationships, making it more likely for people to choose their MedTech solutions when the need arises.
3. Provide Value in Follow-Ups
In MedTech sales, delivering value in follow-ups is a smart strategy that can make a significant difference. Rather than just checking in, it involves offering something extra that helps your prospects.
This could be sharing relevant industry insights, providing additional resources tailored to their needs, or even offering personalised solutions to challenges they may be facing. By doing this, you show that you're not just interested in making a sale, but genuinely invested in their success.
It builds trust and strengthens the business relationship, making it more likely for them to choose your product or service when the time comes to make a decision.
For instance, HubSpot, a marketing, sales, and customer service software provider, offers free resources such as e-books, webinars, and templates to prospects and customers in their follow-up communications. By providing valuable content, HubSpot has been able to establish itself as a thought leader in the industry and generate leads.
Only 5% of people remember the statistics after a presentation. However, 63% of people retain the stories told. What does this tell you? Storytelling in B2B sales is not just about facts and figures; it's about creating a connection. Companies use storytelling to build emotional ties with customers, making the business feel more relatable and trustworthy.
It's about using the prospect's emotional desires to showcase how your products solve real-world problems. This strategy helps customers see practical uses and benefits, turning a product from something they buy into something they need. In a world full of similar products, storytelling sets companies apart.
It's like giving each business its own exciting and memorable chapter in the customer's journey, making them stand out from the competition.
5. Consider Engaging Channels
Selling Medtech products can be challenging because they are complex. Effectively marketing these products involves a deep understanding of both the product's functionality and its practical applications in addressing real-world issues. In order to make it simpler to understand and explain, companies can leverage engaging channels like 3D marketing, video marketing or AR/VR marketing.
These channels prove effective because they offer visually engaging presentations. For instance, using 3D marketing allows companies to create interactive product demonstrations. It provides potential buyers with hands-on experience of the product.
Video marketing adds a storytelling element, allowing for a showcase of the product's features and applications in action.
Additionally, AR/VR marketing immerses the audience in a virtual environment, enabling them to explore and understand the Medtech product in a more interactive and vivid manner. But, using these engaging channels isn't just about selling; it's about making Medtech products understandable and even a bit exciting for the people who might need them. Take Merck, for example. They turned their products into 3D models with interactive features like info spots and simulations to communicate their value proposition with clarity, while also engaging their audience with a novel experience.
Now equipped with five effective strategies for selling medical devices, you can experiment with a single strategy or combine multiple approaches. For instance, you can start by meeting people in person to build a strong network, and afterwards, continue to offer them valuable information or assistance online. This way, you're connecting face-to-face to establish relationships, and then staying connected digitally to provide ongoing support and value. But, what to do next?
It's important to know whether the sales strategy has worked and how well it has worked. This can be done with key performance indicators.
What are the Key Indicators of Success in Medical Sales?
Key performance indicators (KPIs) that determine the success of sales efforts in the medical industry cover a range of metrics and factors related to sales performance, customer satisfaction, market share, and compliance with regulatory standards. Here are some key indicators:
- New Leads/Opportunities: Tracking new leads and opportunities is essential for measuring the effectiveness of sales efforts.
- Average Lead Response Time: This metric measures the speed at which sales representatives respond to new leads, which can impact conversion rates.
- Opportunities by Lead Source: Understanding which lead sources are most effective can help optimise sales and marketing strategies.
- Sales Funnel Leakage: This metric assesses the efficiency of the sales funnel and identifies areas where leads are being lost.
- Client Acquisition: Tracking the acquisition of new clients provides insight into the effectiveness of sales and marketing efforts.
- Lead Conversion: This metric measures the rate at which leads are converted into customers, indicating the effectiveness of the sales process.
These indicators provide a comprehensive view of sales performance, customer satisfaction, market share, and regulatory compliance, allowing medical companies to assess their overall success and identify areas for improvement.
Now that you know the strategies and how to measure their success, start incorporating them according to your specific needs in MedTech sales. Utilising SEO can boost product visibility and build trust, creating networks through conferences can lead to increased adoption, and providing extra value in follow-ups can foster genuine relationships. Employing storytelling can create emotional connections and leverage engaging channels like 3D and video marketing for simplifying complex MedTech products. If you want innovative 3D solutions to increase the sales of your medical devices, make sure you contact Exhibit 360.
How do you succeed in medical device sales?
To succeed in MedTech sales, it's important to build strong relationships, understand the unique needs of healthcare professionals, and effectively communicate the value of your medical devices.
What is a go-to-market strategy in Medtech?
In Medtech, a go-to-market strategy encompasses the plan for introducing and selling medical technologies, considering factors like target audience, pricing, and distribution channels.