Digital Sales Transformation Imperative
BCG's article on Medtech’s New Era of Collaboration and what it means for your business
Overview
Post covid, the healthcare landscape has seen a dynamic shift, with a notable rise in hybrid communication approaches between medtech sales professionals and healthcare providers. This blend of in-person and virtual engagement has become more accepted and readily available. The need for easy-to-understand, customised sales solutions and materials from the product manufacturer or supplier that serve to assist with the sales of the Product is now needed more than ever before. The use of creative technology is an incredibly efficient way to cut through technicalities and ‘noise’ of a products’ functionality in order for the product or service to be easily understood and its’ purpose appreciated.
The BCG article caught our attention earlier this year as it highlights some of the key points we have addressed in our Insights previously.
BCG extract
Leaders are looking to next-generation commercial models that will enable them to be more purposeful with their resources and more effective and tailored in their outreach to providers.
Considerations
Forward-thinking medtech companies are adopting a go-to-market model that leverages digital and omnichannel interactions. This strategic shift holds the potential to increase sales representative productivity by two to threefold, measured in terms of revenue generated per representative.
However, the path to success in this digital transformation era lies in more than mere process optimisation. It necessitates the complete redesign of the customer journey. To achieve this, medtech companies must empower marketing to drive lead generation, nurture leads, and qualify them. Equally important is arming the sales force with advanced technologies and extending their focus beyond sales to ensure the success of their customers.
Cost savings
In the backdrop of these shifts, the medtech industry faces challenges due to escalating inflation and rising supplier and input costs. To address these challenges, dynamic pricing solutions that harness data, artificial intelligence, and automation have emerged as a powerful tool. These solutions enable companies to adapt rapidly to market volatility and inflation, resulting in cost savings. Notably, these savings can be passed on to healthcare providers in the form of more competitive pricing, thereby alleviating margin pressures and potentially supporting financially distressed institutions, particularly those in rural areas.
Summary
In summary, the medtech industry stands on the cusp of a transformational journey. The convergence of innovative commercial models and digital sales transformation holds the key to reshaping the landscape.
To thrive in this evolving environment, medtech companies must adapt and reimagine not only how they engage with their customers but also how they price and position their products. This evolution promises to bring benefits to both the industry and the healthcare providers it serves.
BGC Credit
Read Medtech’s New Era of Collaboration (BCG) By Erik Adams, , and
