Medical Device: Planning for Revenue Growth

By: 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.

Figure 1
To achieve revenue growth success, consider the following questions and resulting implications:

  • 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.

TAGS: , , , ,

Tray Chamberlin

Tray Chamberlin is a director in the Atlanta office. During his tenure with the firm, he has worked on projects in sales compensation, business strategy, sales deployment, sales coverage and quota development. Tray’s experience with AGI spans international markets, as well as companies across several of the firm’s key industries, including medical device, pharmaceuticals, life sciences, financial services, BPO and technology services. Tray is also a member of the firm’s Pharma/Medical Device practice.

Prior to joining the Alexander Group, Tray worked as a senior manager in a technology sales organization, where he partnered with Fortune 500 clients to optimize technology project outcomes. These clients represented multiple industries including health care, government services, financial services, consumer goods and logistics. Tray was specifically responsible for sales strategy and analytics as well as handling key global accounts.

Tray has an MBA from the Scheller College of Business, Georgia Institute of Technology, as well as dual bachelor’s degrees from the University of Georgia’s Terry College of Business and the Grady School of Journalism. Tray also holds a Lean Six Sigma Black Belt certification and is a Certified Sales Compensation Professional (CSCP), WorldatWork.