Medical device sales is an endless process of prospecting, constant outreach, even more outreach, closing deals, and repeating the process. One of the best medical device sales tactics to energize this “sales pipeline” is by developing a stable flow of qualified leads and taking care of a CRM well. According to a Technology Advice report, business that apply pipeline management experience 28% growth compared to those that do not!
The stages of your sales pipeline ought to be aligned with those of the Buyer’s Journey. The Buyer’s Journey is composed of the adhering to stages:
Awareness Stage– Your potential customers recognize that they have a problem/challenge and are in the process of identifying and completely recognizing this problem/challenge.
Consideration Stage– Your leads have a complete understanding of their problem/challenge and are looking into feasible remedies for it.
Decision Stage– Your leads have determined which approach to utilize for resolving their issue and are currently comparing particular suppliers.
With the Buyer’s Journey in mind, the phases of your sales pipeline could look like this:
Identify– A visitor of your website takes an action like submitting a form, participating in a webinar, or asking inquiries in the comment area of your article or your conversation service.You could also proactively prospect as well as develop a listing of perfect leads.
Lead Nurture – In this stage, you could begin engaging by sharing consistent content through thoroughly crafted Lead Nurturing Emails weekly that does not discuss your business or remedy, but helps your lead to learn more about their trouble continuously. Utilizing monitoring software application, you could after that engage potential customers that respond to content around particular subjects.
Engage— Starting a discussion concerning challenges and objectives over email or telephone helps you to determine whether or not your prospect has an issue that you can help to resolve. Then after getting in contact, building a rapport with them and scheduling a meeting or discover call.
Discover – In this stage, you meticulously ask questions to learn more concerning your prospect’s one-of-a-kind obstacles, objectives, and obligations. It’s ideal to completely understand their problem in this stage, and not to concentrate on selling a solution.
Prepare Presentation of a Tailored Solution – Create a custom-made presentation based upon what you’ve learned about the prospect. Remember to use their language and the info that they have provided to you.
Recommend a Tailored Solution— Your potential customers agree to a conference with you over the phone or face-to-face and you further examine their objectives and difficulties. At this stage, you should position your service as the one that will remedy their problems.
Agreement Review – When you get a prospect to request your service, you prepare an agreement to review with your prospect and resolve any disagreements or objections.
Close— Your clients sign and make a deposit payment to your company!
You have to have particular objectives for each stage of your sales pipeline. This will keep your sales team motivated and will boost the chances of success. For example, you might have a goal of closing 120 large deals a year. This boils down to 10 deals a month.
After specifying the stages of your pipeline and developing your objectives, create a sales dashboard that will help to track your development. The dashboard should be updated daily with crucial details concerning your sales pipeline. At a glimpse, you want the ability to understand where you are and where to go next. You could construct a dashboard using a spreadsheet or utilize an advanced CRM software program like Hubspot. You can look into Hubspot’s Advanced Sales Dashboard here. The dashboard needs to help you to keep track of such information as:
Priorities— Which tasks and jobs are the most essential?
Calendar— Is my timetable affected by my priorities?
Activity goals— For example, how many proposals do I have to send every month?
Revenue goals— What kind of progress am I making towards my revenue target?
Leads— Do I have adequate leads to fill my pipeline?
According to sales guru Colleen Francis, numerous salesmen find themselves caught up in the ‘sales trap.’ This is a circumstance where a great deal of effort is funneled into making sales, but not enough effort is put into generating leads. Eventually, this can make your company’s pipeline completely dry. To prevent this, you need to have a technique of loading your pipeline constantly. Below are a couple of tools you can use to maintain a steady pipeline:
Buying Lists – Although many salespeople find that buying lists are imprecise and off target, in some cases lists can be valuable for offering a pipeline of leads.
List Generation Services – Similar to buying lists, these solutions can be inconsistent, but specialized lead generation solutions can supply sufficient leads to your pipeline.
Develop Your Own List – With professional networks like Linkedin, you can produce a checklist of optimal business and locate the people that work at those businesses. Utilizing tools that will get you the emails and phone numbers of these professionals will add even more qualified leads into your pipeline.
Inbound Lead Generation – Getting leads to come to you is the ideal scenario. The leads that naturally come to you already recognize your brand name and have interest in a subject related to your solution. Indicators of their rate of interest could vary from seeing your website, opening up and clicking an email, downloading and installing a premium item of content on your site when conducting research, asking for a demo, or submitting a contact form. To discover more techniques for generally leads online to load your pipeline steadily, check out this post “Generating Leads Online: The Birds and the Bees.”
As you send out propositions and close deals, make sure you take the time to discover new contacts to make sure your pipeline is always filled. This should be a part of your daily routine to ensure that your pipeline is continuously flowing. Find the number of potential customers that you need to keep in the Engage phase to satisfy your sales goals. Fortunately, there is sales monitoring software available that can help you to keep track of your leads’ movements in the sales pipeline.
If a possible customer ends up being unresponsive or stays in the same stage of the pipeline for too long, it is time for you to reevaluate them. Periodically cleansing your pipeline will allow you to concentrate on your qualified leads that deserve your focus. On top of that, you will have the ability to prepare better and make more precise sales projections for next time. Tidying up your pipeline also guarantees that your information is up-to-date. For example, if a prospect leaves your target business, eliminate them from the pipeline and find who the replacement decision maker is in the company. Check your objectives frequently to guarantee that they are testing along with sensible.
Constructing a steady sales pipeline is trying for even the best sales representative. Completely understanding who your potential customers are and where they are in their Buyer’s Journey will undoubtedly help you to construct a well-flowing pipeline. This process belongs to a more significant body of marketing and sales strategies known as the Inbound Methodology.
It can be intimidating to do all of this alone. We here at Responsify companion with medical device sales and business development pros to offer strategy, support, and guidance in constructing an inbound leads pipeline. By collaborating we help marketing and sales teams purposefully bring in brand-new website site visitors, convert them into qualified leads, and delighted clients.
We’ve helped plenty of sales professionals incorporate Inbound into their existing sales process. Do not hesitate to request your free strategy session now in order to help you examine your properties and gain free insights and ideas to put you on the path to success.