8 Effective Ways to Increase Medical Device Sales

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Published Date: April 27, 2024

8 Effective Ways to Increase Medical Device Sales

Do you know there are 6,500 medical device companies alone in the U.S.?

Surprised? Think, if it’s for a single country, there’ll absolutely be more across the world. The growing number culminates in how much competition is already there and how deliberately they’re vying for attention from medical decision-makers.

Now, after seeing this, some brain-pricking thoughts may bother you too much to create self-doubts, and then questions may like,

  • Should I step into the sales arena of medical equipment?
  • How can I succeed and surpass my fellow competitors who’ve already been there for a long time?
  • Is there any way out to master medical device sales and make my business sustainable?

Let me tell you, of course, you can and you will, if you take consideration of the winning secret which should be at the heart of your organized sales pipeline and selling strategy. However, remember, this is standing on the wheels of your smart efforts that need to be worked on day and night.

I guess, now you wish to search for the winning secret to increase your medical sales. But what if I tell you, it’s already pin-pointed here? All you need to do is uncover the chapter by scrolling down!

The Practical & Effective Path to Accelerate Medical Device Sales that You Can Follow

The sales for your medical equipment are not just as easy as snapping your fingers. It demands the execution of well-structured strategies with a lot of patience and attention. If you’re ready to do so, start walking through it!

Target A Future Proof Customer Journey

It is always said that, to snatch your customers’ attention and turn the table of sales, treat your customers the same as you would like to be treated, which is indeed true.

To achieve it without any obstacles, you need to have a full-fledged customer journey map on your hand before starting medical device sales. The benefits? You can expand customer lifetime value, reduce customer churn, retain your customers, and revamp the sales management process without being snowed under boredom hits and trials.

But how to do so? Take decisive information and take action on the following:

  • Define target market: Whom do you sell your medical devices to curate buyer persona?
  • Know operations: How does the customer journey work and how can your medical device fit there?
  • Know existing customer experience: What do your loyal customers think about your product?
  • The actionable take: Where can you differentiate your product to flourish more aggressively?
  • One more necessary element: What are you doing extra to stay alive in your customers’ buying psychology?

Why do you need it? Until and unless you have a target customer journey map, you won’t be able to show bold care to your customers, and your customers won’t find it relevant if you can’t show care to them.

Know Your Medical Devices Inside & Out

As you know, a medical device is designed to take care of patients by diagnosing injuries or diseases, treating them well, and monitoring recovery stages. In that case, types of medical devices can be varied based on requirements and concerns, which are likely,

  • Diagnostic devices: ECG and MRI machines, Ultrasound scanner, Blood glucose meters.
  • Therapeutic devices: Pacemakers, surgical lasers, insulin pumps, dialysis machines, etc.
  • Imaging devices: CT scanners, Endoscopy systems, Mammography machines, etc.
  • Assistive devices: Hearing aids, Prosthetic limbs, Orthopedic braces, and so on.

Now, before you step into crafting and proposing a sales pitch to your end user, you have to have product knowledge. So that you can avoid common mistakes in sales and prepare yourself to answer every type of questions, likely,

  • What’s the specification of your medical devices?
  • How to use it? or, Could you please showcase the demonstration?
  • How can it be beneficial for our patients? or, What’ll be the outcome after treatment?
  • What’s the price of it? or, Are you offering lower prices from other brands?
  • Why should we go with your product when we’ve already known other leading brands to purchase the same? or, What’s your product USP that we can think of to rely on?

Well, that’s not all. Depending on safety standards, one’s core expertise, and healthcare outcomes, you can be asked simple to complex questions far beyond this. 

Because when you’re continuously growing your network with intelligent individuals, driving value to them, and seeking sales for medical equipment, your knowledge can be checked in every aspect before conviction.

Remember, without knowledge of the inside and out of your medical device, your selling action is useless and knowledge without your action is futile which isn’t a cliche but an absolute fact.

Don’t Forget to Emphasize Benefits in Sales Pitches

Do you know your medical sales growth can leap in the dark if the spontaneous benefits get missed in your sales pitching words? 

I guess you’re well aware of it if you really want to smoothly reach your sales goals. Well, in medical device sales not only do you need to highlight solution-oriented benefits for patients but also present an economically beneficial perspective. 

While you’re conducting the first in-person meeting with decision-makers, you can take the lead in discussing doubts. There’s a high chance that they can listen to you if you’re empathetic to their patients. Before they indulge themselves to ask questions while reviewing your medical devices, you can brief them about

  • How can your medical device heal pain and provide relief to patients? 
  • How can your medical equipment detect hidden symptoms of minor injuries or major diseases?
  • How do those medical instruments speed up recovery time and improve medical conditions?

Now, don’t stop here, as your next step should emphasize economic benefits in front of healthcare professionals. In that case, you can pinpoint certain points, likely,

  • How can a one-time investment lead to long-term and higher ROI?
  • How can you serve quality medical devices without asking to burn one’s big bucks?
  • How can the recommendation of the same device from healthcare professionals bring more patients?
  • How much ease of use can you provide within a particular medical device that the decision makers do not need to ask for frequent help? 

Why are all these important? Being authentic with multiple benefits can help you move the needle of excelling sales for medical devices by normalizing the blood pressure of decision-makers for investment.

Listen & Don’t React over Queries but Respond Politely

“You can’t defend it. You can’t prevent it. The only thing you can do is detect and respond”.

If you find it relatable in sales then you may agree you should have essential salesman personality traits. It could be a good listener, having more confidence, transparency, flexibility, and responsiveness without being reactive. 

While the former is the result of actively listening to your target audience and response to understand the situational event after taking some seconds, the latter is a deliberation of knee-jerk responses.

Now why is it important to understand? In medical device sales, you need to go through multiple in-person meetings and phone calls to present and sell your product. It demands your controlled mindset so you can flourish with prosperity and agility. 

Moreover, when today most businesses delve into the mantra of VUCA – Volatile, Uncertain, Complex, and Ambiguous, only a transparent and humble conversation can build a win-win situation with mutual respect and trust. 

Here obviously the 80-20 rule can assist you in achieving your communication goals effectively. For that, your 80% of conversation should be dedicated to active listening, while the remaining 20% can be used for a polite and smooth discussion. You can adopt this approach while interacting with your customers to let them freely speak about

  • If there are any challenges with your medical devices that they’re stuck in.
  • If they can share any examples to focus on problems for your better understanding.
  • If there are any suggestions for improvement which they want you to bring to their table and so on.

This is because engaging and two-way responsive communication makes sense to sell better. After all, it’s not only about selling your product but impressing your customers and gaining their loyalty for long-run revenue generation.

Consider Free Educational Content in Your Sales Strategy

“If we give away free content and information about the challenges our paid products and services resolve, then who will pay for what we’re selling?”

This question may come to your mind when I emphasized supplying free educational content about your medical devices and it may sound too crazy. Let me tell you, if it’s the case, then you approach it wrongly.

Why? When today the invention and innovation in medical equipment come with newer technical dimensions, the healthcare professional wants more concise, quick, and digestible information. 

Therefore, they skim through online materials, be it articles, social media posts, ebooks, videos, podcasts, or research papers, so that they can break down complex facts and understand them without one’s help.

So, if you consider providing free educational materials, you can not only passively teach your target audience beforehand and make your sales meetings more productive but can reap other rewards too. They’re likely,

  • You can easily gain initial trust before directly delving into selling your pitch for medical devices.
  • With the help of quality content, you can reach faster and craft a path for word-of-mouth marketing.
  • The depth of free content can accelerate lead qualification and take you through inside sales.
  • Last but not least, when you give away free medical device content to resolve usage techniques, your customers’ happiness will make you sell more because it’s just like a self-help service.

Don’t Stay Back to Hold Your Sales Referrals

Think of a stranger knocking on your business door and introducing himself as your fellow fan follower. Although you won’t have a direct interaction with him earlier, still he trusts you with what you say and what you sell. 

Do you know why? Yeah, you guessed it right, he is your referral who carries the goodwill between a referred client and you. This is because he already gets heavily influenced by active users of your medical device brand.

Here is your benefit: This is enough to speed up the purchasing process after setting up sales appointments with applied hacks. Now if you’re convinced, let me show your benefits in numbers:

  • According to Forbes, referral marketing can demand a minimum initial investment and low cost-per-lead by 54%.
  • The report by Ross states that there are 37% higher retention chances of referrals than other marketing channels.
  • Last but not least, another report by Ross highlighted that a referral can serve you 16% more lifetime value compared to others.

However, let me tell you, you can make it happen only after ensuring you won’t be shy when directly asking for referrals to your trustworthy customers. Well, in the worst scenario, you may need to listen to a ‘No’, but that’s perfectly fine if you take it sportingly.

Automate, Track, Review & Refine Sales Activities 

Be the medical device sale is designed to be done with a field sales meeting or from your office desk, embracing automation technology is the need of the hour.

When 78% of business leaders state that automation can enhance overall productivity which is absolutely required in sales, then you shouldn’t overlook it.

However, automation can be incredibly beneficial for you if you embrace top-notch and cost-effective software like Lystloc. Why? If you sign up with Lystloc, it’ll be easy for you 

  • Tracking your field sales employee, assigning or revising an immediate lead-based task, curating an end-to-end communication, getting field sales reports from them, and much more.
  • Integrate Lystloc with other software like CRM so that you can have a sharp view of the stages of a sales funnel from beginning to end. 
  • While combining both, you gain a data-filled overview of the loopholes and dread points in medical device sales. 

These all will help you analyze the sales process, refine sales activities, find new opportunities, manage and increase your field sales team performance, and push you to take the initiative to build a robust sales network.

Here, is to keep yourself motivated in a hectic sales process, always remember, opportunities don’t come and knock on your door, rather they present themselves when you’re ready to starve for it.

Follow Up, Follow Up & Follow Up 

While finding the aforementioned process to increase medical sales too overwhelming, stepping in follow-ups can save you.

Why? Your target audience, likely, doctors, chemists, and purchasing officers may be busy accomplishing their routines, and thus, there’s a higher chance neither you nor your sales pitches stay in their remembrance. 

Therefore, a spontaneous and punctual follow-up and follow-through can take you ahead of your contenders, create smooth communication, and pave the way to effectively manage sales relationships. To smartly encounter it, you can go with some handy options, likely, emails and calls. 

Consider the fact that when you have a scalable and sustainable practice on your side, unnecessarily don’t jump into an in-person meeting every time in the shake of driving purchasing power.

Excel Your Medical Device Sales in the Most Effective Ways & Expand Your Business

The ever-evolving, dynamic, and pain-sticking medical device sales can take you through a road rage as every day you’re trying to be customer-centric and juggle with understanding customers’ psychology.

However, with the well-explained aforementioned techniques, you or your medical sales reps can be successful by securing more deals and more sales. The cherry on top is an eye-opening fact that can keep you and your team motivated with a whopping growth of US $511.20 Billion in the medical industry by 2024.

Happy to see the success potential? Yes! Then just start soaring to a new profitable height in your medical device business!

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