Selling medical technology (MedTech) products can be a challenging and complex process involving multiple decision-makers and a constantly evolving landscape.
“How on earth would a seller from Clari know this?” It’s a fair question, with a simple answer: I sold MedTech products for the first decade of my career before moving into software sales.
Now, living in the data-driven world of SaaS sales, I have a new point of view of what MedTech companies need in order to succeed. And it’s not rocket science.
In fact, it’s so obvious that I have a hard time understanding why MedTech companies still lack digital sales maturity.
So what’s the simple secret that MedTech companies can use to stay ahead of the competition? Implementing data-driven sales strategies.
(I told you it wasn’t rocket science).
Let’s talk about the top 5 data-driven sales strategies that can help medical technology companies increase their sales and revenue.
1. Predictive Analytics
By analyzing historical data, sales teams can predict which prospects are most likely to convert and focus their efforts on those prospects. Predictive analytics can also help identify upsell and cross-sell opportunities, enabling sales reps to target their messaging and product offerings more effectively.
2. Sales Forecasting
By analyzing historical data and market trends, sales teams can predict future revenue and identify areas for growth. This information can help sales reps prioritize their efforts and focus on the most promising opportunities.
3. Deal Scoring
Deal scoring is a data-driven sales strategy that can help medical technology companies evaluate the potential value of a deal. By assigning a score to each deal based on factors such as budget, timeline, and decision-makers, sales reps can prioritize their efforts and focus on the deals that are most likely to close.
4. Pipeline Management
Pipeline management is a crucial data-driven sales strategy for medical technology companies. By closely monitoring their sales pipeline and identifying potential roadblocks, sales reps can take proactive steps to keep deals moving forward. Pipeline management can also help identify trends and areas for improvement, enabling sales teams to refine their processes and strategies over time.
5. Sales Performance Management
Finally, sales performance management is a key data-driven sales strategy for medical technology companies. By analyzing sales rep performance metrics such as conversion rates and deal sizes, sales managers can identify areas for improvement and provide coaching and training to help reps achieve their goals. This can help increase overall sales productivity and revenue for the organization.
Great! So you know what you need to run a more data-driven sales process. But how?
That’s where the right tools and technology comes in. If you’re serious about implementing these strategies, then you need to be serious about having the right tools and technology.
Good news! Clari was created to help tech companies develop a more data-driven sales process. And after 10 years, Clari’s realized that everyone could benefit from a data-driven sales strategy. Especially MedTech companies.
Simply put: Clari is a software that can help medical technology commercial teams become more data-driven by providing predictive analytics, sales forecasting, deal scoring, pipeline management, and sales performance management capabilities in a single platform.
With Clari, medical technology companies can leverage the power of data to drive more effective sales strategies and achieve their revenue goals.