One of the most sought-after goals of any growing business is being able to efficiently and profitably scale the business. This is true for virtually any business in any industry and the medical device industry is no exception. However, with unique regulations and requirements, medical device manufacturers face several challenges such as keeping ahead of shifting market dynamics, rapidly evolving and developing new sales models around physician access, creating alignment across all departments during the critical product launch phase, and enabling sales force effectiveness while complying with the ever-increasing regulations.
Without an effective sales force, it is very difficult for companies in the medical device industry to identify, prioritize, and close gaps in their sales strategy and execute capabilities to capture specific growth opportunities. At Quantzig, we understand the value that analytics can bring to your business. And to help companies in their venture to boost sales force effectiveness, our team of experts has highlighted four necessary steps that medical device manufacturers can take to improve sales force effectiveness.
With our analytics solutions, you can easily identify the right performance indicators to better understand your market position and develop effective growth plans. Request a FREE proposal to learn more.
4 Steps Companies in the Medical Device Industry Must Take to Improve Sales Force Effectiveness
Step #1: Set Strategic Priorities for Sales
90% of strategies fail not because they are weak but merely because they are not well executed. Medical device companies should, therefore, set strategic priorities to improve their sales force effectiveness. They need to develop a strategy map that can describe what the sales team needs to do to maximize profit – this would help them achieve sales force excellence.
Step #2: Establish Performance Indicators for Medical Devices
There are numerous performance indicators that companies in the medical devices industry can use to analyze their performance. Such indicators include customer satisfaction, device durability, accuracy, and so on. Establishing and tracking such performance indicators is one of the best ways for companies in the medical device industry to boost their sales force effectiveness.
Step #3: Track Inventory
This is one of the most useful metrics for medical device companies to keep tabs on product turnover. Also, having a general idea of the lifespan of a medical device and knowing the market trends can help boost sales force effectiveness in the medical device industry. Plus, monitoring inventory can highlight specific areas where medical devices do well.
How do you know what analytics capabilities to invest in for your business, especially when it comes to the medical device industry? All you need is an analytics expert to help you devise a proper sales strategy. Request a demo below and access salesforce data on real-time dashboards.
Step #4: Create a Territory Management Strategy
Companies operating in the medical device industry should be aware of the territory their sales representatives are covering. When it comes to assessing your sales territories, don’t leave it up to guesswork. You must integrate a territory management strategy with a data collection process to make informed decisions about where and how your sales team is working. Moreover, sales force effectiveness can only improve when manufacturers stay on top of emerging trends and empower the sales team with vital information on shifting customer pain points and concerns.