Part of an ongoing series of practical tips for evolving beyond the "milkman" commercial model in medtech*
Medical device companies face significant headwinds with increased competition resulting in heightened scrutiny over price, preference and availability.
One way medical device commercial teams stand out from the competition is to prove to your healthcare providers that you are a valued business partner who understands and cares about their business… you aren't just there to drop off more inventory and provide a free lunch!
Savvy commercial teams are partnering with providers to help them sustain and grow their own practices.
Building and maintaining patient referral networks is a key driver in the growth and vitality of any healthcare provider's business. Hospitals, free-standing centers and medical practices all face intense competition in their markets to attract and retain patients. While some efforts are focused marketing directly to patients, it's important to market, educate and nurture physicians throughout the community.
Help your prospects and accounts develop a market development strategy.
The following four quadrants summarizes a useful framework to help patient marketing or physician liaison teams prioritizes relationships in their community. The matrix capaures the intersection of physician performance and fit along with relative market share of that relationship.
The physician outreach quadrant represents a new way to visualize and segment referral relationships in any given market. Using referral data from an analytics provider like Carevoyance, divide the market into different quadrants to capture different outreach strategies.
With all physician outreach, remember some of the following best practices, sourced from folks executing similar market development activities.
While it's useful to measure activities (i.e. number of meetings, etch), also measure each category's performance and ROI over time.
*Check out BCG's excellent research on the imperative for medtech commercial teams to evolve their business model.