By the end of 2015, the medical device and healthcare IT market hit the $100 billion mark, a sign that companies within the market are fairly optimistic about its future. However, as new opportunities arise, so do new challenges.
What’s the one industry trend that will certainly affect medical device sales going forward?
The way healthcare is both delivered and accessed is changing due to health awareness products such as devices and mobile apps for fitness and wellness. So much, in fact, that virtual healthcare is expected to grow in acceptance and shape the world of healthcare.
Also, due to an increase in the aging population, virtual healthcare helps with limiting hospital stays to reduce costs and the risk of infection. Video patient consultations and remote-patient monitoring are going to further expand medical device and other healthcare IT opportunities in the market.
If you thought your medical device company had competition before, consider that enterprises like Google, Apple and Microsoft are entering the marketplace for a slice of the pie.
This is what we call “disruptive” change.
The industry is still going to see growth, but earning premium margins by selling simple clinical features into established markets is going to change. New segments and new end-to-end solutions are going to make the job of the medical device company and its sales reps even more challenging.
With that being said, doctors, hospitals and healthcare networks still want and need to be informed of new developments and technologies.
These decision-makers still need sales reps to deliver valuable counsel and content. The way in which you deliver your value pitch may continually change along with technology, but the decision-makers still want to know that a human being is on the other side. In fact, the need for human interaction may even become greater as virtual healthcare evolves.
Value-based selling is more important than ever.
Your medical device sales team is used to value-based selling (solution sales) by this point. However, integrating marketing and sales with engineering, design and manufacturing, and other internal departments is going to become even more necessary for patients, physicians, labs and private practices (not to mention regulatory bodies) to understand the value your medical device provides.
That means that every conversation you have with a healthcare buyer matters.
At the front end of the sales cycle, you need sales reps who are skilled at positioning your medical device as an end-to-end solution. That’s why, especially if you have a small in-house sales team, using outsourced inside sales makes sense.
This inside sales team has reps trained on your value-based selling points so they may consistently follow up with prospective customers to stay at the forefront of their minds.
An outsourced inside sales team isn’t merely making cold calls to fill a quota and hoping that throwing something against the wall enough times will make it stick. This team is qualifying prospects in (or out) and gaining valuable market feedback for outbound sales as well as the engineers of your medical device.
When you outsource for lead generation and appointment setting (inside sales) these experienced sales reps are also savvy enough to answer questions beyond features and benefits and turn the focus to the bottom line – cost and quality of patient care.
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