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25BMR




Products & Services Sales Leadership Sales Force Effectiveness

Medical Device Sales Excellence: Training Field Professionals to Deliver Value-Based Solutions to Today's Customers

ID: PSM-344


Features:

15 Info Graphics

38 Data Graphics

480+ Metrics

6 Narratives

12 Best Practices


Pages: 69


Published: 2017


Delivery Format: Shipped


 

License Options:
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Single User: Authorizes use by the person who places the order or for whom the order was placed.

Sitewide: Authorizes use of the report for a geographic site. All people at site can view the report for a year and copies can be printed.

Corporate: Authorizes use for the entire company for a year and copies can be printed. No limitations for usage inside the company.




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919-403-0251

  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS
To meet the challenges posed by the consolidation and increasing leverage of care networks and hospitals, medical device sales professionals must adapt an approach that demonstrates value (clinical, economic, etc.) to key customers.

Best Practices undertook benchmarking research to help medical device companies improve field sales performance through the use of a “value selling” approach. In particular, this report examines the sales models, strategies, training approaches and key skill sets needed for field sales representatives to succeed in selling valuable solutions across complex medical device product portfolios.

Sales leaders can use this report to understand how other leading medical device and diagnostic companies hire, educate, train and deploy their sales representatives to maximize field call effectiveness and better meet evolving customer needs.

Industries Profiled:
Diagnostic; Medical Device; Health Care; Pharmaceutical; Biotech


Companies Profiled:
Ambu; B. Braun; Boston Scientific; ConvaTec; Diversatek Healthcare; DJO Global; Fujifilm Medical Systems; Henry Schein Dental; Innovo Medical; Medtronic; Merit Health; Neotract; OrthoSensor; ReShape Medical; Siemens Healthcare; Smith & Nephew; STERIS; Stryker; Terumo Corporation; Zipline Medical


Study Snapshot

Best Practices, LLC engaged 24 leaders from 20 medical device companies through a benchmarking survey. Almost half of participants work at the director level or above.

Key topics covered in this report include:

1. Value Selling Models
  • Product vs. Value Selling
  • Field Team Size & Span of Control

2. Value-Selling Excellence
  • Key Skills & Competencies
  • Effective Cross-Portfolio Messaging
  • Stumbling Blocks

3. Training and Key Competencies
  • Training Areas & Tactics
  • Training Timelines & Vendors

4. Sales Structure & Field Support Network
  • Sales & Support Structure
  • Key Support Roles & Rotations

5. KPIs for Medical Device Sales Success

Key Findings

  • Value-selling sales forces are generally leaner: By training sales reps to sell across multiple product lines, companies appear to be able to gain efficiencies and reduce the overall size of the field sales force. The rep-to-manager ratio for value-selling groups (9:1) is much leaner than that of single-product groups (6:1).
  • New rep training should be heavily focused on product knowledge, and be reinforced by ongoing mentorships: Surveyed companies devote nearly half of all training time (48%) for new hires to technical product knowledge and education. The topic mix for ongoing training of existing staff already well-versed in the product line flattens out somewhat: product knowledge still comprises 28% of training, but greater attention is paid to competitor offerings, clinical knowledge, and customer information.

Other key insights uncovered are noted below. Detailed findings are available in the full report.
  • Focus on “complementary” product families when expanding a rep’s portfolio
  • Use a value-selling field sales model to both gain efficiencies but also to better meet customer needs
  • Top value-selling “must-haves” include communication skills, product knowledge & problem-solving ability
  • Allow for a longer assessment period as reps transition to value-selling
  • Partner reps with different product expertise areas to cross-pollinate knowledge
  • Mentors are critical for driving ongoing rep development and creating accountability
  • Clinical specialists play key support role for value-selling field force
  • As customer-centric selling grows, alignment between sales, marketing and other field support teams will be key

Table of Contents

I.Executive Summarypgs. 3-10
Research Overviewpg. 4
Respondents Backgroundpg. 5
Key Insights & Findingspg. 8
II.Full Study Data
Profile of Benchmark Companiespg. 11
Medical Device Field Sales Models: Single-Product vs. Value-Sellingpg. 15
Successful Value-Selling: Key Skills, Competencies & Training Areaspg. 29
Training & Ongoing Development: Key Topics, Timelines & Training Partnerspg. 42
Optimizing the Sales Structure & Field Support Networkpg. 54
KPIs for Medical Device Sales Successpg. 66
III.About Best Practices, LLCpg. 69

    List of Charts & Exhibits

    Assessing Medical Device Field Sales Models: Single-Product vs. Value-Selling
    • Selling model best describing participants’ field sales approach – Total benchmark class
    • Voices from the field: Expanded portfolios driving logical shift to value-selling
    • Selling model best describing participants’ field sales approach – Large companies vs. small to mid-sized companies
    • Voices from the field: Identifying the right places to expand the rep portfolio
    • Percentage of field sales personnel operating in a "traditional sales model” vs. a "key account model" – Total benchmark class
    • Percentage of field sales personnel operating in a "traditional sales model” vs. a "key account model"– Single-product sales force vs. value-selling sales force
    • Percentage of field sales personnel operating in a "traditional sales model” vs. a "key account model" – Large companies vs. small to mid-sized companies
    • Total number of field sales representatives and front-line managers (district / regional managers) within the region or business unit represented by participants - Total benchmark class
    • Total number of field sales representatives and front-line managers (district / regional managers) within the region or business unit represented by participants - Single-product sales force vs. value-selling sales force
    • Revenue supported by each sales representative – Total benchmark class
    • Revenue supported by each sales representative – Single-product sales force vs. value-selling sales force
    • Revenue supported by each front-line/district manager - Total benchmark class
    • Revenue supported by each front-line/district manager - Single-product sales force vs. value-selling sales force
    • Ideal ratio of field sales to front-line managers (district / regional managers) - Total benchmark class
    • Ideal ratio of field sales to front-line managers (district / regional managers) - Single-product sales force vs. value-selling sales force

    Successful Value-Selling: Key Skills, Competencies and Training Areas
    • Top success factors for medical device sales success in today's healthcare market
    • Importance rating of skills and competencies that are most conducive to success for sales reps promoting multiple product lines or engaged in solutions selling to key accounts – Total benchmark class
    • Voices from the field: Addressing “Value-Added Committees”
    • Importance rating of skills and competencies that are most conducive to success for sales reps promoting multiple product lines or engaged in solutions selling to key accounts - Single-product sales force vs. value-selling sales force
    • Importance rating of skills and competencies that are most conducive to success for sales reps promoting multiple product lines or engaged in solutions selling to key accounts - Large companies vs. small to mid-sized companies
    • Voices from the field: Value-selling sales rep role
    • Top-ranked hurdles to multi-product value selling
    • Voices from the field: Big device companies are helping customers understand total cost of care
    • For key account managers and field reps promoting a complex portfolio, what kinds of conversations beyond "product-specific" ones are participants preparing their sales staff for?
    • Engagement tactics and themes that work best in underscoring company's overall value proposition to key customers

    Training & Ongoing Development: Key Topics, Timelines and Training Partners
    • Best practices for training employees to move from a single-product mindset to solution/multi-product selling
    • Percentage of total training time dedicated to listed key competencies on an annual basis for both new hires and existing hires
    • Days of home office training and development received by staff (new hires and existing staff) on average per year from participating companies’ training department
    • Approximate number of days of training and development received by sales representatives (new hires and existing staff) from field trainers or front-line managers per year - Total benchmark class
    • Approximate number of days of training and development received by sales representatives (new hires and existing staff) from field trainers or front-line managers per year - Large companies vs. small to mid-sized companies
    • Recommended vendors for delivering customized training programs to help improve solution/multi-product selling skills
    • Time given to field sales representative to show improvement in solution/multi-product selling skills before they are brought in for re-training or outplaced - Total benchmark class
    • Time given to field sales representative to show improvement in solution/multi-product selling skills before they are brought in for re-training or outplaced - Single-product sales force vs. value-selling sales force
    • Average annual turnover rate within the field sales organization - Total benchmark class and single-product sales force vs. value-selling sales force

    Optimizing the Sales Structure & Field Support Network
    • Structure of Sales Function within the organization
    • Alignment of decentralized sales structures
    • Key support groups for the field sales organization - Total benchmark class and large companies vs. small to mid-sized companies
    • Reporting of each support role within the organization
    • Essential support areas outside of field sales and front-line leadership that are most critical to the success of sales organization
    • Call reporting and CRM access
    • Highly effective sales tools for engaging customers on field calls
    • Frequency of inputs into marketing programs provided by sales professionals or managers
    • Rotational development program in place

    KPIs for Medical Device Sales Success
    • Effective KPIs for measuring the success of overall sales organization
    • Effective KPIs for measuring the success of individual field sales reps