In the fast-paced world of medical device companies, achieving rapid growth is a common goal. But how do you navigate the path to hypergrowth and build a sustainable commercial engine? Here are four critical components of building the type of organization that can deliver on growth:
Find Your Product-Market Fit:
The first step on the journey to commercial success is to ensure you have achieved product-market fit. It’s essential to identify your target audience, understand their needs, and communicate your value proposition effectively. All too often, companies struggle to scale because they haven’t taken the time to answer fundamental questions about their audience and how to engage them. Mapping the buying process and why prospects can’t live without your offering is crucial to growth.
Establish Pipeline Visibility:
To effectively manage and optimize your commercial efforts, it is essential to have visibility into your pipeline. Utilize tools like Salesforce or HubSpot to gain insights into prospect interactions with your marketing initiatives. Simply having the platforms is not enough. Marketers and sellers need to update the system to ensure that the entire commercial organization can learn, shift, and focus to maximize revenue growth. Traditional CRMs, like Salesforce, have given way to broader systems like HubSpot for providing visibility into prospects’ activity prior to and outside of engaging with a sales professional. Whether it’s analyzing website traffic, social media engagement, or email campaign performance, having objective data allows you to make informed decisions and drive positive change in the pipeline.
Equip Your Sales Team:
To close deals successfully, your sales team needs the right tools and resources. Provide them with sales collateral, calculators, project plans, and other materials that support the sales process. It’s important to remember that your buyers include not only clinical professionals but also financial and operational stakeholders. Many of these personas may be outside of the typical comfort zone of a company’s sales team and they may traditionally not be easy to access. Investing in market research to better understand their motivations and concerns is a worthwhile investment and often frees up deals that are “stuck” for some unknown reason. Empower your sales team to cater to the needs of all buyers throughout the purchasing journey.
Capture and Create Demand:
Lead generation is often a primary focus for businesses, but it’s essential to have the previous three components in place before pursuing leads. Generating opportunities is critical to commercial success, but converting those leads into revenue is the ultimate goal. A team should focus on both capturing demand through demo requests or other “bottom of funnel” calls-to-action and creating demand through marketing activities such as white papers, testimonials, and case studies. By expanding your reach and engaging potential customers earlier in their buying journey, you can ensure a sustainable pipeline of opportunities.
Building a successful commercial effort for medical device companies requires a well-rounded, thoughtful approach. By prioritizing product-market fit, establishing pipeline visibility, equipping the sales team, and capturing and creating demand, you can lay the foundation for sustainable growth.
To further explore these strategies or discuss your specific business opportunities, reach out to Scott Alexander, CEO of Jairus Marketing, at Scott@jairusmarketing.com. Take the next step toward achieving hypergrowth and elevating your medical device company’s success in the competitive marketplace.
Remember, with the right strategies and a comprehensive commercial plan, you can propel your business to new heights. Get ready to soar!
