Sales and marketing managers in the medical device, biotechnology and healthcare industries are adjusting their strategies to accommodate emerging “on demand” consumer preferences. Measuring these new marketing and sales strategies and their success will present a near-term challenge for most managers, but persistence will prove the long-term benefits of these strategies.
The on demand market is characterized by four broad factors: new technologies, a larger and more active investor pool, changing consumer behavior, and new methods to deliver products and services. Medical industry managers will want to examine how each of these factors can enhance their own sales and marketing strategies.
With respect to new technologies, for example, managers might consider adopting any of the new and robust mapping technologies that allow field salespeople and service representatives to map out a more efficient schedule of client and customer appointments. Physicians, pharmacists and other decision makers who purchase medical and biotechnology products often have little time to meet with sales and service representatives. Appointments may be cancelled or rescheduled at a moment’s notice. Mobile mapping applications can assist a sales representative to fill gaps in his or her schedule by providing a graphic picture of clients who are geographically close to each other, and suggesting the best schedule of appointments with those clients.
Medical industry sales and marketing managers may not have extensive contact with industry investors, but those investors are looking for innovations that increase a company’s exposure into the marketplace. Companies that adopt those innovations will attract more investment dollars by giving investors greater assurances of positive returns.
A manager’s best reaction to the emerging on demand market will come from adjusting sales and marketing strategies to changing consumer behavior. On average, consumers check their social media accounts, news feeds and email on their smartphones and mobile devices once every ten minutes. Managers who ignore this behavior are missing opportunities to expand consumer knowledge and demand for their products and services.
Lastly, the on demand market has created new delivery methods for a company’s products. Those methods are adaptable to the medical and healthcare industries through innovations such as telemedicine and off-site storage and warehousing of medical products. These methods give managers an opportunity to collaborate with clients and to develop delivery strategies that provide the greatest and quickest benefits to the ultimate end users of the company’s products and services.
Prime-Core Executive Search provides human resources staffing and executive search services for the healthcare, medical and biotechnology industries. We recognize and source executive talent that will implement new sales and marketing strategies, including strategies for the on demand market. Please contact us for more information about our services.