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New Report Explores how Medical Device Industry can Utilize a Value-Selling Approach to Survive in the Emerging Sales Landscape
CHAPEL HILL, N.C., Nov. 21, 2017 /PRNewswire/ -- To meet the challenges of an evolving marketplace marked by consolidation and the increasing power of payers and provider networks, medical device sales organizations are shifting to a sales approach that demonstrates value to a wide range of customers.
For some medical device companies seeking to improve field sales performance, this movement has translated into the use of a "value-selling" approach that focuses on multiple product lines instead of just one product. Companies that train and develop sales professionals who can think in terms of wider customer needs and sell on the basis of value will remain in lockstep with their customers, according to a new Best Practices, LLC study.
As one study participant, a vice president of sales, put it: "Price is important…but it is not really a game you want to play because if you win on price today, you will eventually lose on price tomorrow."
"Medical Device Sales Excellence: Training Field Professional to Deliver Value-Based Solutions to Today's Customers" provides quantitative and qualitative insights around this emerging issue. In particular, this study provides benchmarks on the sales models, strategies, span of control, sales structure, key support roles and KPIs for measuring performance of the overall sales organization. It also provides insights into the training approaches and key skill sets needed for field sales representatives to succeed in selling valuable solutions across complex medical device product portfolios.
Topics addressed in this new study include:
- Medical Device Field Sales Models: Single-Product vs. Value-Selling
- Successful Value-Selling: Key Skills, Competencies & Training Areas
- Training & Ongoing Development: Key Topics, Timelines & Training Partners
- Optimizing the Sales Structure & Field Support Network
- KPIs for Medical Device Sales Success
Sales leaders can use this study to understand how leading medical device and diagnostic companies deploy their sales representatives to maximize field call effectiveness and meet customer needs.
Best Practices engaged 24 leaders from 20 medical device companies through an online benchmarking survey. Qualitative insights were also captured from six field interviews with sales executives.
Download a complimentary report summary at: http://www.best-in-class.com/rr1474.htm.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.
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