4 ways to elevate your medtech sales strategy

The medtech market is estimated to follow a steady CAGR of 5.5% to reach a record USD 734.39 billion by 2027. This is good news for medical sales reps who want a career that offers continuous room for expansion. Keep in mind, though, that competition is also thriving, and to remain at the forefront of sales, you must have a firm hand on your medical sales strategy. A clearly defined strategy will help foster better relationships, more efficient sales processes, and ultimate career success.

Here's what the IQVIA team has found to be key approaches to improving sales in the medical device market:

1. Understand your customers

In the world of medtech sales, understanding your customers is the cornerstone of success. When you truly appreciate their needs, challenges and target customers, you position yourself as a valuable partner. So make sure to take the time to understand their pain points and goals and use this knowledge to provide customized solutions.

By listening, empathizing and gaining insights into their business, you can communicate in a way that resonates with their specific needs. Establishing yourself as a trusted advisor will help to build and nurture relationships that drive better results.

2. Adopt the Storytelling Method

Interestingly, only 5% of people remember statistics after a presentation, whereas 63% retain a story. By adopting a storytelling approach to sales, you can make a more memorable impact on your customers.

For instance, instead of saying, “this device improves efficiency by 20%,” you can elaborate to say, “this device improves efficiency by 20%, which means you will improve medical outcomes, reduce overheads and operational costs, and enhance your medical field and practice.” The second statement is more likely to get your customer thinking.

3. Empower yourself with resources

Technology is changing healthcare in several ways, including pharmaceutical sales roles. Mobile devices, including smartphones and tablets, are increasingly being used to pitch drugs, devices, and therapies to doctors, physicians, and general consumers. Video demonstrations are especially popular and are being used to demonstrate products visually.

Develop your medical sales career by incorporating videos into your medtech sales strategy (from approved brand messaging/library). Ideally, these videos will help generate awareness and highlight the benefits of your products. Videos can also help medical sales representatives explain complicated topics, ensuring a better understanding of products that may appear complex.

4. Stay up to date with industry trends

In the fast-paced world of medtech, staying up to date with industry trends is paramount to elevating your sales strategy. The healthcare landscape is constantly evolving, with new technologies, regulations, and market dynamics shaping the industry. Staying informed about these trends helps you to pivot your sales approach.

Spotting new opportunities and anticipating customer needs is as much about providing value to your customer as they are investing in your professional development. Whether it's attending conferences, subscribing to industry publications, or engaging in professional networks, make it a priority to stay connected and informed. Knowledge empowers medtech sales professionals to make informed decisions that create lasting impact.

Elevate your medical device sales career with IQVIA

IQVIA is committed to making a difference in the life sciences industry, and we continue to seek like-minded professionals to add to our team. Suppose you would like to expand your career as a medical sales rep. In that case, we encourage you to apply for our medical device sales jobs or sign up for job alerts to hear about other exciting opportunities our company offers.

As a leading global provider of advanced analytics, technology solutions, and clinical research services, our network has strengthened to offer our clients and employees the best solutions for strengthening the healthcare industry while cultivating personal growth. We look forward to having you on board.