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Medical device sales success – an urgent need to do something different – An STC Classic

Sales Training Connection

The medical device market faces transformational market challenges – decision criteria shifting from clinical to economic, decision-making moving from local hospitals to IDNs, the rise of GPOs, and the dramatic impact of new governmental regulations. They are more knowledgeable about the market, industry, and their own organization – they are business savvy. Some Sales 2.0

Selling medical devices that are evolutionary not revolutionary

Sales Training Connection

This combination of trends is especially true in those portions of the medical device market that generate the largest profits: CRM devices, cardiology, spine-related devices, and orthopedics devices. From a sales perspective the focus has shifted to incorporate not only therapeutic advances but also factors related to driving down the total cost of care for the patient and for the hospital.

Medical sales training – something different vs. more of the same

Sales Training Connection

Hospitals will need to explore ways to reduce costs and to improve patient care. Clearly for the market-leaders this journey has already begun. In times of such transformational market change, a new set of winners and losers emerge among the sellers to the market. Medical sales training. Today the healthcare industry is a prime example. Getting the foundation right.

Hospital sales – business-as-usual will be business lost to competitors

Sales Training Connection

Those who know the market best say the change is likely to continue. For example, an article in USA Today shares what hospitals are doing in relationship marketing. The authors reported: “A growing number of hospitals are using their patients’ health and financial records to help pitch their most lucrative services, such as cancer, heart and orthopedic care.

Seven fundamentals for selling to physicians

Sales Training Connection

On the other hand, there are some basic best practices for selling in the medical device market that have been and will continue to be important. Patient care is still the first priority. Medical device sales. Hospitals are going through a transformational period – changing what they buy, how they buy and what they are willing to pay for it. Cold calls aren’t well received.

Sales performance – leveraging the potential of disruptive trends

Sales Training Connection

On the other hand, from time to time disruptive trends emerge that upend the market in ways that few ever imagine. Let’s examine this question by looking at health care as an illustrative market where these types of trends have produced very dramatic and well-documented changes. Augment the sales team with market specialists. Sales Performance. Growth Strategies.

Medical sales – impact of hospital mergers and acquisitions on sales strategy

Sales Training Connection

billion, 2011 followed pace – and it looks like there will be even more M&A activity in 2012 as health care reforms kick in, certainty in the health care landscape increases, the economy picks up, and investors seek bargains. Even before the health care reforms passed, there were good reasons to consolidate. Capture larger market shares.

Reinventing the sales conversation with the hospital c-suite

Sales Training Connection

Among market leaders the journey of change has already begun and will continue as the future unfolds. One factor affecting the strategic paths hospitals choose is that all decisions including those relate to quality, patient care, and technology will be viewed through a financial lens. Selling to the Hospital c-Suite. Hospitals are undergoing unprecedented changes. Context.

Medical device sales – Investing in sales training 2.0

Sales Training Connection

The medical device market is in the midst of a transformational shift. Selling medical devices. If you have the opportunity to read SPBT’s Fall 2011 FOCUS Magazine issue, you’ll see an article Dick and I wrote about sales training 2.0. Hospitals are being pushed to provide higher quality at a lower cost per patient, yet deliver solid financial results. Click here. .

Medical sales: tailoring sales to physician preferences – A Sales Tip

Sales Training Connection

And with the ever-changing healthcare market space , selling to physicians is increasingly more difficult. Sales Tip. There is no one way physicians prefer to interact with a medical company. Many factors influence the physician’s view of the ideal experience. So, the challenge for medical sales reps is to figure out the right “buying” experience for every physician.

Pharma sales – it’s a different world

Sales Training Connection

On the other side of the table with fewer sales reps seeing physicians face-to-face, physicians have come to accept the new normal – fewer free office lunches, reduction in paid speaker programs, and cuts in dollars paid for pharmaceutical and marketing research. Pharma sales. Pharma sales reps in the U.S. Today, Pharma sales forces are being downsized. The Wall St.

MedTech sales – the declining advantage of superior technology

Sales Training Connection

As the future unfolds, the Affordable Care Act and other social and economic changes will significantly reduce hospital reimbursements. Specifically, regarding, the medical technology market, the BCG report emphasizes – “MedTech companies, like all health-care operators, will be assessed on their ability to deliver value to patients and providers, rather than just superior technology.

Medical device sales – translating clinical value into economic value

Sales Training Connection

The first question is whether Ishrak’s comments would resonate with most VP of Sales in the medical sales market? The requirement for sales people to be able to have a wide variety of business and economic discussions with a wide variety of players is now a core sales skill in the medical sales market. We think that one is fairly easy – the answer is yes. And physicians?

MedTech sales – past success doesn’t guarantee future wins

Sales Training Connection

Perhaps more unsettling, a global study of 4,500 employees at 38 MedTech companies found that skills in critical areas such as key account management and marketing are at less than ideal levels. MedTech sales. For years MedTech companies have enjoyed strong gross margins and top-line growth. So what might that look like? Well first there are some overarching answers.

MedTech sales: when customers change – so must you

Sales Training Connection

In times of transformational market change there are new winners and losers. Among market leaders the journey of change has already begun and will continue as the future unfolds. For example will we focus on low-cost care and high volumes or opt to become a center of excellence in a specific medical specialty? Transformation changes affecting medical sales.

MedTech sales – understanding healthcare value propositions is a new key to success

Sales Training Connection

The Affordable Care Act and other social and economic trends are transforming the healthcare landscape. The question at hand is what is the right “go to market” strategy in order to capture significant market share as an uncertain future unfolds. The study suggests that customers want quality care, and they will make real choices about where to seek that care.

Medical device sales success – an urgent need to do something different

Sales Training Connection

The medical device market faces transformational market challenges – decision criteria shifting from clinical to economic, decision-making moving from local hospitals to IDNs, the rise of GPOs, and the dramatic impact of new governmental regulations. They are more knowledgeable about the market, industry, and their own organization – they are business savvy. Some Sales 2.0

Sales performance – addressing accelerated clockspeed

Sales Training Connection

According to Fine, industries with faster clockspeeds have more market experimentation, increased competition, and frequent waves of innovation. Booz & Co recently posted an interesting study in strategy + business on accelerated clockspeed as it applies to the health care industry. Medical sales. Clockspeed is a term used by Charles H. Industry Example.

Medical device sales – the sales process is changing

Sales Training Connection

being the largest market. . However, all isn’t rosy; the medical device industry faces several issues – pricing concerns, health care reform, reimbursement pressures, and increasingly regulations. Health care reforms in the U.S. Medical device sales. The global medical devices industry, while large, is very competitive. The U.S. nurses, techs). Pricing pressures.

Medical device sales – sales managers play a pivotal role for sales productivity

Sales Training Connection

The medical device market faces transformational market challenges – decision criteria shifting from clinical to economic, decision-making moving from local hospitals to IDNs, the rise of GPOs, and the dramatic impact of new governmental regulations. It should not be the only strategy and it is one that should be carefully managed. Medical device sales and sales managers.

Medical sales – tailoring sales to physician preferences – An STC Classic

Sales Training Connection

And with the ever-changing healthcare market space , selling to physicians is increasingly more difficult. A Classic - '63 Corvette. There is no one way physicians prefer to interact with a medical products company. Many factors influence the physician’s view of the ideal experience. Easy to say, not so easy to do. Identify the preferred setting – in the office, lab, lounge.

Medical device sales – the book of knowledge is expanding

Sales Training Connection

Marketing has to help, the IT department needs to get in the game, and the front-line sales managers must coach. Book of Knowledge. When we first began working with medical device companies, we heard a VP of Cardiac Devices open our sales training program. More than ten years have passed since we listened to those program openings, but one thing Tim said always stuck with us.

Sales Productivity: The Era of Absence of Change Is Over

Pipeliner

In most markets, customers are significantly changing how they do business. In some cases, such as the health care industry, these changes certainly can be labeled transformational – as a result who does the buying, what they buy, and what they are willing to pay for it are all changing. However, the more important point [.] Sales Management

Physicians look into the future at their relationship with medical device companies

Sales Training Connection

Their responses were insightful … and certainly generalizable to other medical device markets. Will there be a place for a relationship between surgeons with medical device companies in the future? It’s an interesting question that was posed to orthopedic and spine surgeons. Take a read ….

Medical sales – A new sales environment as more physicians become hospital employees

Sales Training Connection

hospitals have begun responding to the implementation of health care reform by accelerating their hiring of physicians. physicians are now employed by hospitals or integrated delivery systems , a trend fueled by the creation of accountable care organizations (ACOs) and the prospect of more risk-based payment approaches. According to the New England Journal of Medicine , U.S.

Medical device sales – selling with clinical data

Sales Training Connection

As the medical device market place changes hospital purchasing is becoming very different today from yesteryear. Selling with clinical data. Physicians – and other medical staff – report that clinical studies in peer reviewed journals and evidence-based medicine are increasingly important in making decisions. Three traps are particularly common: Not leveraging the attribution.

Medical sales – selling new technologies to physicians

Sales Training Connection

And when the product is a new technology that is significantly different from others on the market, the level can be particularly high. Selling to physicians. Sales reps usually get excited when their company launches a new product. That’s the up side surrounding new product launches. When talking about a new medical device with a physician, some will show a lot of interest. But beware!

Emerging importance of medical sales key account executives

Sales Training Connection

Health care sales. And, as with any transformational shift, there will be winners and losers – in this case, for both hospitals and health care companies. . The new angle is GPOs will not only be more active in the traditional commodity market but also “extending their reach to capital equipment and medical devices” (Date Decision Group). Changes in U.S.

Selling to experienced vs. new physicians – it’s not just more of the same

Sales Training Connection

Yet others, in a recent Bain study , 80% of the 500 physicians interviewed reported they felt it was their responsibility to help reduce the total cost of care delivered to their patients, while maintaining quality. But the number of existing physicians who are truly cost-conscious is up for debate. But what about the newly minted physicians? What will be their mindset?

Attention medical sales reps – a new job opportunity

Sales Training Connection

Since starting the Sales Training Connection, we’ve written numerous posts about selling in the medical sales market. For example, Tenet Health Care, the nation’s third largest for-profit hospital chain has 152 sales reps at its 49 hospitals and HCA, the nation’s largest chain, has 150 sales people. Medical sales - a new opportunity. So, what is actually happening? Pretty big.

Are You Marketing Meat and Potatoes or Baked Alaska?

Increase Sales

Listen or read the marketing messages of many small businesses and most of them sound the same, look the same, feel the same and potentially taste the same. Too often those in sales fail to remember the goal of marketing is to attraction attention and begin to build a relationship. Now once in a while, there is one marketing message that is visually appealing and emotionally exciting.

Email Marketing: How do you create excitement around the content you have?

B2B Lead Blog

Tweet I like to think of email marketing as more of a newspaper than a television ad. Sometimes it’s easy to find fresh, compelling content such as the recent health care website kerfuffle. Many marketers I talk to who are just starting out in content marketing seem to face many slow news days. People don’t care about us, our products or services.

Guest Article: “TEAM SELLING–Lone Wolfs no longer reign supreme,” by Dr. Richard Ruff

Sales and Management Blog

Transformational Market Change. First, several markets are undergoing a transformational change where the customer is demanding the salesperson brings a broader and deeper level of knowledge to the sales process. A good case in point is the medical market where the Affordable Care Act plus other social and economic trends are transforming the health care landscape. Hospitals now expect their suppliers to become partners to help them to deal with significant challenges driven by reduction in reimbursements and changes in their care delivery models.

The REALLY BIG Upselling Sales Mistake

Increase Sales

Insurance Non-Health – The agent wants all the insurance and provides a solution including insurance not requested by the prospect. Insurance Health – With all the changes in health care, insurance brokers rely on subject matter experts such as accountants and even lawyers to ensure the right information. This is not the time to upsell or change the buying field.

Elevator Speech vs. Unique Selling Proposition vs. Value Proposition

Jill Konrath's Fresh Sales Strategies Blog

An elevator speech is a short, 1-2 sentence statement that defines who you work with (target market) and the general area in which you help them. A USP is often used in marketing materials or in talking with customers who are ready to buy. USPs are far more effective in the business-to-consumer market than in business-to-business sales. But what is a value proposition?

Team selling – lone wolfs no longer reign supreme

Sales Training Connection

Transformational Market Change. First, several markets are undergoing a transformational change where the customer is demanding the salesperson brings a broader and deeper level of knowledge to sales process. A good case in point is the medical market where the Affordable Care Act plus other social and economic trends are transforming the health care landscape.

3 Internet Marketing Truths You Should Know To Make Money Online

GKIC Blog

When it comes to the internet, I mostly “plead the Fifth”, but I work with it as marketing media just about every day. The “Who’s Who” of internet marketing gurus and experts all credit me for major influence on their methods and success, from Yanik Silver to Frank Kern and Rich Schefren and, well, you name somebody. a month for almost 4 years. So be it.

Sales productivity – the era of the absence of change is over

Sales Training Connection

In most markets, customers are significantly changing how they do business. In some cases, such as the health care industry, these changes certainly can be labeled transformational – as a result who does the buying, what they buy, and what they are willing to pay for it are all changing. Sales Simulations. What does this all means for sales leadership? Address the soft stuff.

Value Proposition Examples - Words That Get Meetings

Jill Konrath's Fresh Sales Strategies Blog

He's trying to figure out how to sell his services to the corporate market. One of the biggest reasons businesses struggle in today’s market is because they have weak value propositions. With the spiraling costs of health care today, this is a critical issue for most businesses. Jay is the owner of a massage therapy company. Any advice you can give is appreciated.".

Why Half-Baked Ideas Are Perfect Sales Conversation Starters

Jill Konrath's Fresh Sales Strategies Blog

Virtually every Sales VP is concerned about meeting their numbers, every HR executive worries about rising health care costs and every purchasing agent wants to reduce costs. If you target specific industries, you’ll find virtually every organization in that market segment is concerned with emerging trends that could shape their future. It happened again last week. WRONG!