How Leading Medical Device Manufacturers Can Build Expert Sales Teams
As medical device sales reps travel in and around their territories, it’s important to arm them with the knowledge they need to excel in their roles. The demands of their jobs require them to not only be well-versed in the products they are pitching, but also the benefits they provide. It’s no wonder that 35% of medical sales reps from a 2013 MedReps Survey admitted to being concerned about meeting performance expectations.
So what role can companies play in enabling their reps’ sales performance? From onboarding to professional development, companies must encourage medical device sales reps to strengthen their product knowledge, focus on value-based selling techniques and utilize innovative mobile platforms. To learn more about how these techniques can guide your sales team to success, check out the list below!
Three ways to enable sales success.
1. Strengthen your team’s product knowledge.
Before a medical device company can optimize their reps’ sales performance, the organization must first step back and make sure they have a solid training foundation. A sales reps’ first few months on the job are like every other new employee. But what distinguishes a medical device territory manager from his peers is the amount of information she is expected to retain about her product line or specialization. Regardless of one’s sales experience, reps are expected to master their product lines, which can result in information overload. Additionally, according to Training Industry, it can take six months or longer to learn about a specific product, and even longer to close the first sale.
Position your sales managers for success by training them on how to best communicate the value of their product lines early and often.
2. Highlight value-based selling in pitch.
As the industry continues to highlight a value-based sales strategy, divisional sales managers can further differentiate their product offering by surfacing the features that matter most to relevant departments. Highlight patient benefits, cost savings, or more in tangible ways, and illustrate the value that your product provides in interactive demos–conducted in person or online.
Reps must also adapt their sales technique to appeal to their diverse audience base, and tailor their message accordingly. Knowing it is difficult to recall product knowledge in an instant for each stakeholder, make it easy to find and access key information your reps need, when they need it.
3. Invest in innovative sales platforms to drive employee engagement.
While a small amount of turnover is expected in any industry, organizations must work hard to minimize brain drain within their companies because of employee disengagement. Differentiate your OEM’s sales strategy from key competitors by providing sales teams with platforms that maximize their sales performance. In fact, consulting firm ZS Associates recommends that you implement mobile platforms in your divisional manager’s sale pitch to further differentiate your company’s product from rivals.
Measure the KPIs that matter.
Once your organization implements the techniques above, make sure you identify and track key KPIs so you can measure your reps’ sales success. Start with the metrics below, but feel free to add your own based on your organization’s needs and goals.
- Quota per rep – Determine whether your rep is performing above or below the market by measuring the quota per new and established rep. Implement quota relief programs during down periods, and track onboarding effectiveness by measuring sales progress. Maintain the trust of divisional managers and clinical consultants by setting fair goals based on experience.
- Portfolio penetration – See if territory managers are prioritizing the sales of established, high-margin devices over newer products to meet compensation goals. Measure their ability to diversify their sales strategy to include high-profile or newer products.
- Turnover rate by account – Track the amount of products used in a given hospital over month, quarter, or year, and determine if there is a greater opportunity to sell more in strategic accounts.
Now more than ever, industry leaders and fast-growing startups must evaluate how they can earn more from their sales teams. By arming them with the right sales tools, increasing their product knowledge, and surfacing their value based sales techniques, medical device manufacturers can nurture sales teams to success in no time. Discover how Inkling can help your medical device sales reps with our field technical reference solutions.