7 steps to building a winning medtech sales strategy

With the new year around the corner, there's no better time to refine your strategy and set the stage for greater success in medtech sales.

A well-structured sales strategy is key if you're looking to boost win rates, increase revenue, and maximize salesforce efficiency. And getting a head start now can put your team in a position to start the year strong.

Getting your medical device into the hands of those who need it, however, can be a complex, daunting journey. This blog, adapted from our comprehensive medtech sales e-book, summarizes the seven essential steps you can follow to build a sales strategy that helps you drive growth, achieve your goals, and stay ahead in this competitive industry.

If you're ready to level up your sales game, then read on!

Step 1: Define your ideal customer

In medtech sales, success hinges on knowing exactly who you're selling to. Not all providers and facilities have the same challenges or needs, so pinpointing the specific organizations that can unlock the greatest value from your medtech solutions is key.

Here's where your ideal customer profile (ICP) comes in. Think of it as a blueprint for your perfect partner. Start with demographics data and note down your customers' industry, location, technology, organization size, revenue, growth rate, and other notable attributes.

Then, look beyond demographics and into historical data, so you can determine what attracted your best customers and why they have stayed with you for so long. At the end of this exercise, you should have a clearer picture of your current best customers and what your ideal customers look like. By understanding your ideal customer, you can target these providers and facilities with laser precision.

Once you have your ICP created, align it against your organization's goals, capabilities, and timeframe. This will give you an idea of how realistically achievable it is for your company to pursue these customers. Do you have the resources, time, expertise, and personnel to chase these opportunities? If the answer is yes, then those customers are the ones that will provide the most value to your organization.

Step 2: Segment the market

Once you've identified your ideal customer, the next step is to segment the market. The medical device market is vast and complex. Targeting every facility or provider is an inefficient and costly approach. Grouping together organizations with similar characteristics allows you to streamline your sales strategies and tailor your approach to each segment's specific needs.

A few segmentation approaches include:

• Hospitals/IDNs: Segmentation can consider factors like GPO affiliation, IDN affiliation, hospital type, and account size.
• Physicians: You can segment based on physician specialty, affiliation type, referral volumes, and annual procedure/diagnosis volumes.
• Alternate sites: Consider facility type (e.g., imaging center, ASC, outpatient clinic), network affiliation, and procedure volume.

By segmenting the market, you can develop targeted marketing campaigns, allocate resources more effectively, and prioritize your sales efforts based on the potential of each segment. Ultimately, focusing on the most promising segments allows you to optimize your efforts for the best return on investment.

Step 3: Map your territory

With market segmentation in place, it's time to map out your territories to ensure efficient coverage.

To do this, divide your segmented market into manageable geographic areas, considering factors such as technology adoption rates, demographic and firmographic data, and competition. Mapping territories allows you to strategically allocate sales resources, prioritize accounts, and plan efficient travel routes for sales representatives. By mapping out territories, you can streamline your sales efforts and ensure comprehensive coverage across your target market. For more tips, read our blog on how smart territory planning can drive higher medtech sales.

Step 4: Target the right accounts

Within each territory, focus on identifying high-potential accounts that are most likely to benefit from your medical device. Conduct in-depth research to understand the specific needs, challenges, and priorities of each account. Pinpoint key decision-makers and influencers within the organization and tailor your sales approach to resonate with their objectives.

For instance, when targetingIDNs, messaging should go beyond HCP-centric value propositions. It should also align with the quality measures and cost drivers specific to the IDN. By zeroing in on the right accounts with the right message, you can prioritize your sales efforts and improve your chances of success.

Step 5: Pre-call planning is key

Before every call or meeting, become an expert on the account. Research their challenges, budget constraints, and existing solutions. Use this intel to craft a laser-focused presentation that directly addresses their specific challenges and priorities.

Here's the magic: by highlighting how your device addresses their needs, you demonstrate that you understand their world. This positions your medical device not just as a product, but as the ideal solution to their problems. Pre-call planning is an investment that pays off in spades. It boosts your credibility, fosters trust, and increases your chances of closing the deal.

Step 6: The art of the sales call

Your sales call is your opportunity to showcase the benefits of your medical device and persuade the customer to make a purchase. And thanks to all the hard work you did during pre-call planning, you can avoid the "push-pull" awkwardness that can come up and instead turn your sales call into a problem-solving session.

Don't just talk features - demonstrate how your device directly improves patient outcomes, streamlines workflows, or reduces costs. Quantify the benefits with data and case studies whenever possible. Be ready to answer questions with confidence and overcome objections with persuasive arguments. And finally, master the art of active listening to understand the customer's needs and pain points fully.

A successful sales call hinges on effective communication, credibility, and the ability to articulate the value proposition of your device convincingly. By focusing on your prospect's needs, you can turn features into solutions and conversations into conversions.

Step 7: Build long-term relationships

The medtechsales process doesn't end once the deal closes. A sale marks the beginning of a long-term relationship with the customer. After the sale, ensure that you provide exceptional post-sales support to help with the smooth implementation of your device. Consistent follow-up is crucial for long-term success. Here's how to keep the momentum going:

• Offer personalized support: Regular check-ins, product updates, and customer-specific solutions build loyalty.
• Become a trusted advisor: By proactively addressing your customer's evolving needs, you position yourself as a partner in their success.
• Encourage advocacy: Satisfied customers are your best brand advocates. Encourage them to share their positive experiences with others in the industry.

This commitment to their success fosters customer loyalty and advocacy, turning them into champions for your brand. Remember, building long-term relationships is key to sustainable business growth and maximizing the value you bring to your customers throughout their journey.

Learn more

By following these seven steps, you'll be well on your way to mastering medical device sales. Remember, success hinges on truly understanding your customers, crafting targeted strategies that resonate with their needs, and building long-lasting, trust-based relationships.

For a deeper dive into these concepts and a roadmap to medical device sales success, download our comprehensive e-book. Want to put these insights into action even faster? Book a demo of our newest medtech solution Carevoyance and gain access to the intelligence you need to streamline your sales process and maximize your impact.

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