It’s been getting frantic out there lately for sellers in the healthcare industry. In our market research, we’re increasingly hearing a common message:
- Payers and TPAs are not closing enough deals with employers fast enough.
- Providers and Integrated Delivery Systems are not closing enough deals with payers or direct to employers fast enough to sustain – let alone grow – revenue in the face of the industry transition to value based care.
- Suppliers are not closing enough deals with payers, providers, or employers fast enough to grow at a rate that generates needed returns for investors.
Notice a theme? With all the resources spent on marketing and sales across the healthcare industry, why is closing deals so hard? Here are some common approaches companies use to sell to healthcare-related companies:
Shot-in-the-Dark Sales Approach
Companies frequently call and ask us to help them get in front of C-level decision makers in the healthcare industry. They believe their solution is so revolutionary that if the decision makers just heard about it, they would want to buy. What these sellers don’t realize is that decision makers are bombarded with similar pitches day-after-day. Capturing the attention of healthcare executives and getting them to change their current processes isn’t so simple.
The best companies do, in fact, usually do their homework. They invest in doing marketing research and creating a product that is well-aligned with target market segment needs. They develop compelling value propositions that buyers can relate to. They spend time and resources creating strategic sales and marketing strategies that help them get in front of decision makers. However, while the strategic approach gets better results than the shot-in-the-dark approach, these sellers still struggle to hit key revenue targets and continue to perform way below their maximum potential.
Asymmetric Business Development (ABD) Approach
In order to help healthcare industry sellers perform at their maximum potential and accelerate growth, we developed an approach called Asymmetric Business Development or ABD.
This approach leverages the less visible, often informal but very real, dimensions of organizational buying. It’s focused on marketing and selling the right product to the right customer at the right time, in the right way. “Right” is defined as that which results in the most profitable deals being closed in a defined timespan.
Asymmetric business development requires comprehensive market alignment and segmentation analysis and is best suited for B2B revenue opportunities. By investing in this discovery and aligning your positioning, messaging, and selling process with the ways organizations really buy, you can significantly improve your deal close success rate. You will also avoid wasting too much time in situations where your win probability is low.
B2B buying is complex, dynamic, and organic. Buyers are people. It is critical to understand and align how you sell into a target account with the critical informal, as well as formal buying processes and decision drivers. Asymmetric Business Development will improve your odds.
For more detailed information about the types of market analysis required to profitably sell in the health care industry, download this ebook: Asymmetric Business Development for more Healthcare B2B Deals.