The Covid pandemic just accelerated existing long-term market trends in healthcare – shifting economic risk to providers, tightening sales rep access to facilities and providers, and exacerbating regulatory and reimbursement challenges that are unique to our industry. Understanding these trends is not just about responding to challenges but about utilizing them to refine and accelerate market entry strategies.
In a recent LinkedIn Live event titled “Growing a MedTech Company in an Economic Downturn,” Chris Morrison, a hands-on, expert in MedTech market launch strategies, and Scott Alexander, CEO of Jairus Marketing, discuss how these elements are reshaping the landscape and why they should be seen as catalysts for innovation and precision in product development, launch, and MedTech sales strategies.
Using MedTech Sales Strategies to Turn Market Trends from Challenges to Opportunities
The MedTech sector is currently experiencing some significant regulatory guidance and rulings. Recent FDA changes, especially in laboratory-developed tests and diagnostics, along with heightened cybersecurity threats as evidenced by attacks on major health systems like Ascension and Palomar Health, underscore the urgency for MedTech firms to anticipate and adapt swiftly. Rather than viewing these as mere hurdles, Chris Morrison sees them as integral to sculpting a risk-reduced yet agile strategy for market introduction.
The interplay of IT challenges, health insurance industry trends, and the evolving structure of healthcare such as the consolidation of health systems and private equity investments into larger group practices are just some of the trends that affect how we approach medical device marketing, sales, and product development. The conversation emphasized that adapting to these changes is crucial for MedTech companies aiming to maintain and even accelerate growth during economic downturns.
5 Strategies to Turn Economic Disruptions into Opportunities
Focused on helping sales and marketing teams achieve success, the online discussion moved towards the sales strategies – specific to MedTech – that turn current market trends and economic challenges into opportunities – strategies that reopen doors and drive growth:
- Adapt Value Propositions to Meet Current Challenges:
In a landscape where clinical excellence alone no longer suffices, it’s important to tailor your value propositions to address broader organizational challenges faced by healthcare providers. “It’s about aligning your product not just to clinical needs but to operational, financial, and strategic needs.” This approach not only enhances your product’s relevance but also resonates deeper with decision-makers who are increasingly focused on comprehensive solutions. - Communicate Comprehensive Benefits:
“Go beyond the clinical benefits,” advises Scott Alexander. In today’s market, MedTech firms must articulate how their offerings can streamline operations, improve financial outcomes, and ease administrative burdens. This holistic communication strategy ensures that all stakeholders, from clinicians to CFOs, understand the multifaceted value of the product. - Expand Your Market Reach Strategically:
Alexander discusses innovative approaches to expanding market reach without proportionally increasing your team size. “Utilize digital tools and platforms to engage a wider audience efficiently,” he suggests. This method allows companies to connect with broader sets of potential customers, including those in less traditional settings who may benefit. - Align Marketing and Sales Efforts Across the Sales Funnel:
Integrating marketing and sales strategies across various stages of the sales funnel is crucial for creating a seamless buyer journey. “This alignment ensures that messaging is consistent and evolves based on the prospect’s stage in the funnel, which increases engagement and conversion rates,” Alexander suggested. Morrison continued continued, “Yes, too often, I encounter clients where their marketing and sales teams are not working together. Just facilitating alignment can have a profound effect on results.” - Deepen Penetration in Existing Accounts:
Both strategists recommend a deeper engagement strategy within existing client accounts. “Maximizing sales opportunities involves more than initial conversion; it requires expanding the use of your products across the client’s operations,” he explains. This could mean increasing the number of departments using a product or expanding the use cases within the same department.
By redefining these industry shifts and challenges as strategic assets, MedTech companies can navigate the current landscape with greater confidence and precision. The insights shared by Morrison and Alexander provide a blueprint for leveraging these dynamics to not only mitigate risks but also enhance the efficacy and speed of market entry.
Join the conversation at ViaVerus where we continue to explore innovative medical sales and marketing strategies that transform challenges into stepping stones for success in the MedTech sector. Discover more about our approach to turning industry hurdles into opportunities for growth and innovation.
