6 Benefits of Sales Enablement for Medical Device Companies
There are several benefits for medical device companies to deploy a sales enablement platform. The obvious one, which industry professionals are already familiar with, is remaining compliant in a heavily regulated industry. However, there are several others, that may not be as obvious, and take on a new level of importance considering recent changes in the selling environment that reps in the medical device industry are now facing.
Transition from Direct to Digital Communication and Training
As recently as just a few months ago, sales representatives, medical science liaisons, and other field-based employees of pharmaceutical and medical device companies did almost all of their selling in-person by going into hospitals, nursing homes, and doctor’s offices. Now that social distancing policies have put an end to much of that, the communications between medical device reps and their customers have moved online.
Now that sales reps can’t get into hospitals and operating rooms to coach doctors on how to use a device, a sales enablement platform can ensure that medical professions receive only up-to-date and compliant training material, even if they can’t deliver it in-person.
In addition, getting customer feedback and understanding which content is resonating with the buyer is much more difficult if you can’t have a one-on-one conversation. Good analytics tools, that should be part of any complete sales enablement solution, can help sellers understand which messages are resonating with the customer, and which aren’t.
Synchronizes Tech Stacks
Given the complex makeup of medical devices, utilizing compliant technical applications is a high priority. Systems such as Product Lifecycle Management (PLM) and SAP not only help medical device companies adhere to strict FDA requirements but also serve as a single source of truth for their products.
The same can be said for a sales enablement platform. While a CRM typically serves as the foundation for Sales and Marketing and may be integrated with a marketing automation platform, it’s not enough to withstand today’s competitive market. A sales enablement platform serves as a single source of truth for all content and picks up where a CRM leaves off, allowing sales reps to maximize engagement throughout the sales cycle for any buyer persona. It creates a seamless transaction of data into all pertinent systems while removing the need for manual data entry.
Simplifies Company Mergers and Acquisitions
Mergers and acquisitions in the healthcare industry have been progressing steadily over the past several years and while it remains to be seen how COVID-19 will impact the future, more deals are likely to continue.
As the healthcare industry shifts to a value-based care delivery model, more and more companies are merging to strengthen their position in the marketplace. These newly created integrated delivery systems are meant to streamline efforts and lower costs, all while improving patient outcomes, remaining compliant, and increasing revenue.
While a merger or acquisition can be a lucrative strategy, the actual dynamics of such an integration can be a bit tricky, especially if it’s global. Newly merged companies that deploy a sales enablement platform will be able to standardize workflow processes, tech stacks, collateral, and messaging—removing unnecessary headaches for multiple stakeholders including Sales, Marketing, IT, and Compliance.
Encourages a Focus on Patient Engagement
It’s been said that patients who engage as decision-makers in their care tend to be healthier and have better health outcomes. This is why patient engagement, and its associated technology, is a viable solution that patients need, and deserve, to stay connected to better manage their health.
Sales enablement not only simplifies Sales and Marketing collateral from a B2B standpoint but also serves as a helpful tool for patient engagement efforts. Having a single repository for all content, such as pre- and post-operative instructions or chronic disease information sheets ensures the right message is delivered to the right patient while remaining HIPAA-compliant. It alleviates time spent organizing and distributing content so a medical device company can focus on what matters most: their patients.
Adapts to the Complex Landscape
The medical device sales environment is changing, and with that, sales reps need to be equipped with solutions that not only make them more efficient, but more effective. As multiple key stakeholders and GPOs are now involved in purchasing decisions, sales reps can no longer rely on a day at the golf course with a surgeon to make a sale (even if there was no social distancing). Rather, they need to understand each buyer persona’s needs, in different environments, at a much larger scale.
To optimize performance, successful sales reps need a customized approach for each prospect, and at a moment’s notice. A one-size-fits-all slide deck or one-pager won’t cut it if different personas are sitting at the table, and if the content isn’t accessible on mobile? Forget it.
By deploying a sales enablement solution, however, the right message is delivered to the right person, at the right time. Just like the sales environment, the marketing landscape is changing, and the companies taking a proactive, personalized approach to adjust to these changes will undoubtedly capture a larger share of the market.
Aligns with Big Data Trends
While healthcare data is powerful relative to patient outcomes and predictive analytics, data also plays a significant role in a sales enablement platform. These insights allow for marketers to evaluate how specific pieces are performing, where they can adjust as needed, and what future content needs to be created. This ultimately makes way for better positioning, strategy, and effectiveness.
Data is inarguably the backbone of any technical application, but its importance weighs heavier when it comes to a patient’s well-being. If population health data enables a more-informed treatment decision and improves patient outcomes, imagine what a sales enablement platform can do for Marketing and Sales within a medical device company.