Article | December 21, 2020
Yes, empathy has become a fad.
Connecting to another human is actually something cool kids do now. If a brand doesn’t have an impact model that includes a practical social issue, consumers tend to not take that brand seriously. In this case, empathy needs to be revisited beyond the trend itself for these strategies to have real, lasting impact.
Practical strategies around compassion meanwhile have similarly become an intrinsic part of social impact organisations. They have become so commonplace that prosocial behaviour has strayed into a kind of tokenism. It is common for instance for consumers to donate their hard-earned money to companies who focus their energies on trying to alleviate real-world issues.
The question then is whether this proxy for compassion isn’t in fact watering down human connections, as well as our positive impact on the issues business and organisations seek to solve with our help.
Postmodern behavioral science
If it is, then we must understand why and how to change that. This is where postmodern behavioral science provides a possible better alternative to social impact strategies. Postmodern behavioral science suggests that the current approach to understanding human behaviour lacks even a rudimentary understanding of empathy, defined in the area of social impact as a discursive strategy that allows us to feel what the group we are trying to help is feeling.
Of course, compassion has very close ties with empathy. Empathy is an innate ability we all have, one that we can learn to develop and fine-tune over time. It is our emotional connection to another human, though one that lies beyond our own ego. It takes the perspective of the person who is struggling and seeks to understand their life, their struggle, and their worldview. It also resolves to value and validate their perspective and experience — something that donating money to a social impact cause does not.
In its broader definition, empathy is a shared interpersonal experience which is implicated in many aspects of social cognition, notably prosocial behavior, morality, and the regulation of aggression.
Empathy has a host of positive after-effects when applied as an interpersonal experience. If a social impact organisation is preoccupied with raising capital, then it is likely to disregard the practical worth of empathy for those who truly want to achieve its mission.
One way that behavioral science can contribute is to utilise tools that can help augment the experience of those in need for those needing to understand those needs. Both AR and VR can help people visualise and follow the stories of those who require compassion. These create virtual environments for partners, governments, and consumers to experience with the people they seek to help.
But of course, much of human behaviour is geared toward seeking pleasant experiences and avoiding unnecessary pain. Our in-built hedonic valuation systems guide decisions towards and away from experiences according to our survival instincts.
This is precisely why business owners who want to encourage empathy in their customers go the easy route, but should seek a more participatory frameworks to inspire and provide experiences for those on board with a social mission.
Then there are issues like financial literacy in underserved populations, access to clean water, education for women and girls, and environmental conservation, to name a few of the problems that social impact companies are attempting to tackle.
If a company is trying to tackle an issue such as access to clean water, then rather than start there, it should first ask exactly how this issue arose and developed. It should question the beliefs that underpin this chronic social inequality, those that inform policies, practices, cultural taboos, and beliefs about water and people’s access to it.
To simply respond to an issue in its developed form is to leave it unfixed. We must be willing to reverse engineer the origins of that issue that got us to where we are. In other words, human behaviour is not the only component to consider in this.
The main behavioral framework public servants should take with them is to develop a nudge unit solely based on the relationship between behavioural science and technology.
This is mainly because technology is an inevitable part of how we now relate to one another. Immersive Compassion meanwhile should embrace tools like AR/VR that seek to create empathetic environments and valuable impact longevity.
To fully embrace empathy as an organisation is to create relevant and rigorous responses that go as far as to alter the infrastructure of its target goals. Optimising social impact comes down to optimising human experience.
Article | March 11, 2020
Healthcare industry is currently experiencing a massive digital transformation. There has been stable progress since the introduction of technology in this sector. Tech components like Machine Learning, Natural Language Processing (NLP), cloud computing, Artificial Intelligence and Internet of Thing have helped in streamlining the health care delivery and treating severe diseases. By using technology in medical center, the sector is advancing and progressing in ways no one have ever though-about. As patients began to wary due to unavailability of doctors, poor quality of patient care and issues with finding reasonable care, technology stepped in and a new way to find the help was introduced- Virtual Care. Around 23% of patients had consulted the virtual doctors and satisfied with the care. Moreover, 57% of patients are willing to experience it as well. That's how technology is bringing convenience and ease in the sector.
Article | March 6, 2020
As worries about coronavirus (also known as COVID-19) mount daily, healthcare and health care organizations work valiantly to deliver quality healthcare. Potential exposure of health care workers to COVID-19 risks further shortages of hospital staff and clinical service providers. This presents a security challenge in rapidly authorizing individuals to fill needed roles as they are temporarily vacated. Role-based access control (RBAC) has long been the standard many organizations adhere to when establishing security and limiting access to resources. In a rapidly changing environment RBAC alone falls short of meeting data privacy and security needs. Implementation of role-based access controls (RBAC) alone no longer aligns with the needs of modern healthcare or the incorporation of cloud software and ecosystems. RBAC indicates the use of static roles and groups to restrict access to sensitive data and critical systems with a set it and forget it mindset. In the past RBAC alone was sufficient, but cloud migration strategies and a fluid workforce require time-bound access to maintain proper governance. Healthcare organizations have a dynamic structure and must accommodate individuals working in varying shifts, multiple clinics, or research areas, which requires shifting permissions depending on their duties at a given time. RBAC alone simply cannot keep pace with modern healthcare security needs.
Article | February 18, 2021
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.
This is the stage where the sales team attracts leads and listens to them, and learns to offer what they need.
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.
As a salesperson, this is when you learn about leads and determine whether the prospect intends to buy.
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.
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.