The MedTech industry has undergone significant transformation in its sales and marketing strategies. This explains why many companies are now using revenue intelligence to uncover risks and maximize key opportunities throughout their sales pipeline.

The whole process of collecting and analyzing MedTech data has lots of moving parts. Companies need to be equipped with the right technology and have the best talents who can come up with ideas and work on them to create successful marketing and sales campaigns. Below are five ways in which sales and marketing strategies in MedTech have changed, along with the key strategies to keep in mind.

Revenue Intelligence Leads the Way

Data-driven insights are at the core of modern MedTech’s marketing and sales efforts. There are many ways in which data can be harnessed to make informed decisions. Advanced analytics tools, for example, can help provide insights into customer preferences and potential cross-selling opportunities. Similarly, companies can use internal data such as purchase history and external sources like physician publications to refine customer targeting and optimize marketing campaigns. Here are the other ways MedTech is embracing revenue intelligence:

• Predictive Analytics: Companies can anticipate buyer needs and tailor offerings based on data-driven insights.
• Enhanced customer insights: Detailed buyer profiles are used to guide sales pitches and service offerings.
• Pipeline Optimization: Revenue intelligence can help identify conversion bottlenecks, which in turn improves lead-to-sale transitions.

How Revenue Intelligence is Unlocking New Pathways

With the insights derived from real-world data, MedTech companies can put together their resources and work on optimizing their marketing and sales strategies. Below are the four areas where change is being effected to ensure business success:

Shift to Hybrid Sales Models

MedTech companies that have witnessed the rate of technological transformation are already underway in their shift from a one-size-fits-all approach to hybrid models that blend traditional and digital strategies. The goal is to integrate in-person and remote sales to cater to diverse customer preferences.

According to McKinsey, video preferences grew from 4% pre-pandemic to 22%, while phone preference increased to 38%. Companies that have adopted the hybrid sales models have witnessed improved customer satisfaction thanks to coordinated teamwork. This means that field reps can handle product demos on the ground while remote reps manage scheduling and follow-ups.

Virtual engagement and e-commerce are also important if you are looking to reduce sales costs. This is especially true when serving the fragmented ambulatory care segments. A hybrid sales model allows for personalized selling strategies, which include nuanced messaging and pricing that addresses unique customer needs.

Investment in Technology and Tools

Sophisticated technology solutions are enabling efficient remote sales. They are also helping teams boost their productivity while minimizing the risk of burnout. CRM systems are at the forefront of managing workflows since they act as a centralized hub that integrates with computer telephony tools to streamline workflows.

When these tools are used well, they can enhance call quality and customer satisfaction. There is also a need to invest in essential hardware, such as noise-canceling headsets and external monitors, to ensure effective and professional remote engagements.

Use of Multiple Digital Marketing Channels

Over the years, organizations have used digital marketing to build meaningful connections with diverse MedTech buyers. This is why an Omni-channel strategy that integrates various engagement channels is becoming increasingly popular among companies looking to create end-to-end interactions across customer touchpoints. Research shows that 81% of physicians and 89% of procurement professionals prefer to use multiple channels when engaging with MedTech companies.

To make this strategy work, MedTech companies are using revenue intelligence tools to analyze customer behavior across channels and optimize outreach strategies. Here is how:

• Content personalization: Solution-oriented and customer-specific content helps nurture relationships and retain buyers.
• Marketing-qualified leads: Automated campaigns and targeted outreach can help convert qualified leads into sales opportunities.
• Continuous testing: Use a short feedback loop to refine strategies and ensure that the campaigns remain impactful.

Focus on Talent and Training

Embracing technology in your MedTech Company is a bold move, but it will only yield the expected results if you have the right talent in place. The goal of technological transformation is to streamline workflows by eliminating redundant and time-consuming manual tasks. This frees up time for your talent to focus on the more valuable tasks.

One of the factors that is redefining talent acquisition and development strategies is the shift to remote sales. The best marketing and sales professionals now want flexible working schedules, and employers are embracing remote working to meet these talents where they are. Still, these companies need to put key measures in place to ensure the remote teams they are hiring are going to excel in today’s hybrid workplace. These are the key things to consider:

• Focus on candidates who excel both in remote interactions and in-person collaborative roles.
• Prioritize comprehensive onboarding and training programs to align with specific marketing or sales models. This could mean incorporating role-playing and scenario simulations.
• Embrace cohort-based hiring to foster camaraderie among remote teams. With this hiring strategy, teams can build a collaborative culture that advances knowledge sharing.

Make Revenue Intelligence Work for Your MedTech

Using data and analytics to optimize sales and marketing can help drive revenue growth and customer engagement. However, it is important to align your revenue growth targets with the overall business goals and strategy. This is why the insights you get from the revenue intelligence models must inform decision-making across the entire organization, i.e., from sales and marketing to IT, HR, and Customer Relations.