04 Nov 3 reasons why you need virtual sales for MedTech selling
Could your backyard patio be the new hot spot for closing deals? A study shows that 46 percent of sales reps may think you’re right.
Although virtual selling was the go-to strategy to help MedTech companies survive pandemic restrictions, the positive response among healthcare professionals and other Medtech customers boosted the staying power of virtual sales as a strategic part of the MedTech sales model. It’s why almost half of sales reps surveyed by Salesforce plan to move forward with virtual sales as the anchor for their sales model.
But how you use this strategy long-term makes a big difference in getting results.
Limiting a virtual platform to just a sales tool is selling yourself short. Instead, a well-thought-out marketing plan that includes a virtual platform can open up new opportunities that impact your entire company; sales, marketing, operations, inventory, finance, etc.
Your sales team is the lifeblood of your business. Most use a CRM system to track sales funnels. But if they are not trained to implement virtual sales into those contacts, here are three reasons why they should.
Your sales team uses time more efficiently
MedTech is one of the remaining few industries to stubbornly cling to in-person sales visits–for several reasons: The product must be presented in person, personal visits build great customer relationships, the sales rep personifies the company’s expertise, etc.
It’s a deeply rooted sales model. But, it’s also expensive in both time and resources. Experts estimate the MedTech industry spends two to three times more on sales and the administrative costs associated with in-person sales visits than other technology or industrial companies. But loyalty to this traditional sales model created a host of challenges during the pandemic. And it forced companies to explore new ways to connect with customers in the digital space or virtually.
The result? Eliminating (or at least minimizing) travel from the sales model reduces time spent on expense reports, bookings, and other administrative costs. Many MedTech companies discovered their sales rep are more productive, more efficient, and often just as effective in building profitable, mutually beneficial customer relationships through virtual connections than in person.
You can develop a customized virtual go-to-market strategy
But, wait! The customer NEEDS that in-person contact from your sales rep to learn more about a product or service. Without it, the customer remains uninformed and in the dark, right? Not so much.
Today’s B2B buyers, for example, are more proactive and self-directed than ever before. “They’re likely to base much of their decision-making on information they find online,” explains Phil Harrell, VP and senior research director at Forrester. “When buyers do interact with sales reps, they expect a continuous experience — which means that to prospect productively, reps need to know where buyers are in the journey and provide the information they need to progress.”
The primary role of todays’ sales team requires a broader scope from product-focused sales to a customer-centric approach that includes product and service expertise and ongoing support about innovations in digital health and changes in the industry, available resources on how technology will change their business, etc.
Customers want a trustworthy, qualified resource prepared to address their pain points all along their sales journey–not just a one-time sales pitch.
Healthcare professionals have already embraced virtual technology
Studies by McKinsey & Company found that around 84 percent of physicians were offering virtual visits as recent as the spring of 2021, and almost 60 percent plan to continue providing them as an option for patients.
Physicians are now seeing 50 to 175 times the number of patients via telemedicine. In other words, your customers are accustomed to using virtual technology to expand their patient care. Much like they are learning to adapt their approach to better connect with patients–in-person or online–Medtech must do the same.
“In an age where the leading cause of organizational success is providing consumers easy access to education, e-learning platforms should be the cornerstone of all MedTech Sales and marketing activities,” says clinician Skender Daerti.
Even after the pandemic subsides, we believe virtual selling will be foundational in many selling scenarios. Your sales team needs to build these capabilities to be productive and effective.
At Simplus, we find solutions that empower your sales team to optimize their time, capture and nurture buyers’ interactions, and leverage their capabilities in any environment.
If virtual sales are the next frontier for your sales team—and it should—let’s talk about the best strategies to get you started.