The winners in business have shifted markedly in the past decade—and the keys to success are likely to be very different again in ten years’ time. How should leaders prepare their companies to thrive in a rapidly evolving landscape? What will it take to win the '20s?
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Six Steps to Transform a Medtech Commercial Model
There’s no one-size-fits-all solution for transforming a medtech commercial model or building outstanding commercial capabilities. But there are six proven actions that can help companies begin the journey on both fronts.
Customize your go-to-market strategy. Start with a systematic review that focuses on prioritizing the right market segments, determining how to win in those targeted segments, and tailoring the commercial model to execute successfully. This requires a deep understanding of all the players in the buying process, from market access decision makers to health care professionals.
Reinvent clinical selling. Medtech companies need to do more focused clinical selling and, at the same time, invest in new administrative-selling capabilities to reflect the shift in decision-making power in the market. Getting the clinical selling model right can yield substantial benefits in both efficiency and effectiveness.
Effectively partner with important accounts. In the medtech industry, the top 10% of customers can represent as much as 50% of the business in a given product category. Despite this, critical account management capabilities in many medical technology companies are usually much less mature than in other industries—a missed opportunity.
Build real marketing muscle that drives home the value of products. Building a case for the value offered by medtech products is one of the most critical jobs facing companies today. Currently, firms still focus mainly on the technical features of their products, rather than building a message around the advantages that those products offer through reduced cost of care, shorter hospital stays, or lower rates of repeat surgeries.
Invest in reimbursement and pricing capabilities. While reimbursement and pricing capabilities are still nascent at many medtech companies, those that have embraced these disciplines have turned them into a true advantage. Companies that are able to provide evidence of their products’ health-economic benefits, as well as train local teams to influence reimbursement decisions, will see a significant—and often immediate—increase in returns.
Make service a differentiator—and a source of revenue. As products become commoditized, service excellence can become a true source of competitive advantage by differentiating the product offering, providing an additional source of revenue, and reducing costs. Many medtech companies are not creative in developing their service offerings, instead choosing simply to match what their competitors provide.