Help Your Sales Reps Win by Selling on Value Webinar
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Sales are most effective when your message reflects your customers’ needs. In the brief time available to hear the value of your offer, it is critical that the customer ‘gets it’. When you learn to understand what your audience truly values, you can improve effective communication and shift your marketing and sales strategies to align with their values. Turn the odds in your favor. The key to selling on value, not price, is to… …FIRST, understand what your customers REALLY value: Voice-of-Customer research provides insights on how your customers think: • What do they think of your brand? • What do they think of your sales team? • How do they perceive your products? SECOND, your brand, message, and products must align with your customers’ needs. TMTG research can gauge how well your sales force understands your customers: • Do sales reps underestimate your competitors? • Is your sales message appealing to your customers? • Is your product portfolio as strong as you think it is? Contact us: www.themarketechgroup.com The MarkeTech Group www.themarketechgroup.com USA The MarkeTech Group, LLC 502 Mace Blvd, Suite 15 Davis, CA 95618 Tele: (+1) 530-792-8400 Fax: (+1) 530-792-8447 France The MarkeTech Group, SARL 3, Rue Emile Péhant 44 000 Nantes Tele: +33 (0)2 72 01 00 80 Fax: +33 (0)2 40 48 29 40
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Help Your Sales Reps Win by Selling on Value Webinar
- 1. Think Like Your Customers: How to Optimize Your Healthcare Sales Force Effectiveness MEASURING THE VOICE-OF-CUSTOMER IN HEALTHCARE
- 2. Moderator Robert-Jan Enzerink Partner, Senior Consultant renzerink@themarketechgroup.com 2
- 3. Who We Are QUICKFACTS: 18 Years in Business 3 Global Offices 7 International Partnerships SELECT CLIENTS: 3
- 4. What if MEDICAL TECHNOLOGY Sales Representatives could improve their success by communicating the RIGHT message to the RIGHT customer at the RIGHT time? 4
- 5. What if MEDICAL TECHNOLOGY Sales Representatives could improve their success by communicating the RIGHT message to the RIGHT customer at the RIGHT time? Well, they can… 5
- 6. …but, before they can think like a customer, they need to understand how the customer thinks. 6
- 7. Marketing professionals try to align product and marketing with a customer’s needs and wants. Sales reps try to convince the customer to purchase their product based on better features, benefits, and service. Customers continue to tell you that “price is most important”… and claim that they will purchase from the lowest-priced competitor. 7
- 8. You need to align your message with what your customers value Let’s take a look to see what this means… 8
- 9. Solution: Compare what Sales Reps believe Customers think is important vs. what your Customers actually value Extremely Important Not at all Important (Sales Rep) This is how your Sales Reps perceive what Customers think is important and how satisfied they are Feature 1 Extremely Satisfied Service (Sales Rep) Not at all Satisfied 9
- 10. Solution: Compare what Sales Reps believe Customers think is important vs. what your Customers actually value Extremely Important Not at all Important (Sales Rep) This is how your Sales Reps perceive what Customers think is important and how satisfied they are Feature 1 (Sales Rep) Feature 1 (Customer) This is how your Customers actually perceive what is important and how satisfied they are (Customer) Not at all Satisfied Service Extremely Satisfied Service 10
- 11. Identify gaps in what your Sales Force thinks Customers value vs. what Customers actually do value in 5 steps Interview sales reps and customers Survey your customers and potential customers Analyze the differences in “Perceived” importance Survey your sales force Align your sales and communication strategy with what’s most important to your customers 11
- 12. An Example: Uncover the most important product features FOR EXAMPLE: Here’s how you find out: → What features are most and least important when considering the purchase of [product]? MOST IMPORTANT LEAST IMPORTANT ⃝ Feature 1 ⃝ Feature 8 ⃝ Feature 5 ⃝ Sales Reps may think that Feature 1 is the most important purchase driver, when in fact, Customers indicate that Feature 5 is a more important purchase driver. Test up to 20 different features or variables! 12
- 13. Another Example: Determine the ideal frequency to visit Customers FOR EXAMPLE: Here’s how you find out: → How frequently should a sales rep visit you? MOST IMPORTANT LEAST IMPORTANT ⃝ 1x / week ⃝ 1x / month ⃝ 1x / quarter ⃝ Sales Reps may learn that Customers want to see their Sales Rep more often than expected (or less often!). 13
- 14. A Survey Example: Uncover what Characteristics customers seek in Sales Reps FOR EXAMPLE: Here’s how you find out: → What characteristic is most and least important to you in a company sales representative? MOST IMPORTANT LEAST IMPORTANT ⃝ Responsiveness ⃝ Knowledge of Product ⃝ Speed ⃝ Optimize your Sales Force by understanding what Customers value in a Sales Rep. Test up to 20 different variables! 14
- 15. The results reveal how Sales Reps and Customer perceptions differ Customer Segment 2 Customer Segment 1 Importance of visiting Customers 1x/week Sales Rep Customer Segment 1 Importance of Feature 1 Sales Rep Customer Segment 2 Customer Segment 1 Sales Rep 1 Least important Customer Segment 2 10 Most important Importance of Sales Rep Responsiveness 15
- 16. Case Study CHALLENGES: 1. CLIENT BACKGROUND: Dominant market leader in networked hospital equipment was looking to launch a new product to replace an existing product 70+% Market Share What is the purchasing process and who are the key decision makers and influencers? 2. What is the preference for different product and non-product features and pricing models? 3. How to maximize 5 year profits? 4. Understand possible improvements to Sales Force Effectiveness 16
- 17. Majority of customers prefer a formal discount analysis… Sales …and, Sales Reps underestimate the importance of a Cost of Ownership analysis 17
- 18. Economic buyers may strongly prefer a lease for this type of product… …and, Sales Reps may not know HOW VALUABLE your lease programs are! Utilities 100 0 Capital Purchase Lease Payment model Economic Buyer Clinical Buyer Sales 18
- 19. Customers are responding favorably to Competitor 2… …but, your Sales Reps underestimate competitors relative to your customers Utilities 200 100 0 Client Competitor 1 Competitor 2 Brand Economic Buyer Clinical Buyer Sales 19
- 20. By understanding your Customers and avoiding your Internal & Sales Force biases, you can identify opportunities to improve Sales Force effectiveness through: Targeting your marketing communications and materials Emphasizing strengths Aligning product development with customer needs Improving important weaknesses... 20
- 21. MEASURING the VOICE-OF-CUSTOMER in HEALTHCARE MARKET OPPORTUNITY ASSESSMENT NEW PRODUCT ROADMAP PRICING OPTIMIZATION SALES & MARKETING COMMUNICATION GO-TO MARKET EXECUTION METHODOLOGIES Qualitative Quantitative MARKETS SERVED 21 MEDICAL IMAGING MEDICAL DEVICES AND DIAGNOSTICS HEALTHCARE IT PHARMACEUTICAL INDUSTRIES TECH TRANSFER
- 22. http://www.themarketechgroup.com/ USA 502 Mace Blvd, Suite 15 Davis, CA 95618 PH: + 1 530-792-8400 FX: + 1 530-792-8447 Europe / France 3 rue Emile Péhant 44000 Nantes PH: +33 (0)2 72 01 00 80 FX: +33 (0)2 40 48 29 40
Hinweis der Redaktion
- Start Recording Thank you everyone for joining us today for The MarkeTech Group's webinar on how to optimize your sales force effectiveness.
- I am Robert Enzerink, a partner and senior consultant with the MarkeTech Group, specialists in medical technology marketing research and strategy consulting.
- The MarkeTech Group provides these webinars to share experiences we’ve learned in the hope that some of the marketing research techniques we share can be useful for you to develop your business. In this case, we’ll share one approach to improving your sales force effectiveness. A few of you have submitted questions to The MarkeTech Group prior to today's webinar, and we have incorporated these into the discussion, where possible. Also, as you have questions during the webinar, we encourage you to text questions into the GoToWebinar question box and we will address as many of your questions as we can during today's discussion. With respect for everyone's time, let's get started:
- The challenge is to eliminate biases to understandthe objective perspective of the customer.
- …and the tools/methodology to help your sales reps ‘get into the heads’ of your customers.
- So, how is this done?
- Most marketing research programs include steps 1,2 and 5. Most often, if done right, this can provide insights into the customer: - Segmentation, value propositions, purchasing decision factors, pricing, etc.However, skipping steps 3 & 4 (Not surveying your sales force’s understanding of your customers) may miss gaps in understand between your customers and your company’s alignment with your customers.-CLICK-Who represents you to your customers? Your sales force.Who is the ‘face of your company? Your sales force.Who choosing which products to present? What features/benefits to lead with? Your sales force.Does your sales force really know your customers?-CLICK-By skipping steps 3 and 4, key opportunities may be missed: - to better align internal training and messaging. - to define an R&D roadmap that will really excite customers - to better target key stakeholders … with THEIR value proposition - to identify where competitors are gaining traction…or you are compromising your good reputationSo, let’s go through an example…
- Provide the same survey to your sales reps and your customers:Ask sales reps to role-play a customer on the identical survey (preferred), orProvide a reworded survey with the same questions (must be very careful to retain the exact meanings of survey tasks)One methodology: Maximum Differential Scaling Technique (Max-Diff)(Max Diff forces respondents to make choices between options, while still delivering rankings showing the relative importance of the items being rated.Estimation of the utility function is performed using multinomial discrete choice analysis, in particular multinomial logit. Several algorithms could be used in this estimation process; the Hierarchical Bayes model is beneficial because it allows for borrowing across the data.)Marketing research of this nature can improve objectivity of decision-making (from KOL focus and Sales Rep bias)This can help drive R&D and product portfolio strategy
- Although each customer is unique and sales reps will be in-tune, this knowledge is useful for new reps, new accounts, and for sales training guidelines.We have encountered many examples of key stakeholders that actually would like to see sales reps more often… and, they have told us what they value in their sale reps….
- Useful for sales training and operational support:Is it product knowledge, competitive updates, technical support, initial training or ongoing training (remote or at customer site?) that is most important to your customers?This line of questioning could identify where there are opportunities to take a competitive edge
- Maybe Feature #1 needs more attention.Sales reps should err on the side of more visits to Customer Segment #2…and may be able to spend a bit more time cultivating new accounts than reacting to existing ones.Now, a real-world example
- Client: Industry first-mover and leader with dominant market share (70+%)Has been experiencing market share and sales erosion: Competitive entriesSales slowingPrices droppingSales force efficiency ($/rep) decreasingUpcoming Executive Strategy-setting meeting
- In this case, for this product line, the economic decision-makers were more influential in a ‘buy’ decision than the clinical/operational d-m’s.-Review slide data-Findings that the marketing research highlighted: Sales Reps do not know the economic decision-making processSales Reps underestimate the importance of a financial analysis that includes overall cost-of-ownershipImpact: Sales reps were not as well-prepared when closing the deal as they could beSales material did not highlight the TCO benefits of Client System
- -Review Slide data-Findings that the marketing research highlighted: Sales Reps do not know the value of the available lease optionsImpact: Sales reps were not highlighting lease options; rather, were focusing on purchase price and discounts, leaving money on the table.In this case, attractive lease plans could be very profitable for Client; alternative leasing packages were developed and highlighted in sales training and MarkComm
- Findings that the marketing research highlighted: Identified complacency where sales reps underestimate competitors relative to the customers.(Relative) newcomer, Competitor2, was improving their brand/reputationIdentified that C2 is a stronger threat than C1.(In subsequent research, it was determined that C2 was also highlighting lease programs and sales reps were perceived as less arrogant)Impact: Client tailored it’s positioning and competitive materials to target a competitive threat from one specific competitor that was more highly regarded than expected.Client was able to use this finding to re-focuses the sales pitch to proactively address the newly-identified threat posed by C2.
- Marketing research providing objective comparative analysis of customer and sales force perceptions is an outstanding method to avoid internal biases- KOLs, your product championsSales reps, with unconscious internal biases from pitching and selling your product Refer to slide bullets:Improve Sales training – Focus training /retraining on what your customers truly valueFocus sales and messaging on strengths – provide sales reps with the tools that provide value to your customersR&D efforts can be guided to provide the products with which your sales force will be more successfulCan identify weaknesses and competitive threats, promoting proactive selling
- -Questions?-Well, that wraps up our overview of one approach to identifying opportunities to improve sales force effectiveness. On behalf of The MarkeTech Group, we would like to thank everyone for your time. If you have further questions about a particular section or if you have a question about designing a study, we are more than happy to help you with that. We’re here to answer your questions. It’s what TMTG does, so contact us. After the webinar, please take a moment to complete the survey. Remember, The MarkeTech Group is a medical technology marketing research firm, so we really do appreciate and thrive on your feedback. Good day, everyone!