Sales Archives - Page 5 of 5

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…

11Nov 2021 by cesare ferrari

7 Practical Advice To Align Marketing And Sales

Sales

In my first post, I already said that I’ve spent an important part of my career in sales, both in Pharma and Medical Device. Hence, I strongly believe that sales experience is critical, and it is a kind of “boot camp” for a marketing professional. In my years of experience, I found out that Marketing and Sales conflicts, especially in large medtech organizations, are more the norms than the exception. Although the tension between the 2 departments is normal, poor alignment between Marketing and Sales will always produce low performances and wasted resources. What Are The Symptoms Of A Conflict Between Marketing And Sales? Some notable symptoms of Marketing and Sales conflicts I saw more than once are: The way the 2 teams describe the other is negative.The members of…

05Nov 2021 by cesare ferrari

Key Factors To Consider In Business Development For MedTech Companies

Other, Sales

Business development for Medtech companies as for other businesses is the creation of long-term value for an organization from customers, markets, and relationships. In defining it, two key points are of utmost importance, which are long-term and value. Furthermore, business development for Medtech is a long-term activity, which means that a new business does not necessarily have to produce value in the short term but of necessity, it should produce value in the long term. In case you're wondering, "What does long term mean in this context?” Well, that is another story(which I'll still address), but it is not the focal point of this discussion. That said, it's worth noting that to leverage business development, your company must give adequate attention to creating value for all the stakeholders (i.e. company,…

23Oct 2021 by cesare ferrari

Who Is The “Customer” In Medical Device Marketing?

Downstream marketing, Sales, Upstream marketing

Keep in mind that the short answer to this is that...it depends. Luckily, as you read on you'll understand the reason for this conclusion on the role of the customer in medical device marketing. To begin with, the medical devices category is very diversified and assorted, but that's not only from the regulatory point of view.   Part of the category of medical devices include: basic medical supplies like sutures, tongue depressors, syringes, surgical instruments, and more complex devices like implants, pacemakers. It also includes big capital equipment such as CT and robots.  For the different categories of medical devices, the number of individuals and organizations that could influence the purchase decision might possibly be significant and different. In this article, I consider the “customer” of medical device marketing, all the stakeholders. And not only the…

29Aug 2021 by cesare ferrari

Are You Over Underestimating The Power Of The Sales Force Training?

Sales

Investing resources in the sales force (direct or indirect) is almost always paying a good interest rate. The best part of it all is that you can invest in your sales force in different ways; however, I think one of the key investments is Training. As you already know I started my professional career in sales, and I still strongly believe that spending a few years in sales is one of the best things you can do to develop a deep understanding of the market’s needs. Surprisingly, one of the market’s needs often not totally understood is a well-trained sales force. And for a prospect or customer, there is nothing more frustrating than interacting with a salesperson who does not have sufficient knowledge about their product. The Basics Of Sales…

29Mar 2021 by cesare ferrari

9 Disadvantages Of Selling Through Distributors

Sales

As already discussed in my previous post, distributors are an essential part of the medical device business and there are lots of advantages of selling through them, especially for companies looking to enter new markets. Hence, in moving on, I will focus on the other side of the coin: the disadvantages. What Are The Disadvantages Of An Indirect Sales Force? The Indirect Sales model remains one of the most patronized forces in medical business but have you ever pondered on its likely disadvantages? Well, let's find out what they are: Quality and price policy: It is not always easy to find a partner who shares the same policy for quality and price. A typical example is a distributor with complementary products that are not in the same price segment as…

13Mar 2021 by cesare ferrari

7 Key Advantages Of Selling Through Distributors

Sales

Indirect sales force is used by most medical device companies for the reasons already discussed in my previous post. Unfortunately, third parties and partners are often considered the ugly version of a direct sales force; however, a good partnership is a key factor of success for a company that is in search of geographical expansion. What Is A Good Distributor? A good distributor is not a commodity; on the contrary, it is an asset on which the profitability of the company is built. What Are The Advantages Of An Indirect Sales Force When Entering A Market? The indirect sales force has its own share of advantages, especially to medical device companies and it is the most used model. Highlighted below are some of its benefits: Selling cost under control: In…

01Mar 2021 by cesare ferrari

Some key factors helping companies in deciding the sales model

Sales

Introduction: What is the optimal sales model, and what factors should you prioritize when deciding on an efficient and effective sales approach? In my previous post, I discussed an easy guide to being an effective sales manager or marketer, by understanding the sales force model. Here, we'll take several steps further and learn about the sales models; that is, fundamental for any medical device company entering a new market. No doubt; selecting and identifying the right sales model is not always easy; hence, in this post, I would like to suggest some factors to evaluate when deciding between the 2 main approaches; direct or indirect. 1. Financial Factors How critical is the financial risk for the company? How important is the need to control the cost of sales? Implementing a…

12Feb 2021 by cesare ferrari

What Every Marketer Should Know about the Sales Force

Sales

Where It All Began: I started my career; in sales. And I think that when you have been a salesperson, you will always be a salesperson as that has been my experience. If you work as a marketer or are considering the role, then having a background in sales will help you understand the customer and the challenges of the sales force better. It is also necessary to understand the various sales models in successful marketing, as; it can help you yield far more sales conversion. That said, here is an easy guide to what you should know about the various salesforce models: The Profit Driving Force Of The Company When discussing direct, indirect, and hybrid sales models, I like to use the term “salesforce,” instead of “channel” in describing…

Category: Sales