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Effective ways to Speed-up your Health Tech Sales Cycle

BINEESH MATHEW | February 18, 2021 | 1094 views

Your sales cycle encompasses every action you take to close a new customer as a salesperson.  But there is a possibility for the sales cycle to be confused with sales methodology. Sales methodology is a framework in which one practices a sales cycle.  Whereas the sales cycle is the step-by-step process of you, as a salesperson, to close a deal with a client.

Piper Drive, a sales CRM and pipeline management platform defines a sales cycle as the series of predictable phases required to sell a product or a service, and that sales cycles can vary greatly among organizations, products, and services, and no one sale will be the same.

Especially with the healthcare industry, a thorough understanding of your health tech sales cycle will make your sales operations more efficient. Shortening the sales cycle without an up-front investment for sales is one of the critical healthcare sales and marketing goals. If you shorten your health tech sales cycle, you get more time to make additional leads. This will ultimately result in having an improved bottom line.

A faster and shorter sales cycle can bring you more advantages in the competitive sales world of your industry. It will indeed allow your company to grow its business by improving market share. Have you ever thought, as a salesperson, about the effective ways to shorten the health tech sales cycle? This article mainly focuses on proactive ways to shorten your sales cycle and improve profitability.

 

Challenges of Long B2B Health Tech Sales Cycle

According to Marketing Sherpa, a market research institute, the length of the sales cycle can vary from industry to industry. Comparatively, the health tech industry has a longer sales cycle. Still, there are many effective ways to shorten it and bring a positive impact on your sales process.

In general, B2B sales take a lot of time to maintain. Thus, the B2B health tech sales cycle takes even months to close a sale with a prospect and faces many challenges in the process. Some of the challenges you may face, as a health tech salesperson, can be the following on the process:

 

Turning the Lead to a Sales-Ready Prospect

No health tech salesperson will find a lead ready to make the sale without any persuasion from you.  In the health tech sales cycle, lead nurturing should be your best bet to convert a prospect.

With longer sales cycles, it won't be easy to nurture a lead all through the process and make a sales-ready prospect. It would be easier to convert leads when they are ready if you keep in touch with the prospects. People often find it difficult to do so in the long health tech sales cycle and end up not converting potential clients into happy customers.

               

Maintaining Engagement Over Time

The sales team keeps converting leads on their radar. As days and months pass, it is challenging to memorize each prospect you have interacted with. Neglecting them brings nothing to your business.

It can be a juggle to balance new prospects with existing SQLs. Older ones may get lost in the weeds as new leads come in. No one can tell which one is a higher priority. Whom will you pay more attention to and for how long? It can be a severe obstacle in the long B2B health tech sales cycle.

 

Keeping Your Sales Team Energized

If your sales team is not engaged with the process itself and enjoys it, they will have a more challenging time dealing with leads. It is a fact that, unfortunately, salespeople can become frustrated or bored due to working with difficult and hesitant leads.

As the health tech sales cycle drags on, it is tough to remain emotionally calm. If you have no strategies to energize them promptly, apathy or discouragement may come into play.

 

Ensuring Marketing and Sales Alignment

Lack of communication between the sales and healthcare marketing teams can pose the most detrimental challenges. It can impact the health tech sales cycle seriously. This loss of alignment between marketing and sales can hurt lead nurturing and lead to further difficulties like the ones listed above.

When the two teams move out of sync, it often requires a lot of effort to get them on the same page again. These teams can work separately with decisions and different goals, but it would not benefit the entire company.

 

Five Stages of the Typical Sales Cycle

It is better to understand the five stages of the health tech sales cycle to comprehend how the sales cycle comes into play completely.

 

Prospect

This is the stage where the sales team attracts leads and listens to them, and learns to offer what they need.

 

Connect

This is the stage for you to get leads to move forward with your offers. You can utilize all the data you have amassed during prospecting.

 

Research

As a salesperson, this is when you learn about leads and determine whether the prospect intends to buy.

 

Present

In this stage of the health tech sales cycle, you offer your product or services as an effective solution for your lead's pain points.

 

Close

It’s a fit! By now, you know if your lead wants your product or service and move forward.

 

Benefits of Shortening your Sales Cycle

A shorter health tech sales cycle allows you to meet more prospects within the same time frame.  For example, if you take one week for each prospect to complete the cycle, you can meet more people than with a two-week average life cycle for a single prospect. As you meet more people, it allows you to make more money. Moreover, most of the prospects prefer to have shorter sales cycles provided that you fulfill their need and solve their problem.

However, even with a short health tech sales cycle, you should have an effective method to track sales information. Along with a short sales cycle, an effective method will increase your team’s efficiency and sales numbers. You will make more profits and improve your sales cycle.

 

Ways to Shorten your Long Health Tech Sales Cycle

One of the significant challenges faced by healthcare technology salespeople is shortening their health tech sales cycle. Unlike B2C, the B2B process of sales has to deal with many decision-makers and educate them about the value of your products. Typically, it takes a lot of time and effort to convince your prospects that your solution is customized to meet their unique needs. 

However, your health tech sales cycle can become agonizingly long as each prospect can have a different perspective about your solution. It can also occur due to the number of people involved in the decision-making in B2B companies. According to the latest Demand Gen Report, the buyer’s journey is getting more complicated and longer. This makes the sales process worse, which is already tedious.

However, the good news is that you can follow these marketing strategies to shorten your health tech sales cycle tactically.

 

Understand Your Buyer Personas

Keep yourself away from trying to engage the wrong people. This will not bring you any results in the end. Before commencing the sales process, you should have a clear idea of who your targeted audience is. The decision-makers or influencers in the organizations you are targeting are your buyer personas.

 

After identifying your personas, by answering the following questions, you can outline their qualities:

 

•             What are their goals?

•             What are their responsibilities?

•             What trigger drives them to buy?

•             What problems are they dealing with?

•             How do they like to research?

•             What inhibits a purchase?

 

As you answer these questions, you will get a clear idea of the best way to approach them.

 

Send an Introductory Video

The prospects get to know the salesperson only in the in-person meeting. So before the in-person meeting, you can consider sending them an introduction video. This would add value and explain why you are interested in them with a ‘call-to-action. It creates familiarity by the time you connect with them. This is a very creative step to shorten your health tech sales cycle.

 

Provide Pre-Sales Appointment Content

Having a sales appointment with a prospect, who does not know anything about your solution, is one of the biggest mistakes you can make in your health tech sales cycle. This means you may have to have several meetings to convince the client. This problem can be eliminated with a lead nurturing email with informative content. This email can have a link to an informative blog about your product, which was written previously. It will make them peruse your website before the actual sales meeting with you. It saves your time by eliminating many meetings to educate the prospect about your product.

 

Provide Post-Sales Appointment Content

The prospect is expected to come out with some concerns and objections after the first sales appointment. As a healthcare tech company salesperson, it is your responsibility to eliminate all those obstacles by addressing them strategically. Sending follow-up emails, videos, and case studies helps address those concerns. The content can be used to guide other prospects too. Overcoming these obstacles with effective content can shorten your health tech sales cycle effectively.

 

Come Clean with Pricing

Pricing of your products can be one of the main concerns for your prospects. Many salespeople address it only at the last stage of the health tech sales cycle. Not revealing the price at the beginning will only lengthen your process. Moreover, it may result in losing trust in you. Be transparent and reveal the price, to save yourself from such issues.

 

Leverage Social Proof

One of the smartest ways to win the trust of your prospect is to provide social proof. It will also make the deal close sooner. The best social proofs are case studies with the impact of your products or ROI. Remember to make that the company featured in the case study is similar to the particular prospect's company.

In the health tech sales cycle, it is crucial to thoroughly understand the prospect. Your sales cycle should connect with the process of lead nurturing, where you act as an advisor. This will also help you build trust with the prospects and increase your chances of closing the deal before the expected time.

Executing all of these alone would be challenging. At Media7, we help companies market their healthcare technology product with innovative strategies and support by implementing these strategies effectively. Our strategies help attract prospects, convert them and turn them into your happy customers forever. To know more about us, visit https://media7.com/

 

Frequently Asked Questions

 

What are the stages in the health tech sales cycle?

B2B health tech sales cycles include seven main stages. They are sales prospecting, making contact, qualifying the lead, nurturing the lead, making an offer, handling objections, and closing the sale. Following these steps help a salesperson to close the sale effectively.

 

How does the health tech sales cycle help?

The health tech sales cycle helps you identify potential clients and nurture them through the process of sales. It makes you effectively and efficiently guide your clients and gives them the confidence to go forward with more effort.

 

What are the best practices for the health tech sales cycle?

The best practices for the health tech sales cycle can be attracting more prospects through content marketing, building trust by understanding clients better, focusing on your customers' clients, and knowing the prospect’s organizational chart.

 

Why is the sales cycle important in health tech?

The sales cycle in the health tech industry helps the sales managers to forecast the accurate picture of your sales. This because they know where your salespersons are in the sales cycle. It also gives a clear picture of how many deals your salespeople close out of a given number of leads. 

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Validic integrates with Smart Meter cellular-enabled connected health devices

prnewswire | March 28, 2023

Validic Inc., a market-leading digital health and personalized care company, continues to expand its healthcare IoT platform with the integration of Smart Meter. This integration brings exclusive cellular-enabled, patient-friendly monitoring devices supplied by Smart Meter, a leading connected health solution supplier to a rapidly growing nationwide network of SmartPartners, to the Validic ecosystem. Smart Meter's proprietary, cellular, FDA-registered monitoring devices are connected to an exclusive AT&T 4/5G private data network to ensure an engaging patient experience for improved adherence. The devices help manage the most prevalent chronic conditions, including blood glucose monitors for diabetes; blood pressure monitors for hypertension and other cardiac diseases; pulse oximeters for COPD, COVID-19, and other respiratory disorders; and weight scales for congestive heart failure and weight-related diseases. "Our proprietary monitoring devices can only connect and transmit patient-generated data when connected to our private data network, ensuring reliable and secure delivery to Validic clients," said Smart Meter Chief Marketing Officer Bill Bassett. "And eliminating the need for patients to pair, sync or connect to Wi-Fi or an app on their phone may improve patient satisfaction and increase the use of their monitoring devices." Validic's health IoT platform is the largest ecosystem of connected health devices and apps, which streams continuous, near-real-time personal health data from 540+ home health and wearable devices. Organizations can access blood pressure, pulse oxygen, blood glucose, heart rate, weight, temperature, sleep, nutrition, respiratory, activity data, and more through a single, endpoint connection. "Technology should be so easy to use that it becomes invisible to the person using it," said Validic CEO Drew Schiller. "The addition of Smart Meter cellular-enabled health monitoring devices to our ecosystem offers another option to help people focus on their health and live their best lives." About Validic Founded in 2010, Validic Inc. is a digital health and personalized care company devoted to our mission of improving the quality of human life by making personal data actionable. With the world's largest health IoT platform and EHR-embedded remote care application, we help healthcare organizations give every person tailored interventions and personalized care, improving healthcare efficiency and delivery, and empowering people to play an active role in their health and well-being. Leading healthcare providers, health plans and health IT companies, such as Mass General Brigham, Cleveland Clinic, Mayo Clinic, CVS Health and Elevance Health, use our solutions to deliver high-touch and personalized chronic condition management, remote care, and support for healthy living. With a platform intentionally built to support a broad digital health strategy and scale across populations and conditions, Validic supports the largest RPM program in the country, with more than 300,000 enrolled patients since its inception and 7,000 referring providers. Our digital health platform has 540+ supported devices with more than 15 billion annual data transactions. Our remote care solution is available as a standard integration in the Epic Connection Hub and Cerner Millennium®. In 2022, Validic received the North American Customer Value Award for the Medical Device Connectivity Industry by Frost and Sullivan and was named Best Overall Connected Healthcare Solution by MedTech Breakthrough. Validic is HIPAA-compliant, HITRUST CSF Certified®, and ISO-27001 certified for Information Security Management.

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HEALTH TECHNOLOGY, DIGITAL HEALTHCARE

Getz Healthcare partners with Subtle Medical to improve medical imaging with AI-powered technology

Prnewswire | March 30, 2023

Getz Healthcare Pty Ltd announced that they have partnered with Subtle Medical, a U.S-based healthcare technology company, to distribute the company's artificial intelligence (AI)-based software solutions for faster and safer medical imaging. Subtle's solutions could provide significant efficiency gains for hospitals and private radiology clinics within Australia and New Zealand, resulting in more timely patient access to critical PET and MRI imaging services. Subtle Medical's software solution, SubtlePET™, uses proprietary deep learning algorithms to denoise low count PET images from up to 75% lower radiotracer dose and faster scan times. SubtleMR™ uses increased sharpness and denoising to improve the image quality on up to 60% faster MRI exams. The solutions result in a broad range of benefits including faster scan times, lower radiation dose, improved image quality, higher scanner efficiency, and positive impacts on workflow and patient experience. Subtle's solutions are compatible across all PET and MRI scanner brands, makes, and models, and seamlessly integrate into existing workflows. "We are thrilled to be expanding patient access to our AI solutions. Our goal is to not only make medical imaging safer and more focused on the patient, but also help imaging institutions and radiologists achieve higher quality imaging while running a more efficient operation. We are looking forward to a productive partnership with Getz," said Josh Gurewitz, Chief Commercial Officer at Subtle Medical. James Simkins, CEO, Getz Healthcare, added, "We are really excited to be partnering with Subtle Medical. We believe Subtle Medical's software solution will bring tangible benefits to our customers and ultimately patients." "The possibility for Subtle Medical's software solutions to improve efficiency and image quality while extending the life of existing imaging systems is a real game changer for radiologists and patients in need of access to imaging. We are delighted to introduce this technology to Australia and New Zealand," said Kimberly Hill, Managing Director of Getz Healthcare Australia & New Zealand. About Subtle Medical Subtle Medical, Inc. is an innovative healthcare technology company with a suite of software solutions that use deep learning to increase the quality and efficiency of medical imaging. It is a CB Insights Top AI 100 and two-time Digital Health 150 company and is an Nvidia Inception Award Winner. Subtle's (AI) software solutions have been commercially deployed in over 400 sites worldwide. SubtleMR™ and SubtlePET™ use deep learning to improve the image quality of accelerated MRI and PET scans, boosting exam throughput and profitability for centers, and getting patients in and out of the scanner faster. The company continues to expand globally with the support of recent Series B funding, bringing total funding to over $45 million. About Getz Healthcare Getz Healthcare is proud to be recognized as the leading distributor of medical equipment, devices and consumables, in Asia Pacific. We are an ISO 9001:2015 certified company, and we partner with leading manufacturers in medical technology, to offer a wide range of innovative and high-quality products & solutions, enabling our customers to focus on what's important – providing better care for their patients. Headquartered in Singapore, we have been operating in the Asia region for over 110 years, serving over 7,500 customers, from our 23 offices and distribution centers, spread across Australia, Hong Kong, Malaysia, New Zealand, Pakistan, Philippines, Taiwan, Thailand and Vietnam.

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HEALTHTECH SECURITY, AI

Kognitiv launches Powerful News AI-Driven Kognitiv Pulse

prnewswire | March 29, 2023

Technology company Kognitiv Corporation delivers advanced loyalty management, data activation and partner collaboration solutions to enable data-driven personalization and optimization of the customer journey across its innovative, omnichannel SaaS platform. Next week, Kognitiv is excited to officially launch a new AI-driven predictive customer insights and activation tool, Kognitiv Pulse, a solution that monitors the health of your customer base, predicts future behaviour and identifies risks and opportunities while enabling you to act quickly on these insights. Anchored on Kognitiv's proprietary SmartJourney® customer lifecycle methodology, Kognitiv Pulse is powered by proprietary artificial intelligence and machine learning software. It enables marketers to drive efficiencies by identifying – at an individual level - which customers to engage proactively and helps them focus on activities that grow their bottom line. "This tool is exciting because it allows you to see, side-by-side, how your loyalty and non-loyalty customers are performing across key KPIs, like purchase frequency and customer lifetime value," said Anthony Wintheiser, chief product officer at Kognitiv. "It then predicts which milestone they're likely to be in next and prescribes what actions you should take next in order to keep them engaged and growing in their relationship with your brand." Previewed through a live demo to a global audience of customer engagement and loyalty experts at the Loyalty Summit CXM conference in Zurich, Switzerland, on March 16, 2023, through a live demo of the product, Kognitiv Pulse was well-received by the crowd of attendees and retail leaders like Kognitiv client PetSmart. Kognitiv's global roster of clients includes leading brands like Hallmark, Avis, Hawaiian Airlines. "We want to arm marketers with the metrics and reporting they need to not only make better decisions about how and when to engage their customers, but also to measure how those decisions are driving revenue growth," said Tim Sullivan, CEO of Kognitiv. "As an executive and former marketer, I know firsthand how valuable this product is to decision making, strategic planning and profitable revenue growth. I believe adding this revolutionary product to our arsenal will help propel Kognitiv to the levels of growth and profitability that I envisioned when I joined the firm." About Kognitiv Founded in 2008, Kognitiv is challenging global brands to redefine how they engage with their customers and deliver meaningful experiences that earn their lifetime loyalty. In June 2020, Kognitiv and Aimia's Loyalty Solutions came together to create a data and technology-led business, employing people across 20 countries worldwide. With 200+ clients and partners in more than 50 markets globally, Kognitiv is removing the complexity of cultivating loyalty, data, and partnerships, so brands can deliver enhanced value, personalization, and experiences to today's consumers, right where they are. Kognitiv's largest investors include Aimia Inc., a publicly-traded holding company listed on the Toronto Stock Exchange.

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HEALTH TECHNOLOGY, MEDICAL DEVICES

Validic integrates with Smart Meter cellular-enabled connected health devices

prnewswire | March 28, 2023

Validic Inc., a market-leading digital health and personalized care company, continues to expand its healthcare IoT platform with the integration of Smart Meter. This integration brings exclusive cellular-enabled, patient-friendly monitoring devices supplied by Smart Meter, a leading connected health solution supplier to a rapidly growing nationwide network of SmartPartners, to the Validic ecosystem. Smart Meter's proprietary, cellular, FDA-registered monitoring devices are connected to an exclusive AT&T 4/5G private data network to ensure an engaging patient experience for improved adherence. The devices help manage the most prevalent chronic conditions, including blood glucose monitors for diabetes; blood pressure monitors for hypertension and other cardiac diseases; pulse oximeters for COPD, COVID-19, and other respiratory disorders; and weight scales for congestive heart failure and weight-related diseases. "Our proprietary monitoring devices can only connect and transmit patient-generated data when connected to our private data network, ensuring reliable and secure delivery to Validic clients," said Smart Meter Chief Marketing Officer Bill Bassett. "And eliminating the need for patients to pair, sync or connect to Wi-Fi or an app on their phone may improve patient satisfaction and increase the use of their monitoring devices." Validic's health IoT platform is the largest ecosystem of connected health devices and apps, which streams continuous, near-real-time personal health data from 540+ home health and wearable devices. Organizations can access blood pressure, pulse oxygen, blood glucose, heart rate, weight, temperature, sleep, nutrition, respiratory, activity data, and more through a single, endpoint connection. "Technology should be so easy to use that it becomes invisible to the person using it," said Validic CEO Drew Schiller. "The addition of Smart Meter cellular-enabled health monitoring devices to our ecosystem offers another option to help people focus on their health and live their best lives." About Validic Founded in 2010, Validic Inc. is a digital health and personalized care company devoted to our mission of improving the quality of human life by making personal data actionable. With the world's largest health IoT platform and EHR-embedded remote care application, we help healthcare organizations give every person tailored interventions and personalized care, improving healthcare efficiency and delivery, and empowering people to play an active role in their health and well-being. Leading healthcare providers, health plans and health IT companies, such as Mass General Brigham, Cleveland Clinic, Mayo Clinic, CVS Health and Elevance Health, use our solutions to deliver high-touch and personalized chronic condition management, remote care, and support for healthy living. With a platform intentionally built to support a broad digital health strategy and scale across populations and conditions, Validic supports the largest RPM program in the country, with more than 300,000 enrolled patients since its inception and 7,000 referring providers. Our digital health platform has 540+ supported devices with more than 15 billion annual data transactions. Our remote care solution is available as a standard integration in the Epic Connection Hub and Cerner Millennium®. In 2022, Validic received the North American Customer Value Award for the Medical Device Connectivity Industry by Frost and Sullivan and was named Best Overall Connected Healthcare Solution by MedTech Breakthrough. Validic is HIPAA-compliant, HITRUST CSF Certified®, and ISO-27001 certified for Information Security Management.

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