Here’s a common healthcare business scenario — you follow the FDA medical device development process. Next, your team completes crucial quality checks and is ready to promote the product.
Still, you face some roadblocks. Questions like ‘how to sell medical equipment the right way?’ are natural. You also might be searching for the best strategies to leverage the USD 1.2 trillion hospital market.
These challenges can hamper your commercialization journey. So, what can you do to overcome such common queries and expedite your sales?
Well, you need to understand how to sell medical equipment to hospitals through trending strategies. This blog serves as a handy guide that can help you pitch successfully to potential leads and key decision-makers.
A Quick Look at the Hospital Supplies Market
Here are some facts to shed light on revenues generated by the hospital supplies industry in recent years.
The following types of hospital supplies dominate the US medical sector:
- Disposables like heat packs, gloves, masks, microfiber cloths, etc.
- Needles and syringes
- Mobility aids like stair lifts, crutches, walkers, wheelchairs, etc.
- Patient monitoring and evaluation devices
- Operating room equipment such as a table, suction machine, defibrillators, etc.
Hence, before knowing how to sell medical equipment, you should be aware of the demand side. This information allows you to understand the following aspects:
- Competitor size
- Scope of expansion
- Client demand
- Extent of modification
- Market revenue
- Nature of promotional campaigns
Overall, to understand how to sell medical devices to doctors, you should be well aware of their significance and utility. Consequently, it becomes easier to plan healthcare marketing strategies and allocate apt resources.
How to Sell Medical Equipment: Gathering the Required Resources
Systematic preparation is crucial to augment your sales. Hence, your first focus should be on arranging the primary elements.
Here are the main facets that you should possess before knowing how to sell medical supplies:
- List your product’s value proposition
- Resources like hospitals contact lists
- Systematic sales strategy
- Proper alignment of marketing and sales goals
- Promotional material
- Engaging content that accentuates your brand’s output
- Identification of target audience pain points
Notably, you can gather these resources in any form. Today, most successful medical device companies use digital tools to integrate and store such details.
The ‘how to sell medical equipment’ strategies require customized utilization of these facets. So, ensure that you are well-prepared with accurate data, lead generation resources, and an in-depth understanding of your products.
Top Strategies to Sell Medical Supplies and Boost Your Market Presence
Here are some of the trending tips that can help you pitch and sell medical equipment to the desired leads.
1. Create a Robust Healthcare Lead Network
To understand how to sell medical equipment successfully, you need to follow the evergreen B2B strategy — network creation.
Build a strong network of potential leads and clients. For this purpose, you can explore the following options:
- Seminars
- Trade shows
- Healthcare conferences
If you do not wish to invest time in attending such events, reach out to data vendors. Certain companies offer customized lists like physician contact database that contains information on potential prospects.
Hence, in addition to leveraging social media platforms, you can purchase such reliable resources. Next, you can promote the products and services to the shortlisted prospects.
You should also leverage testimonials and approach decision-makers through online sources. As a result, the foundation to sell your healthcare equipment will become concrete. Other strategies will directly address the challenge of ‘how to sell medical supplies’ to the desired target audience.
2. Analyze the Target Facility
Before instructing your sales team to connect with potential leads, it is crucial to assess your Total Addressable Market (TAM).
In simple words, TAM is the total revenue prospect that is feasible for a product if you achieve a 100% market share. Here are the factors that will help determine your TAM:
- Geographical locations
- Size of hospitals
- Annual revenue of target audience
- Consumer demand
To understand how to sell medical equipment in the competitive market, you need to analyze the end client.
Consider the example of a wheelchair. You should initiate the target audience research by considering these pointers:
- Wheelchair market size: The estimated compound annual growth rate (CAGR) of this product is 6.72%. Hence, it is in high demand.
- End utility: Elderly people are the biggest target audience of such product.
- Target facility: Hospitals that treat senior citizens, old age homes, domestic personal facilities, or houses.
This thorough analysis will streamline your potential buyer base. As a result, you can plan tailor-made marketing campaigns and improve the chances of sales success.
3. Present Your Technical Knowledge During the Sales Pitch
Once you are aware of the available resources, product utility, and target audience, it’s time for an alluring presentation.
One of the most vital factors in the process of ‘how to sell medical equipment to hospitals is time. The medical domain cannot afford to waste a single minute. Hence, key decision-makers like doctors can offer limited chances to understand your product.
It is thus crucial to explain your value proposition that includes key technicalities. So, your salesperson should receive an in-depth explanation of the product.
Consider the example of Össur, a prominent manufacturer of orthopedic equipment.
The company offers video, pictorial, and clinical studies that are self-explanatory. In addition, orthopedics can also the scientific research as per convenience.
Hence, you can follow a similar suit and understand how to sell medical equipment confidently. In addition to the key features, it is essential to stay well-equipped with all technical and scientific materials. This way, you do not need to justify or explain minute pointers that your team can cover in the product content.
4. Address the Professionals’ Pain Points
To understand how to sell medical equipment successfully, you need to implement a blend of conventional and modern wisdom.
One of the crucial aspects of selling is the ability to convince your target prospects. These days, you need to ensure that the professionals receive best-in-class solutions.
Consider the example of pitching dental probes to an orthodontist. First, you would use a comprehensive dentist contact list to connect with potential prospects. Next, you should approach these professionals after evaluating the following aspects:
- Quality performance metrics
- Requirement of probe modification
- Design alteration in existing probes
- Ease of accessing intricate dental areas
When pitching a new model of a dental probe, ensure that you explain how your product solves the prominent pain points of the user.
Next, explain how the patented design can reach complex areas of the mouth. This way, the user can relate to your product’s end utility. Such descriptive marketing that solves practical issues makes it easy for you to sell medical equipment.
So, a proven tactic of how to sell medical equipment to hospitals is simple — leverage digital as well as a conventional demonstration. Promote your product or service’s end utility by portraying the presence of apt solutions.
5. Leverage the Power of Email Marketing
Today, 82% of marketers use email marketing to sell their company’s products and services.
You can follow this proven tactic and sell medical equipment to the desired target audience. The process for sending bulk emails has become simple. Datasets like a surgeon email list enable you to connect with specific professionals. Notably, you do not need to find the email addresses of such professionals.
Since doctors, surgeons, and hospitals are busy with their schedules, emails can be the best way to connect. First, this communication medium is convenient to use. For instance, medical professionals do not need to spend several minutes browsing emails like social media.
Hence, you can create a straightforward subject line to entice such leads. Here are some tips for capitalizing on email marketing:
- Keep the subject line concise
- Attach newsletters containing product promotions
- Focus on personalization
- Use the contact email database for shortlisting
This medium can streamline your process of ‘how to sell medical equipment.’ You can even use a CRM tool to automate this process. Also, identify the best time to send your emails. Ensure that the probability of healthcare professionals opening your email is high.
6. Focus on Patient Convenience and Safety
Be it a 3D implant or a patient data recording software, your end focus should be on enhancing patient service.
Your target audience can be surgeons, physicians, or orthopedics. Still, it is important to develop products and services that elevate patient comfort and experience. Similarly, your sales team should align with the design methodologies.
Hence, it is better to encourage fruitful discussions between your sales and product teams. This way, you can pitch the medical equipment and answer crucial doubts of the end user.
In addition, your focus on patient safety helps establish credibility in front of potential leads. This way, the chances of buying a specific medical supply from your company can improve. Hence, one of the best tactics in your ‘how to sell medical equipment’ process is to establish reliability by emphasizing patient convenience.
7. Ask for Referrals
Finally, referral marketing can augment your sales process to a great extent. Referral leads have a 30% greater chance of lead generation when compared to other sources.
To sell medical equipment, you should be open to suggestions and ask all the stakeholders to refer to your product.
Notably, you should even request clients who did not buy your product to offer some potential suggestions. For this purpose, stay straightforward and earnest in your outreach. Also, asking for referrals can help expand your lead network exponentially.
A simple conversational request can prove helpful in receiving proper suggestions. You can even send a complimentary email and discuss the possibility with a potential client.
In A Nutshell
A customized medical sales strategy is crucial to sustaining yourself in today’s competitive healthcare scene. Your sales foundation should be robust, with a clear lead network, data analysis, and suitable presentations.
Notably, a blend of conventional and modern tactics can help you solve the dilemma of ‘how to sell medical equipment.’ You need to leverage contact datasets and email marketing campaigns to improve your outreach. Also, the product and sales teams should align with the end output.
Overall, a cumulative plan consisting of all these strategies can help you sell medical supplies successfully.