To succeed in today’s healthcare marketplace, it’s essential to understand the needs of today’s value-oriented customers and adopt a value-selling model. Here are three key insights to help you transform your healthcare sales process:
1. Your Prospects’ Decision-Making Process Has Changed
To create a successful healthcare sales strategy, you must recognize that your prospects don’t buy products and services the way they used to. In the past, building relationships with doctors and healthcare institutions may have been a sound strategy, but for many hospitals and health systems, decision-making processes are rapidly evolving, and selling based just on a relationship is no longer sufficient.
As a result of this shift, your medical sales process must focus on selling value in ways that are tailored and relevant to prospects’ specific needs. When you’re providing valuable information and education to prospects, you’re building the types of relationships that matter in value selling.
2. Value Selling Starts With Your Business Model
A value-selling marketing strategy isn’t going to deliver results unless your business model is an appropriate platform for reaching today’s value-oriented customers. To appeal to the value segment, a recent report by the McKinsey Group suggests tweaking your business model in one of three ways: changing the sales model, the service offerings or the product itself.
One way to lower your prices and emphasize value is by switching to an inexpensive, streamlined medical sales management process. This business model may be most appropriate for recurring purchases and products with simple sales cycles and limited service needs, such as wound dressings and disposables, according to the McKinsey report.
However, a lean sales process might not be the best option if your company handles products with high service levels in a complex sales cycle. In that case, you could appeal to the value segment by scaling back specific service areas, such as clinical support. This business model, according to the report, “requires a strong sales organization focused on capturing new accounts.” In other words, scaling back one aspect of your product offering may require strengths in complementary areas.
The third business model to consider is offering lower-cost alternatives to premium products. This value-selling approach works best with products that comprise many components and processes, because they offer more opportunities for reducing costs.
3. Your Value Proposition Must Align With Target Customers
As healthcare institutions compete against each other to lower costs and improve their services, the best way to get their attention is by providing valuable information and insights that directly support their value proposition. If you offer a prospect a useful webinar or free report, for example, it should contain a compelling value proposition that benefits the prospect’s business.
“If a hospital adopts a specific value proposition, it is clear that what they buy, how they buy and what they are willing to pay for it all change,” according to Sales Training Connection. When your sales team understands the business and financial impact of a new value proposition, you’re better able to make smart adjustments to your value-selling process.
These three value-selling tips help you align your sales strategy with your prospects’ needs, and prepare your business for tomorrow’s challenges and opportunities.
Ready to make the switch to value selling? Gain insider tips from Invenio Solutions® by downloading our free guide, Value Selling In Healthcare Sales: 6 Secrets For Success.