Blog

29Sep 2024 by cesare ferrari

The characteristics of modern medical sales

Sales

Today, selling medical devices or drugs requires a wide range of skills, which I identified and discussed in a previous post. In this post, I’ll discuss the characteristics of modern medical sales, knowing fully well that sales leaders who do not understand the importance of these characteristics will not have a highly performant sales force. And a salesperson who ignores these themes will not be well equipped to tackle their jobs. Here, I’ll examine some common elements that I consider essential in today's medical sales for the pharma or medical device business. So ensure you follow along. The characteristics of modern medical sales: Customer retention and customer loyalty I have already treated the topic of customer retention and loyalty. As a salesperson, it is vital to devote considerable resources to…

14Sep 2024 by cesare ferrari

The skills of successful medical sales reps

Sales

If you’re one of those asking what skills a medical sales rep will need to have to successfully navigate the complexity in today's highly competitive medical market, you’ve arrived at the answer. We can all agree that gone are the days when a sales rep required simple interpersonal, communication, and closing skills. Clearly, the competitiveness of the medical market demands more of a sales rep. Sales leaders are also not left out and a key issue for them is having a clear understanding of the crucial success factors for selling in their specific competitive environment. Consequently, they can hire, train, and develop the correct set of skills to work in the ever-changing world of medical sales. These and more is what we’ll discuss shortly and proffer solutions to. But first…

30Aug 2024 by cesare ferrari

Mastering Account Targeting in Medical Sales: A Strategy for Maximizing Value and Efficiency

Sales

This is the fifth post about targeting, and I will talk about account targeting. Since the subject of this post is strongly related to previously discussed content, I suggest you access the previous posts about the importance of sales force targeting, how to identify the right prospect, how to deliver the message according to target, and when to deliver the message. Account Targeting If you work in medical sales or marketing and your product is sold to a healthcare provider, like a hospital network, a clinic, a medical group, or a single hospital, account targeting is a strategy you should implement. But what is it about? Account targeting is a strategy of defining and planning where and how to focus your sales and marketing efforts. As discussed previously, targeting is…

30Jul 2024 by cesare ferrari

It’s Time for My Summer Break

Downstream marketing, Sales, Upstream marketing

As the summer season approaches, it's time for my usual break. For a few weeks, I will pause my postings and plan to return to my regular schedule of bi-weekly updates in September. Before I go, I'd like to share a summary of some series I've published over the years: Cultural Factors in International Medical Sales Selling medical products (devices or drugs) internationally involves understanding and managing cultural differences. Parts one and two of this series examine the importance of cultural sensitivity and the key elements of a country's culture, and their impact on sales. The Importance of Cross-Selling and Upselling In medical sales, upselling and cross-selling are often seen as unethical tactics, and sometimes this view is justified. However, in the first and second posts of this series, I…

22Jul 2024 by cesare ferrari

Medical Sales Targeting (Part 4)

Sales

One of the challenges in medical sales is disseminating the right messages to the right doctors at the right time. Previously, I discussed how to identify the right customer and pass the right message; today’s post will focus on when to pass the message, knowing fully well that timing is critical. This is equally because the degree of difficulty of the “targeting at right time” challenge is unique to each specific message, campaign and customer. Moreover, due to the limited access to doctors, which is steadily increasing year after year, the task of reaching the customer at the right time is even more demanding. Also, already before the COVID-19 pandemic, many physicians began to restrict visits from pharma reps in some way, and the majority of offices had variable access…

06Jul 2024 by cesare ferrari

Medical Sales Targeting (Part 3)

Sales

Previously, I discussed that I consider sales force targeting essentially identifying the most promising prospects and suggesting the right product with the right message at the right time. I've also analyzed how to identify the most promising prospect for your product and the related message. Today, I will cover how to properly deliver the right message for effective medical sales targeting. So please read on. Communicating with doctors Most people consider what they are saying very important. For this reason and for compliance with regulations, the marketing and sales departments of pharma and MedTech companies concentrate extremely on the content of their communication. Nonetheless, in every contact, there is a component of information and one of relationship. The information mainly flows through verbal communication, but the relationship prefers the non-verbal…

22Jun 2024 by cesare ferrari

Medical Sales Targeting (Part 2)

Sales

Are you looking to improve your sales force targeting and medical sales results? In my previous post, I covered the importance of sales force targeting, some typical errors, and the financial and non-financial impact of un-targeted sales strategy. Today I will discuss some strategies that can help you increase sales force targeting and improve your medical sales results. What is sales force targeting? In my opinion, targeting is identifying the most promising prospects and proposing the right product, with the right message, at the right time. This enables the customer to buy the product with a relatively small sales effort. How to identify the most promising prospects One of the objectives of your marketing department is to produce the ideal customer profile. Your ideal customer profile must be based on…

07Jun 2024 by cesare ferrari

Medical Sales Targeting (Part 1)

Sales

Reaching the right doctor with the right product, and the right message, at the right time is the essence of targeting and medical marketing in general. If you are a medical sales rep working for a pharma or a medical device company, you might already have experienced the frustration of not convincing a prospect about your product. Even very successful products with high use and market penetration are not for everybody in a given market. As a salesperson, you need to accept that you should not target some potential customers because the chances of selling your product are very low. The sooner you understand that targeting is not an abstract marketing strategy, the faster your sales results will improve. In fact, implementing precise targeting tactics in your territory is the…

28May 2024 by cesare ferrari

How To Get The Right Insights From The VOC

Upstream marketing

Recently I’ve been discussing with a founder of a MedTech start-up on the importance of collecting the VOC (Voice of the customer) and validating the high-risk hypothesis. I’ve come to observe that MedTech start-up founders are generally very well equipped with scientific knowledge and technical expertise; however, they lack some expertise in properly interacting with customers. Start-up teams also come up with smart and creative solutions but they frequently risk missing the right insights to validate their solution and high-risk hypothesis with customers. While there are many factors to be considered for a successful VOC study, here are my top four: 1. Identify your customer(s) Before even starting your VOC, it is fundamental to determine who the customer is. You’ll also need to consider who you need to talk to…

19May 2024 by cesare ferrari

How customer interviews can help you in defining the price of your new medical device

Upstream marketing

A few years ago, I attended a product test where a KOL used a product developed by a start-up to provide feedback. At the end of the test of the highly innovative medical device, a member of the team asked, “How much would you pay for this product?”. Although the intention was laudable because I agree with collecting data from customers for pricing a new medical device, unfortunately, the question was wrong. Therefore, do not ask this question during customer interviews about the price of new medical devices. So, if you’re thinking about contacting your potential customers to ask them about pricing of your new medical device, you should read this post to avoid making some of these mistakes. Why “How much would you pay for this?” is a…