In the highly competitive and increasingly commoditized MedTech industry, building a true preference for your products provides a distinct advantage. It not only tips the scales in your favour during the final evaluation phase but also opens doors earlier in the decision-making process, granting easier access to decision-makers. Additionally, winning customer preference can aid in price negotiations, allowing you to maintain your margins by leveraging the preference for your solutions over competitors.
Building preference directly impacts the inclusion and conversion stages of the customer’s decision-making process, significantly boosting your win rate. However, it’s crucial to continue nurturing this preference even after your solutions are installed, leveraging current product champions for future growth.
In this article, we will explore strategies to elevate customer preference for your medical devices, improving your chances of consistently winning deals.
For strategies on how to build advocacy after your technology is installed click here. https://www.unplainjane.net/post/creating-advocacy-in-medtech
“It’s not just about having a winning product”
When considering why a customer might prefer your technology over a competitor's, it's important to remember that it's not just about what's in the box. A customer's preference builds upon three critical factors: brand, product, and people. A strong, trustworthy brand with a positive reputation boosts your standing even before your first demo. The product itself must of course shine with superior features, performance, and value, but having a strong brand gives you a head start.
Equally important are the people behind the brand. Account teams, customer service representatives, clinical staff, and management play pivotal roles in influencing customer preference through their expertise, responsiveness, and personalized care.
Building preference starts well before customers request a tender response or try your product. Your customer forms an opinion—positive or negative—before you walk through the door, making every touchpoint crucial in establishing your superiority.
7 Strategies to Increase Preference
Let’s look at some practical approaches to helping your customer understand that your solution is the best match for their current and future needs
1. “Effective, always-on communications provide a head-start”
A pre-emptive communication strategy is crucial. Ensuring customers are aware of your solution's benefits before they approach you can significantly enhance your chances of becoming their preferred supplier. I recall a sales manager who was rightly frustrated when he had to spend precious in-person meeting time explaining the basics of our new innovations. He felt his customer should have heard of the essentials before he walked through the door.
An always-on communication plan that highlights your offerings can target a broader audience or be customized for specific accounts or individuals. Digital marketing, CRM strategies, webinars, trade shows, and other events serve as pivotal channels for executing this strategy.
Channels that offer real-time interaction should be prioritized for relationship-building and re-emphasizing your product’s unique features, rather than merely raising awareness. Basic information can be effectively communicated through less resource-intensive platforms like social media
2. “Clearly Communicate Benefits”
While it sounds obvious, it’s rarely done effectively. Clearly linking benefits to individual customer needs is essential. This means establishing a specific, tailored value proposition without overwhelming your customer with unnecessary details. Communicate this in an easy-to-understand manner through engaging sales presentations, tender responses, and via all other engagement points – including via your sales teams.
Take a moment to ask your customer if they really understand how your technology will help them meet their goals—you may be surprised by their response.
3. “Show me why you’re better”
Again, it seems obvious, but most technology providers forget to show (and not just talk about) their superiority and therefore miss out on another way to build preference. Many medtech customers I've spoken with admitted they hadn't fully understood the differences between competitors' offerings and ultimately chose just based on price.
Make it easy for customers to see and understand your product’s benefits through:
Product Demos - Offer both sales-led and self-driven demos.
Reference Site Visits - Allow potential customers to visit sites where your product is already in use and provide opportunities for them to have discussions without your presence.
Clear Claims - Support your claims with solid evidence
Peer-Shared Experiences - Utilize webinars, articles, social media, trade shows and more to share experiences from peers.
4. “Look at their Bigger Picture”
Understanding your customers' ultimate objective is key to increasing preference for your offering.
Departments don't secure budgets without committing to goals, such as increasing cardiac referrals or decreasing patient turnaround time. At the enterprise level, goals might include improving brand recognition or increasing the number of elective patients.
Align your solution's value proposition to help them achieve these aims and consider offering additional services to support their broader mission. For example, provide education programs to boost technology uptake or co-marketing initiatives to enhance their brand.
This approach can help elevate your reputation from being just a vendor to becoming a long-term partner.
5. “Do you know what’s stopping them buying?”
Building customer preference also means understanding what prevents them from buying from you and removing any fear of investing. Even if you offer the best solution on paper, at the best price, there could still be hurdles. Customers might find it easier to stick with their existing technology for example, even if yours is more innovative.
Overcoming barriers to investment involves:
Understanding and Addressing Concerns -Leverage trusted relationships to identify and address what is really preventing customers from buying from you.
Taking away the risk. Offer innovative financial approaches such as fee-per-use, renting, or similar models that align with customers' goals instead of requiring large capital investments.
Test Driving. Implementing Try-Before-You-Buy Schemes - Allow customers to test your products before committing, thereby removing user concerns.
6. “Address the entire Decision-Making Unit!”
In medtech, as in B2B, decision-making involves a complex network of stakeholders and influencers across different stages of the evaluation journey. Sales teams often focus solely on one individual, expecting them to sway their hospital colleagues. To build preference, it's crucial to comprehensively engage with all decision-makers and to understand and address the pain points, needs, and challenges of each stakeholder.
7. “Reputation, reputation reputation!
Completing the circle back to brand and reputation, building trust is paramount.
Achieve this by:
Introducing Your Team - Showcase the human side of your company.
Emphasizing Local Support - Highlight your commitment to responsive customer support.
Sharing Success stories- : Present compelling case studies from similar accounts.
Connecting Top Managers - Facilitate direct communication between senior managers
Addressing past Issues transparently - Deal openly with any past issues and problems
Conclusion
Building preference with MedTech customers requires a multifaceted strategy that starts well before you’ve even been invited to present. It involves maintaining an always-on, clear communication plan for your brand and solutions, showcasing a demonstrable value proposition aligned with customer goals, comprehensive engagement that emphasizes your unique advantages and harnessing the expertise and credibility of your teams. Understanding the motivations and obstacles of the entire decision-making unit is also a must.
Reach out to Unplain Jane to discover how you can establish your company as the preferred solution provider and enjoy the myriad benefits that come with being your customers’ number one choice,