A Double-Sided Challenge
Among the countless disruptions that continue to wreak havoc on the industry, the top challenge for medtech innovators is pinpointing and engaging the right decision-makers. Getting your product or service into new hands is a far more elaborate process than before. Physicians aren’t the only decision makers for new products and services anymore — the final decision must be made in tandem with value analysis committees, GPOs, and other non-clinical executives that demand end-to-end value to close the deal.
The other side of the equation is just as complex. Many of the stop-gap measures that were necessary during the pandemic now form the new framework for medtech sales in 2023 and beyond. Looking back, the pandemic simply magnified the moves that were already being made in healthcare operations. These trends, including supply chain sophistication and the explosion of physician employment by IDNs, as well as new decision-maker expectations, highlighted the critical challenges of misaligned sales and marketing.
Four Levers to Pull for MedTech Commercial Success
With the growing number of roadblocks to medical device sales, innovators are now searching for new tactics to future-proof their businesses. In order to drive the most sustainable and consistent growth, the ideal commercial model should:
- Define the right audience of decision-makers. These are the individuals who have the power to say “yes” to your product or service, and they may not be who you initially expect. Be careful not to downplay the significance of this step — even with an unlimited marketing budget, your efforts will go to waste if you fail to connect with the right prospects. Extend your focus beyond a simple list of names and emails to a more in-depth view of your audience’s challenges and how your solution can specifically address these pain points.
- Address common concerns: Identify common concerns that your target audience may have, such as the cost of senior living, and create content that addresses those concerns.
- Construct a dynamic marketing ecosystem. The word “ecosystem” is crucial to understanding how to assemble your marketing campaigns. Instead of one-dimensional outreach, craft a step-by-step process that meets prospects at every possible point in the sales funnel with the information they need to take the next step. Through multiple in-person and digital channels, your strategies should build familiarity with your brand and establish a deep level of trust that your solution can and will solve their problems.
- Broadcast high-quality, high-impact content. Content is the backbone of your marketing ecosystem. Whether the goal is to awaken your audience to critical issues in their niche or change the way they perceive these challenges (namely, to see your offering as the perfect solution), content is the key that unlocks the ability to influence your audience’s thought processes and buying behaviors. Produce a sizable library of thought leadership and sales content that appeals to different types of prospects and pain points, and integrate these pieces into your ecosystem to entice more sales-focused engagement.
- Track campaigns and quantify pipeline success. The best way to sabotage your efforts is to launch without any visibility into campaign progress — essentially steering the ship with both hands tied behind your back. Instead of guessing which strategies worked, use a CRM to provide the granularity of detail your team needs to understand where your efforts sparked interest, which leads engaged on which platforms, and who ultimately closed a deal. A CRM platform quantifies the value of your campaigns in real time, identifying the tactics that will drive higher sales growth in both current and future efforts.
Dodging Common Revenue Pitfalls
Constructing a bulletproof commercial model is no simple task. The evolving nature of the healthcare industry paves the way for unexpected and often hidden threats to revenue growth. As decision-makers require more comprehensive proof of value, medtech companies must comb through their sales and marketing strategies for revenue blockers hidden in plain sight, such as:
- Poor product-market fit
- Failure to warm up prospects
- Too large of an “ask” early on in the pipeline
- Skipping over thought leadership efforts
- Limited visibility into campaign results
- Lack of measurable, data-driven reporting
Achieving success in today’s healthcare climate is difficult, but possible — especially with expert help. To learn more about how to overcome these challenges and build a thriving commercial model, watch the on-demand webinar from Jairus CEO and medtech industry expert Scott Alexander for new insights proven to drive growth.