The Healthcare industry is unlike any other, and when it comes to selling to healthcare companies as a marketer you will need to be well aware of certain things. The C-level executives in healthcare companies function in a different mode and do not have the luxury of time. Some of these C-level executives are doctors themselves and their day to day affair involves playing more than one role.
As per a Deloitte report, Global Healthcare spending will reach $8.7 trillion by 2020 at a CAGR of 4.3% from $7 trillion (2015). So whether you are a product/service company or a company providing technological solutions there is a huge scope for business.
The question – How do you sell to Healthcare companies?
Here are a few things to keep in mind while selling to healthcare companies
Understand the company: First and foremost is to conduct some research to understand the company. Starting from its organizational structure to its product/service offerings to its position in the industry – everything is a must to frame a picture of the company’s current standing. It also helps to know the strengths and weaknesses of the company – what it’s known for and where it needs to improve upon. This allows marketers to chalk out a plan of approach and sale.
Identify opinion leader: Know that in the healthcare industry the voice of the opinion leaders weighs in a lot. Identify the opinion leader or the relevant C-level executive whose opinion or perspective is respected and then prepare a pitch to impress him or her. Also, remember that a suggestion given by the opinion leader will gather more weight if it is alignment with the company’s objective. So, ensure the solution you are to provide is in alignment with the company’s objective.
Simplify your concept: Healthcare has a lot to do with science and science-based explanations. Having said that, try and simplify your messaging to the C-level executives. A simplified message can drive home the point quicker and helps decision makers with decision making. Another advantage with simplified messaging is that it can be relayed across various departments of the company with much ease.
Highlight your USP: What is your solution? How will it help solve the issues pertaining to healthcare company? Will it incur higher costs? Is it a complex solution to adopt? The better way to impress C-level executives is to position your solution in such a way that it addresses their most pertinent problems. Highlighting the differentiating factor(s) vis-à-vis your competition helps you stand out and eventually strike a deal.
Address major concerns: Most marketers come away satisfied with putting forth the positives and feeling good about impressing the clients – this, is not enough. One way you stand out is to boldly address the ‘Elephant in the room’, in other words – the major pain point. Often, as marketers, we focus on highlighting positives and ignore the ‘’elephant’’ which can turn out to be a big hurdle. It’s always good to address the bigger problems even if there is no immediate solution, that way you are letting the client know you are ready to stand by them.
Acknowledge switching costs: A thing most marketers will miss out on is the switching costs. When your solution is to be adopted there is the element of switching costs. Even if we assume that your product is the best available in the market you will still be competing with the cost of switching from the status quo to your solution. This can involve – training to adopt your solution, replacing existing processes and deploying newer ones, etc.
Talking to healthcare professionals and decision-makers aren’t as easy as assumed. There is altogether a need for a different approach to communicate, convince and collaborate with healthcare companies. This requires a careful study of the healthcare company and a well-chartered strategy to present your offerings and convert this into a deal.