Medical devices require a strategic selling process as the industry faces a set of unique elements and challenges. Sales reps within the medical device industry must present a variety of complex products that are continuously affected by changes in medical regulations. In addition to concisely mastering the art of a complex presentation, sales reps must simultaneously prove their product’s value and explain functionality within their brief meeting time with physicians and lab technicians.
To best address these challenges, the medical device industry must move away from traditional methods, instead utilizing technology and mobile sales enablement solutions to ensure success in the space. By implementing mobile strategies into the medical device sales process, the sales team will be equipped with up-to-date content on the fly, dynamic solutions to guide complex conversations, and constructive feedback to streamline the entire sales process.
Short Impactful Meetings
A medical device sales rep sells directly to physicians and lab technicians, who usually have very limited time to spare. This requires that the sales reps conduct their brief sales meetings in hospitals, physician offices, operating rooms or laboratories. Such selling environments frequently lack internet access, limiting sales reps’ immediate access to collateral and forcing them to waste precious time looking for alternative sales content. As the selling process of a medical device is incredibly complex in nature, these short meetings are less than ideal for a sales rep to fully describe and disclose their products’ benefits. Due to these constraints, quick access to compelling content is pertinent to ensure a medical device sales rep can emphasize their product’s value.
With a mobile sales enablement solution, these limited time slots are optimized and winning content can be accessed anytime, anywhere, on any device regardless of connectivity. Sales reps can focus on the prospect’s needs and differentiate their products from those of competitors.
Sales reps at Infraredx, one of Showpad’s valued customers in the medical devices industry, have utilized Showpad to demonstrate their product’s value to their prospects through a concise five minute presentation. Infraredx’s sales reps have maximized their minimal time with physicians in the field, as they are enabled to quickly access current customer-facing content to prove the benefits of their devices to prospects.
Simplify Complex Sales Conversations
With such a vast offering of medical devices available to experts in the healthcare industry, physicians are approached daily by sales reps pitching different solutions. These devices range from complicated, high risk solutions to relatively simple, low risk solutions. All devices are unique, intended for a different purpose, and intricately created to address specific medical issues. With all of these factors combined, the medical device sale proves to be extremely complex, especially in such a minimal time slot. A sales presentation must be intricately designed to simplify these complex medical device descriptions and enable sales reps to deliver a concise presentation of their solution’s capabilities.
With a solution like Showpad, sales reps have immediate access to videos, three dimensional images, HTML5 files, PDFs, etc. to present their devices in a clear and descriptive manner. These presentation tools allow physicians and lab technicians to understand the value of the solution in tangible bits of information within their short meeting time. bioMérieux, a valued Showpad customer, implemented Showpad to exponentially simplify the way their sales reps sell. (To learn more about bioMérieux’s success with Showpad, check out our upcoming webinar.)
Rapid Changes with Medical Regulations
In today’s rapidly evolving medical industry, medical discoveries are made daily, and medical regulations are constantly changing. As a result, sales content frequently expires, but sales reps are either unaware or lack the bandwidth to take ownership of finding up-to-date content for their presentations. Medical device sales reps risk severe consequences by continuing to pitch out-of-date content and failing to comply with medical regulations. According to Gibson Dunnin 2014, the Department of Justice in the United States alone collected more than $350 million in fines and penalties from pharmaceutical and medical device companies for presenting out-of-date content. Further, sales reps who present outdated content to their prospects are likely to lose credibility.
By strategically implementing a mobile sales solution, internal marketing teams can take ownership of content creation, ensuring that sales collateral is current and compliant with all medical regulations. Marketing teams can push current content to their field sales reps to ensure that they are presenting accurate information. By presenting up-to-date medical device content, physicians and lab technicians will gain confidence in their sales reps, improving the chances of a successful medical device sale.
Improve the Sales Process with Analytics
In order to remain competitive and continually improve upon a sales reps success in the field, medical devices companies must have a strong grasp on the effectiveness of the content that their sales reps are utilizing.
By gaining visibility and tracking analytics on content, sales and marketing leaders can optimize their processes by allocating their resources towards creating more sales driving content. Visibility into such content is incredibly valuable, as approximately 25% of marketing budgets each year are allocated towards content creation.
This constructive feedback is also useful for sales leaders to use in identifying what content their top sales reps are utilizing in their sales conversations. By using these insights, sales leaders within the medical devices industry can create a series of best practices for the rest of their team to implement. According to a study by Greenberg & Greenberg, 20% of top salespeople close 80% of all deals while the rest of the team fights over the remaining 20% of the business. The success of a top sales rep directly correlates to the content they use. By gaining insight into effective content pieces and successful best practices, sales leaders can enable their lower performing reps to step up their game to compete smarter in the medical device industry.
In closing, the sales process within a variety of industries is undergoing unique transformations – moving away from traditional methods and encouraging the adoption of a mobile sales enablement solution. The medical devices industry is at the forefront of this change as 51% of B2B companies are using mobile solutions to power their sales channels today; projected to reach 75% within the next year. In fact, according to a study done by Profitable Channels, the medical devices industry is leading this transformation in rolling out mobile devices to their sales team.
Showpad customers such as bioMérieux, Infraredx, Johnson & Johnson, Abbott and Ansell are just a few medical device companies who continue to prove the benefits of mobile sales enablement solutions, seeing great strides as a result of their implementation. A sales enablement solution is no longer a convenient addition to a company’s sales strategy, it’s a necessity. By implementing a mobile sales enablement solution, companies will have a key competitive advantage in selling medical devices.
To learn more about implementing a Sales Enablement Solution, check out our Ebook on 4 Drivers of Mobile Sales Enablement Success.