A pioneering new study has revealed that a staggering 63% of professionals in the medical device sector don’t feel they hold the necessary skills to address the challenges presented by today’s sales market.
Sales challenges revealed
The research, which investigates medical device sales performance, strategy and delivery across six of Europe’s most prominent trading countries (UK, France, Germany, Switzerland, The Netherlands and Belgium), shows a clear link between the issues facing the market at present, and how they will continue to impact commercial success moving forward.
60% of respondents confessed that existing selling skills and techniques are not effective, with 65% believing this is set to get worse within 10 years’ time. And, whilst the UK and Belgium (80%) admit to struggling the most when it comes to ineffective sales techniques today, it is Switzerland (84%) that shows the greatest concern that selling skills and techniques will fail to be effective by 2028.
The report also revealed concerns with global competition, with three in five respondents stating this is both a challenge now and will be in the future, with 60% believing that another area concern centres on adding greater value for clients.
Creativity shown as crucial to growth and success
Despite the lack of confidence in future sales ability when it comes to skills, global competition and adding value for customers, it seems the sales sector is keen to address these areas, with 64% believing that creating a considered alternative to commercial business models is the solution to ensure sales success. Another area of opportunity appears to lie in meeting the needs of different stakeholders in the sales process, with four in five believing this will be a key strategy required by successful sales teams in the future.
In addition to this, a majority identified innovation as a key growth opportunity. With future sales coming from product development and innovation as well as creative commercial models and innovative pricing. Countries already focusing on this area are Belgium, Germany and Switzerland, all of which place a real focus on maximising sales success in this area.
A link between profit and a systematic approach to selling
The research also analysed the sales approaches being adopted by medical device professionals across the six countries – revealing that those with a systematic approach to selling are more profitable than those without. In addition, out of the 43% that had adopted a systematic approach to sales, those with a systematic approach to selling are likely to have experienced 25.5% more growth than those without, in the last financial year.
Tony Hughes, CEO of Huthwaite International, comments on the report: “Healthcare is not going away, but the role of the sales representative will look very different in the years to come. This research was aimed at providing a practical roadmap for sales leaders to help future proof their teams and businesses and maximise the opportunities ahead of them.
“One thing is clear throughout; the market is advancing at such a rate, that existing skill sets are struggling to keep up. This makes sense when you consider that sales teams – historically at least – have largely failed to train and upskill their teams. However, we are perhaps seeing a change in attitude as companies now recognise the need to invest in training to remain competitive into the future. Whether they invest in the right kind of training, however, remains to be seen – we’re hoping industry leaders utilise this roadmap and implement proven and systematic training techniques to ensure a bright future for sales in the medical device sector.”
To access the full research white paper, please visit www.huthwaiteinternational.