Medical device sales is a competitive industry. This means two things. First, it means it is challenging to break into the space and get a good job. Second, it means there is fierce competition once you land a job. The competitive spirit comes alive when there is good money to be made. If you are not in front of physicians talking about your product someone else will be. To truly succeed in the industry you have to understand how to beat the competition. The Medical Sales Authority team takes a deep dive on medical sales competition.
How Competitive Is Medical Device Sales?
Medical sales is known for being an extremely competitive market space. There are a lot of reps out there that will say anything to close a deal. But there is a right and wrong way to compete. A rep needs to approach their job as a career. This means selling against the competition tactfully and strategically.
Competitive And Highly Paid Sales Jobs
Medical sales is one of the most lucrative types of sales job. The others include software sales and other highly technical sales positions. This is where the money is at in the economy and highly performing sales reps in these industries are rewarded. This also means these sectors get the best and brightest sales reps. To stand out and succeed a rep needs to be the best of the best.
Beat The Competition In Medical Device Sales
1. Ask Good Questions
A sales rep needs to really understand the product and market to do well. This typically comes with time. The most effective sales strategy is to ask good qualifying questions and then position the strength of your product as a solution to one of the customer’s challenges. Medical sales reps need to understand what truly influences a purchasing decision. That is not always the features and benefits that the marketing department focuses on.
2. Understand What Your Product Does Best
A high performing medical sales will understand when and where they can influence a deal. This is not done by regurgitating features from a sales training. The ability to effectively position a product or solution is more subtle. It comes from paying close attention to the market, competition, and the customer. Every company has one thing they do best. It is all about finding a way to drive this home.
3. Learn From Losing Business
It is critical to learn from your losses. Everyone loses business. The key is to understand how you can avoid this in the future. Most sales reps can not handle the negative emotions. They get frustrated and blame the company or the customer. This is not the path to getting better. There are always some factors you can control and some that you can not. It is beneficial to reflect back on a lost opportunity and understand what could have been done differently.
4. Maintain Current Customers
Growing market share in a territory starts with maintaining current customers. It is easier and less time consuming to maintain current customer than convert a prospect. Remember this. New reps get so fired about on prospecting and growing business that they sometimes lose sight of the business they already have.
5. Study The Competition
Also, feel free to talk openly with customers about the competition. Do not make it a taboo subject. If a customer feels comfortable to talk openly about their opinions and what they think you will end up with better information. This insights are helpful in most effectively positioning your solution.