Many Healthcare startups fail to generate revenue quickly. Here are a few thoughts on how to make selling into the healthcare technology market more successful.
We are all aware selling into Healthcare is hard.
- No industry is more resistant to change
- No industry is more siloed
- So many decisions are made by committee
- Approval to move forward in or out of budget cycles is a challenge
- Many tall tales and exaggerations by vendors have caused trust issues
Healthcare decision-makers are overwhelmed with marketing messages and sales pitches, so they are typically resistant to speaking with a salesperson. Most are interested in researching health tech sales solutions on their own before speaking with a salesperson or even a founder. Consequently, a finely tuned sales process is essential to make inroads in this market. We suggest for our clients –
- Provide an effective and engaging sales story.
- Take a targeted — not shotgun — approach to reaching your ideal prospects.
- Learn more about your prospects and stakeholders. They should see you as a peer or a trusted advisor — not a “sales guy.”
- Create and provide relevant healthcare technology sales content about your specific solution
- Establish your health tech firm as an authority that wins the trust of your prospects.
Down the line it will be very effective for converting leads into sales cycles.
The role of business development in healthcare startups is, of course, critical to start-up success.
- Understand key points of your product and what it offers — not in general but specifically to your prospect
- Your elevator pitch must be compelling — don’t toss out a lot of information and rely on your audience to put it all together
- Understand and target the right stakeholders to receive your messaging
- Critically important is you need to identify the fundamental (not always obvious) problem to be solved with your solution
While the sales process may seem simple, it is an art. This is generally not an area where a do-it-yourself approach pays dividends. If you are a founder, get help — the right salesperson, or experienced advisor can set you on an entirely new trajectory.
