Medical Device: Planning for Revenue GrowthBy: Tray Chamberlin Medical Device, Revenue Growth Strategy
In the medical device world, fall’s arrival signals one thing: fiscal year planning season is here. Recently, one medical device company began its strategic planning by engaging the Alexander Group (AGI) to conduct a diligent review of the company’s revenue growth strategy and the different strategic levers they might pull to increase revenue results (see Figure 1). AGI reviewed the collaborative strategy of the company’s three disparate sales teams: field, channel and inside sales. Ultimately, AGI recommended a revamped sales strategy, including sales force structure, sizing and incentive compensation, as well as implementation tools to ensure the solution pull-through and adoption. Takeaways from this case study will help medical device organizations successfully plan for increased growth.
- Re-evaluate the company’s strategy continuously
Is your current sales model and strategy aligned for growth in 2018?
Can your company see year-over-year (YOY) growth with the current model?
How will different market forces potentially impact your strategy execution and how can you mitigate these risks?
- Review the customer’s journey
Should your company shift its focus to meet new customer needs?
Are customers still getting value from your products and services?
- Look for barriers that may be stunting revenue growth
What factors or competitors are blocking the way for your company to increase revenue growth next year?
What steps can your company take to overcome these challenges?
- Review incentive plans for the teams
Have you updated your sales teams’ incentive compensation plans to align with desired behaviors, new markets and new territories?
Is it time to redesign the current plans to improve sales productivity?
- Get senior leadership on board
Is your senior leadership vested in solutions to increase revenue growth for your company?
How can they help the sales team implement or improve sales strategy?
Alexander Group Medical Device practice leaders take a practical approach with data-informed deliverables to assess your company’s needs. AGI knows that medical device companies must take action to challenge yesterday’s legacy sales models with an improved mix of selling resources and aligned programs for better account management and sales coverage.
Are you and your team ready? Visit the Alexander Group’s Medical Device practice page to learn more about best practices in the industry and how it can help your company’s revenue growth. If you have questions, please contact one of our practice leaders.