23Jan 2025 by cesare ferrari No Comments
Key factors to consider for successful medical device pricing

Key factors to consider for successful medical device pricing

Sales, Upstream marketing
Setting a pricing strategy for a medical device is not an easy job.   Many factors impacting the pricing of medical devices are in continuous evolution; therefore, companies that expect to effectively manage profitably in changing markets need a clear pricing strategy governing how they will set prices to earn revenues.  If you’re in doubt as to the essential factors to consider when setting a price strategy, this guide is for you. Keep reading to learn what to do and what to avoid.  The pricing strategy  The pricing strategy is a critical part of the overall marketing strategy. For the pricing strategy to be effective, it must align with the marketing strategy and the business strategy.   If the business strategy is where to play and how to win, in my opinion,…
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11Jan 2025 by cesare ferrari No Comments
Navigating the Pricing Labyrinth: Pricing Strategies for Success in MedTech 

Navigating the Pricing Labyrinth: Pricing Strategies for Success in MedTech 

Sales, Upstream marketing
“There are two fools in every market—one asks too little, another asks too much.”   Old Russian Proverb  The subject of a good pricing strategy has been long debated, raising questions and concerns for very obvious reasons. To begin with, some folks agree that charging too little helps to gain market share but reduces profitability.    Others say low-priced products can attract the wrong customers—those who will switch to competitors to save money.    A low price could cheapen the customer’s view of the product. Conversely, charging too much may reduce product acceptance and market penetration.  This topic of pricing is particularly very intense in the medical device business. Several forces like competition, concentration of buyers, globalization, internet diffusion, and lack of resources in the healthcare systems act to increase downward pressure on…
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09Nov 2024 by cesare ferrari
Identifying and selecting key distributors for Medtech suppliers (part2)

Identifying and selecting key distributors for Medtech suppliers (part2)

Sales
This is the second part of the two-post series on selecting and categorizing key customers. In the first post, I covered why it is important to classify your accounts and which criteria you can use to differentiate them. Today goal is categorizing key customers and build a two-by-two matrix to visualize the different types of customers. If you've had difficulty identifying and selecting your key distributors, this follow up guide is what you need. Categorizing key customers To successfully categorize key customers, you need to first build a two-by-two matrix that captures these two views: Your view of the customers based on the overall score of key account attractiveness, as described in this previous post The customer's view of you expressed in terms of your attractiveness as a supplier Understanding…
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27Oct 2024 by cesare ferrari
Identifying and selecting key distributors for Medtech suppliers (part1)

Identifying and selecting key distributors for Medtech suppliers (part1)

Sales
Key account selection is the first step of key account management. In this post and the next one, I will share useful ideas for medical device suppliers needing to implement the key account management strategic approach to their distributors. Even today, some medical device companies do not classify their accounts or use only very basic classifications. A common way to select customers is by listing them according to the business generated and classifying them as customers A, B, and C. Although better than nothing this key account selection method is very elemental and has few disadvantages. The approach described in this post enables medical companies to build a better view of their distributors, get actionable insights, and make informed decisions. Compared to a customer list in which the customers are…
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19Oct 2024 by cesare ferrari
Common Misconceptions About Medical Sales

Common Misconceptions About Medical Sales

Sales
Did you know many people, sometimes for good reasons, have strong negative views about selling and salespeople? Not surprisingly pharma and MedTech sales reps are often victims of misconceptions. Despite the value generated for their companies even inside their own companies, they are associated with negative and sometimes offensive adjectives.  Having worked in medical sales for many years I think this unfavorable view is unjustified and this attitude to medical sales derives from misconceptions about selling. So, today I will discuss medical sales and explain its complexity and importance. The role of selling Traditionally, the nature of selling was considered only for its basic function i.e. making the sale. Today the selling process is much more complex and multifaced. Consequently, the medical sales rep role requires a deep knowledge of…
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14Sep 2024 by cesare ferrari
The skills of successful medical sales reps 

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…
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30Jul 2024 by cesare ferrari
It’s Time for My Summer Break

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…
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22Jul 2024 by cesare ferrari
Medical Sales Targeting (Part 4) 

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…
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