With the development of value analysis committees, the business model for medical device sales has been evolving to meet the newfound needs and demands of hospital systems across the country. The ripple effect of COVID-19 has only amplified sales disruption, and in many ways, has accelerated change as traditional models continue to be replaced with those that are value-driven and virtual. What can representatives, admins, and vendors do to maintain sales and compete in a new marketplace? C.O.N.N.E.C.T. outlines seven principles to guide your efforts as you align your business model to reflect a contemporary context and prepare for the future.
Captivate through Education
Healthcare systems not only want to be educated, they must be educated in order to be empowered to make a purchase. Therefore, the most effective sales model operates with the objective of providing the user with the most relevant information on the most relevant platform. Educating stakeholders creates buy-in, lays the foundation for trust, and facilitates more efficient value analysis processes for committees. With this in mind, find ways to provide honest education about offerings by leaving stakeholders with clarity rather than questions.
Operate with Leverage
Recent upheaval within supply chain logistics has highlighted the importance of operating with a technology-supported infrastructure. As more and more hospitals move their procurement and value analysis processes online, sales need to respond accordingly in order to remain relevant and breathing. Leveraging technology is necessary in order to collaborate and engage with virtual value analysis. Embracing software enables sales to take a proactive rather than reactive position. Boosting communication through SDR processes, staying internally organized, and ensuring your products have visibility are all important tools in operating virtually. Helping you take the virtual procurement process from start to finish, GreenLight’s Solution Suite for medical sales representatives facilities direct communication with key stakeholders, provides key evaluation insights, and allows reps to work in teams.
Navigate with Flexibility
In the wake of COVID-19 and cessation of elective surgeries, the workflow of reps has changed dramatically. The great majority are no longer authorized to physically enter facilities, which creates the pressing need to find creative ways such as virtual demos to reach users. Reps, admins, and vendors must intentionally stay abreast with fluctuating hospital policies and regulations and respond accordingly. While some hospitals are slowly returning to previous business, COVID-19 has fundamentally altered the way procurement and value analysis takes place. More and more processes have moved to virtual infrastructures, and some of these won’t change just because a vaccine is introduced. Therefore, sales cannot stay stagnant in previous selling models as even an increase in virtual credentialing has taken place. Adaptability will be key as the disrupted market settles.
Notify through Service
Achieving successful sales in present times requires having empathy for rattled stakeholders, who are recovering from the largest medical supply chain disruption of their careers. Consequently, presentation through service is key. How are you creating an experience that speaks to all stakeholders and personas, including physicians who care about clinical data, C-suite who care about cost, and VACs who also have to consider a host of regulatory information? The reality of whether or not an offering will make it through the decision-making funnel without getting stuck in the bottleneck will depend on more than the product itself. The entire offering, including service, matters.
Earn with Evidence
When hospital systems achieve a mature value analysis infrastructure, procurement decisions are never made without thorough clinical evidence and multiple data sets. Clinical evidence is an essential asset in attracting multiple stakeholders and meeting the demands of a comprehensive value analysis process. Leading with evidence is a sign of education, service, and preparation. Presenting high-quality evidence is a key step in gaining trust, particularly in a virtual environment, and in motivating prompt decision making as products move through the sales cycle.
Clarify through Preparation
Any effort that can save VACs time is a valuable asset in the sales life cycle. Think about the data that can be provided upfront to streamline processes and diminish friction in the sales cycle. Doing so demonstrates responsiveness to user needs and diminishes unnecessary friction and the back-and-forth involved in information stalls such as FDA approval status, safety data, reimbursement, contract info, item specifications, and compliance info. Additionally, as some sales efforts transition back to in-person meetings, be prepared, knowing what demands an in-person demo and what would be more appropriate with a virtual demonstration.
Tell with Value
Every opportunity to connect with decision-makers should communicate your value proposition. When they are going through a rigorous cost-benefit analysis, products themselves are applying for jobs in healthcare systems. Your value proposition needs to stand out in an environment of increasing alternatives and diminishing reimbursement. Whether it’s a value guarantee or other collective measures such as data and service, each piece is valuable in forming the entire puzzle. If pieces are missing, the value of the entire picture is compromised, and a variety of stakeholders’ needs will not be met. Every step of the way, your offering should be demonstrating value to your customer.
GreenLight Medical is happy to partner with you as you navigate virtual sales. Click here to request access and explore how we can best support you and your team.