7 steps to building a winning medtech sales strategy

7 steps to building a winning medtech sales strategy

The world of medical device sales is a complex one. You have a life-changing product, but reaching the right people and guiding them through the buying journey can be daunting. This blog, adapted from our comprehensive e-book, summarizes the seven crucial steps to medical device sales success. For a deeper dive into these concepts and a comprehensive roadmap to medtech sales, download the e-book.

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 comes in. Think of it as a blueprint for your perfect partner. This profile should go beyond demographics. Define your goals, timeframe, and capabilities. Then figure out the value you provide and the value an ideal customer brings to you. By understanding your ideal customer, you can target these providers and facilities with laser precision.

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, 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. 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.

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 targeting IDNs, 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 message. Here's the magic: by highlighting how your device addresses their specific 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. Turn your sales call into a problem-solving session. Master the art of active listening to understand the customer's needs and pain points fully. Then, craft your presentation to directly address their specific challenges and priorities.

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. 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 medtech sales process doesn't end once the deal closes. A sale marks the beginning of a long-term relationship with the customer. Deliver exceptional post-sales support to ensure smooth implementation of your device and promptly address any questions or concerns. Become a trusted advisor by nurturing ongoing relationships with regular communication, product updates, and personalized support. 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.

Nicole Witowski

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Nicole Witowski

Nicole Witowski is a Senior Content Writer at Definitive Healthcare. She brings more than 10 years of experience writing about the healthcare industry. Her work has been…

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