Transforming the Revenue Enablement Function at Medical Device CompaniesBy: Mike White Chief Sales Executive Events, Sales Leadership, Sales Operations
The 2017 Chief Sales Executive Operations Forum featured leaders who have transformed the revenue enablement function within their company. Their collective insights suggest revenue enablement teams in the medical device industry play a pivotal role in driving effectiveness of the sales organization. Successful revenue enablement leaders empower their sellers by instilling trust, properly leveraging CRM, proactively reporting and aligning the revenue enablement function to current goals.
Drive trust with sales enablement. Medical device sales representatives are often skeptical in the continually changing medical landscape. This is understandable given the continual internal and external changes in recent years. VACs, procurement and hospital administration are an increasing part of their sales efforts. Internally, management changes their job roles and sales compensation plans to adapt to the external environment. The sales operations function must work to gain sales representatives’ trust to maximize effectiveness. First, develop tools and support programs that make the seller more productive. Then clearly communicate how the programs/tools help the field sell more. Earn the sales team’s trust to drive greater effectiveness with sales enablement.
Don’t make CRM punitive. CRM adoption remains a top of mind challenge for sales operations and enablement teams. Medical device companies use CRM to become smarter about their businesses; sales representatives should be able to leverage CRM to become smarter about their territory. Don’t utilize CRM to punish sellers for low win rates. Instead, show them how leveraging CRM can help them win more.
Increase productivity with proactive reporting. Are your analytics teams slowed by various reporting and data requests from the sales and marketing teams? Executives at the CSE Operations Forum cited the need to stop ad-hoc reporting to drive productivity. One executive suggested, “If the report can’t be repeated for others, it probably isn’t needed.” This is especially true for medical device companies who arguably have more market data available than any other industry. Proactive reporting should reduce the need for miscellaneous requests and improve the productivity of the analytics team. Develop reporting processes that improve business intelligence and increase productivity.
Align the revenue enablement function. Many executives spoke about the benefits captured by developing or transforming their revenue enablement teams. Use metrics that identify the greatest areas of opportunity. Develop communication lines between sales and other functions that didn’t previously exist. Employ analytics that make the sales team smarter and ultimately help them grow revenue faster. Medical device companies have an unparalleled opportunity to leverage data to make the sales team more effective. Sales ops leaders who align the revenue enablement function using these strategies will improve sales effectiveness at their sales organizations.
How effective is your Medical sales organization? Contact us to learn how an Alexander Group practice leader can help transform your company’s revenue enablement function.
Read more insights from the 2017 Chief Sales Executive Operations Forum.
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