Blog

22May 2022 by cesare ferrari

How To Qualify Sales Leads Pt1

Sales

Suppose you want to grow your business as a medical device distributor or as a sales rep; you need to have a predictable sales pipeline. Likewise, if you are working in marketing or sales for a medical device company, one of your goals is to help your sales force build a strong pipeline. In my years in Medtech, I found out that Sales Lead Qualification is a vital process companies should use to determine which prospects are the best sales targets and is a critical part of a well-constructed sales strategy. Unfortunately, not everyone who expresses interest in your product or service is ready to purchase or will eventually purchase your product. In my opinion, lead qualification is a step that many sales organizations fail to perform effectively in the…

07May 2022 by cesare ferrari

Why Customer Centricity Is More Than Having A CRM And Using Few Customer Centric Metrics

Other, Sales

After publishing a couple of articles on what is customer centricity and how to increase customer centricity, I’ve been discussing the topic with some good friends and these conversations inspired me to write again on this subject. The subject of today's post is the difference between being a truly customer centric organization following the principles, the values of customer centricity. And using some tools like CRM (customer relationship management), to develop customer metrics and do some common practices. Is Customer Centricity Related To A CRM System? If you type in the words “customer centricity”, “customer-centric” or similar keywords in the Google search engine you will get a list of results predominantly related to CRM software systems. CRM is the software that manages data resulting from the interaction of the company…

22Apr 2022 by cesare ferrari

How To Increase Customer Centricity In A Medical Device Organization And Increase Profitability

Downstream marketing

This post is the third about customer centricity. I've already introduced the topic here and analyzed the issues and challenges here- you may want to refer to them shortly. In this article, I'll explore the critical steps necessary to become a customer-centric organization or at least to increase customer centricity. I'll also answer the question; "how to increase customer centricity." I acknowledge that the plan and changes necessary for achieving customer centricity will vary from company to company based on the unique challenges of the organization and its market. More so, a company needs to define why it wants to be more customer-centric, to what degree, and whether it requires an incremental or substantial change. Well, I believe the transformation to be successful MUST include the approaches below. Without further…

02Apr 2022 by cesare ferrari

Common Challenges To Adopting A Customer Centric Approach In A Medical Device Company

Downstream marketing, Upstream marketing

I have already examined and explained the meaning of customer centricity for medical device companies in this post. Here, I'll focus more on how to transition from existing product centricity and traditional structural models to new ones that deliver what customers want. Know that the first step toward a customer centric organization is understanding the difference between customer centricity & product centricity, and identifying issues & challenges. These topics will be discussed in-depth as you read on. Product Centricity Versus Customer Centricity In the table below, I’ve listed some distinctive characteristics of the product centric and customer centric strategies. Product centricityCustomer centricityBasic ideaWe sell product. Product push approach with little or no customer segmentation.We serve customer segments. Tailored product offering based on diverse customer segments. Customer insight supports the entire…

19Mar 2022 by cesare ferrari

5 Pitfalls To Avoid In The Relationship Between Medical Device Manufacturer And Distributor

Sales

Thankfully, in this post, I already addressed the key elements for a successful manufacturer/distributor relationship (If you haven't seen it, you will find it very useful when you refer to it). Unfortunately, missing one or more key ingredients will produce some trouble and even the evolution of the relationship toward a Lose-Lose. Moreover, I have seen 5 pitfalls in the manufacturer/distributor relationship that could endanger the partnership. Although every case is different, and there are many variables to consider; identifying these areas of concern early could save the partnership. Understanding The Counterpart Business The biggest mistake that the parties, i.e manufacturers/distributors can make is to not understand the business of the partner. Hence, the manufacturer should understand the distributor's business model. In this business model, the margin plays a key…

05Mar 2022 by cesare ferrari

Customer Centricity: The Holy Grail Towards Unlocking The True Potential Of Customer Value

Downstream marketing, Upstream marketing

In the Medtech business as in many other businesses, there is a trend to move from a product-centric to a customer-centric way of doing business. Many companies are realizing that customer-centricity provides a competitive advantage, which is difficult to achieve and hard to copy. I’ve already touched on the topic of customer centricity here and here; In this short post, I will explore the following: The origin of the customer centric paradigmWhat it means to be a customer centric companyWhy it is important in the medical device sector Origin Of Customer Centricity The concept of customer centricity and its benefits have been discussed for more than 60 years in the academia and business community. Already in 1960, in the famous article “Marketing Myopia” published in Harvard Business Review, Theodore Levitt…

19Feb 2022 by cesare ferrari

KOL Management: A KEY Ingredient Of Your Marketing Strategy Recipe

Downstream marketing

I have already touched on the topic of KOL, particularly regarding new product development in this post. I encourage you to go over it as soon as possible. Today I will go through the role of KOL in downstream marketing. Trust me, you'll find this interesting and enlightening! KOL: A Definition As already discussed, a key opinion leader (KOL), in the healthcare field, is a physician, nurse, researcher, hospital executive, etc, with proven experience and expertise in a specific discipline who is trusted and respected by his/her colleagues. Why Are KOLs Important In Medical Device Marketing? Since the category “medical device” is so diverse, the relevance of KOLs is variable. For example, the importance of KOLs is lower for consolidated products like medical supply than for highly innovative devices that…

29Jan 2022 by cesare ferrari

6 Essential Constituents Of A Successful Medical Device Manufacturer And Distributor Business Partnership

Sales

If you are working in the commercial organization of a medical device producer, one of your objectives is to establish and maintain a successful partnership manufacturer-distributor. An example of a good practice is when the manufacturer and distributor regularly examine their business relationships to determine if they are providing each other with the appropriate results, incentives, and support in order to strengthen their working relationships. What Is A Successful Manufacturer-Distributor Partnership? A successful partnership is a win-win-win situation. The manufacturer wins, the distributor wins and the customer wins. In the book “Strategic selling” Miller and Heinman, describe the four outcomes of every buy-sell situation: WIN-WIN: Both seller and the Buyer “win.” Everybody achieves what is needed, but not at the expense of the other. WIN-LOSE: The seller “wins” at the…

15Jan 2022 by cesare ferrari

Sales Leads: 2 Common Scenarios And How To Avoid Them

Sales

When talking about sales leads follow-up between the marketing and sales organization, two issues always come up. The first is sales reps not following up on “pre-qualified” leads, and the second is the frustration of the sales reps while trying but failing to close the sale. The two issues are connected. And based on the quality and the natural evolution (ripening) of the lead. Why Don't Sales Reps Follow Up Sales Leads? Having worked in sales for a relevant part of my career, I think I know the main reasons why follow-up is far from being optimal. Variability Of Lead Quality One of the reasons why sales reps do not follow up is that: in many companies, the quality of lead is extremely variable because frequently, there is no standardized…

07Jan 2022 by cesare ferrari

The Voice Of The Customer (VOC) Is Different From The Voice Of KOLs Or Key Accounts

Upstream marketing

Every medical device marketer is familiar with Key Opinion Leaders (KOLs), Key accounts, and their spokesperson- the Key Account Manager. In this post, I will discuss two common traps in New Product Development: the conflict between following your KOLs, or the biggest and most essential account versus addressing the needs of a large market listening to the VOC. Let’s start with KOLs. Key Opinion Leaders: A Definition . A key opinion leader (KOL) in the healthcare field is a physician, nurse, researcher, hospital executive, etc that has proven experience and expertise in a specific discipline, who is trusted and respected by his/her colleagues. Medical device companies can use their KOL network to gather valuable insights in various phases of new product development. Moreover, KOLs are influential, so companies leverage the relationship to access…