Healthcare & Medical
Healthcare, Medical and Pharmaceutical organisations are facing several obstacles to improving sales performance that have been exacerbated by the Covid-19 crisis:
Fewer stakeholder meetings, thus limited opportunities to influence clinicians and financial stakeholders
It has always been challenging to secure time with stakeholders in the healthcare / pharma / medical profession; however, during the Covid-19 crisis, it has become even more difficult.
Salespeople need to focus on Refilling the Pipeline and on ensuring that their stakeholder calls are as impactful as possible, which is difficult when their virtual selling skills may also require development
Salespeople and their Managers are struggling to translate their in-person meeting skills to a virtual environment
Salespeople need to master virtual selling to ensure that their meetings look and sound professional, with knowledge of psychological effects such as Loss Aversion, Contrast Bias and Single Option Aversion to build and execute virtual meetings that are highly influential and memorable.
Sales Managers need Virtual Sales Management skills to manage and coach virtually, in the context of managing high workloads and handling financial issues.
With limited opportunities to influence and create value, price becomes the most important selection criterion
Over the last ten years, healthcare procurement has been shifting from a focus on clinical outcomes to a focus on value, or depending on the stakeholders, on price
Salespeople can no longer rely on influencing clinicians only; they need to engage with financial stakeholders and quantify the financial impact their device or solution will have. This is difficult if the salespeople are ex-clinicians themselves; happier discussing patient outcomes with healthcare professionals than Total Cost of Ownership with financial stakeholders
Our 3D Creating Client Value programme focuses on enabling salespeople to influence both clinical and financial stakeholders to build momentum for change and differentiate against the competition
Rising pressure on margins, and a drive to commoditise
Many healthcare organisations have sourcing teams in place that are focused solely on driving down costs, and invest heavily in processes and training for these teams to help them to remove points of supplier differentiation – i.e. to commoditise the market
Creating Client Value is the first stage in identifying and quantifying value that differentiates you from your competitors
Using this value effectively in the Negotiation and contractual stages of a deal is the next stage – where salespeople must defend their margins against price pressure and common procurement tactics and strategies
Managing supply issues
The current situation is unprecedented, and even with the most rigorous approach to forecasting, many salespeople are having difficulties meeting the supply demands of their customers
Salespeople and service teams need both the skills and confidence to make proactive contact with customers, and create satisfactory Customer Experiences (even if demand cannot be met)
Accurate forecasting in a volatile market
Many salespeople feel at the mercy of market conditions, and struggle to forecast both revenue and demand with any kind of accuracy. This leads to financial difficulties and a lack of confidence to invest in R&D, to grow headcount or to manufacture extra capacity.
Organisations therefore risk creating supply issues and therefore losing valuable market share with their customers, and become trapped in short-term, tactical fire fighting instead of medium to long-term strategy
Our Sales Management programme includes content on forecasting that is appropriate for both salespeople and managers, and best practice pipeline management skills with an emphasis on driving sales team accuracy and improving performance.
Launching products virtually
Even before the pandemic, many organisations were moving away from traditional product launch training for direct and distribution salespeople – product roadshows were becoming prohibitively expensive with diminishing returns
The challenge of equipping geographically diverse salespeople and distributors with both the technical / clinical knowledge of the product and the ability to effectively sell the product can be met by Sales Playbooks. These function as both mini-courses and ongoing reference tools that are easily accessed (and easily updated)
To discuss your needs in more detail, please Get in touch