Focusing On Emerging Markets Can Help Boost Medical Device Sales
High-performing companies are realizing the potential for medical device sales in untapped emerging markets. Moving beyond the North American borders, however, is easier said than done. It?s a long and hard process, not to mention expensive.
Compared to many other industries, the medical technology industry has lagged in terms of seeing emerging markets as key to future growth, according to an article on the IndustryWeek website.
Until recently, the U.S., Western Europe and Japan offered the greatest rewards for medical device firms, but now those rewards are shifting into emerging markets ? not only the BRIC countries (Brazil, Russia, India and China) but also Turkey, Mexico, Malaysia, South Africa and the Czech Republic. Industry leaders have taken note, making these new markets a strategic priority.
Most medical device companies have fewer than 200 employees and they started in the U.S. simply because it?s their backyard. They?re not aware of what it takes to grow their medical device sales outside of the U.S.
How Can A CRM Solution Help Boost Medical Device Sales?
As the medical device industry recovers from the recession, manufacturing companies can increase productivity in two key areas. The first is improving their systems for managing supply chains and inventory, and the second involves enhancing medical device sales models by understanding the behaviors and patterns of their most effective salespeople.
For medical device firms pursuing operational excellence, it’s critical to reduce waste, especially waste related to inventory that sits for months on warehouse shelves, an article on the Medical Device and Diagnostic Industry website explains.
When it comes to inventory and supply management, a lot of organizations rely on IT or another party to aggregate data for them, which has its drawbacks in terms of efficiency. Instead, medical device companies can access real-time data without relying on an outside group by switching to a good business intelligence system with an easy-to-read and powerful dashboard.
The medical device industry is one of the few where salespeople double as product trainers. The challenge with this approach is that it reduces valuable selling time. Companies should consider enlisting third-party trainers to educate device users on how to put their products to work, an article on the Today’s Medical Developments website reports.
Value-based selling in the medical device industry is a secret weapon. However, many medical product companies are selling themselves short when it comes to communicating the overall value of the devices and services they offer, an article on IT News Online reports. Representatives have to focus on and sell the overall process.