National Medical Product Launch: Healthcare IT – Company Acquisition in the 6th Month following Beta Launch (Soft launch) with Independent Medical Sales reps already in the sales field with relationships and access to decision makers in the hospital setting.
Additional Exposure from Independent Manufacturer Sales Reps results in Company Merger with a Multi-Million Dollar growth trajectory
Product:
Healthcare IT product licensed by a leading global real-world media company with global operations in more than 155 countries and territories with over 950 million cumulative subscribers. SaaS licensing
Critical Challenges:
- Product to be offered to independent sales representatives to explore additional sales potential after 4 years of intense direct marketing.
- On a national level, Economic Buyers for the Product had already received aggressive initial introductions to the product from previous marketing. (Email campaigns, telemarketing, direct introductions)
- Long closing process: 120 – 180 days for proposal completion. Complex sale. (IT Healthcare)
- Company felt market was penetrated well enough already, satisfied with revenue obtained from hospitals already on board, cautious about ability to obtain interest from additional hospitals who were already introduced to product information.
- Limited budget, lengthy closing process and intense training needed for closing sales with this product. Complex sale.
Objectives:
- Strategize to identify if product offering has hit maximum penetration in the market, identify potential for ongoing marketing plan through independent reps, company acquisition potential, value for buy out.
- Increase product exposure and obtain contract proposals through Independent Sales Representatives directly calling on economic buyers in the hospital setting utilizing our historical sales reflecting 80% of proposals closing.
- Overcome lengthy training requirements with sales results. Obtain Contract Proposals to identify value for potential company buy out.*
Solution:
- Exploratory for one year to assist in the development of a successful sales process to include a creative compensation package and terms of a sales agreement for independent reps along with assisting to develop training and marketing material to establish the process to ultimately begin “manufacturing reps” (hiring independent reps) in volume. Search, interview, hire, educate, motivate, manage and assist initial small group of experienced independent sales team members to reach desired targets. (Hospitals)
- Strategically Identify select candidates for the exploratory process: Utilize independent sales representatives with relationships, already positioned as a trusted resource, ability to identify buyer needs and overcome sales barriers, solid territory knowledge and strong sales closing capabilities.
- Start with 2 independent agents to strategically develop a successful process for independent reps and grow to 5 independent reps by year end, followed by aggressive team building using a successfully established process the second year.
- Lead Generation: Train Independent Sales Team members to be able to obtain solid leads by scheduling web meetings allowing an interactive meeting between the economic buyer and one single trained team member, historically experiencing a high closure rate (80%) as the result of web demonstrations.
Results:
- One year exploratory contract to identify potential for buy out and then begin preparation to introduce and begin marketing for a buyer interested in purchasing licensing rights. * Company acquisition (buy out) within 6 months from results already obtained. Plan in place reflected sales growth potential.
- Independent Reps Consistently generated leads for scheduled web meetings which resulted in increasing sales proposals month over month in a market where the product had already been introduced and additional well branded competition was now vigorously available.
- A team of (3) Independent Sales Representatives strategically placed had delivered, beyond expectations, nearly $500,000.00 in contract proposals in the first several months which previously took 120 – 180 days for each proposal.
- MedCepts team member participated in a sales presentation for a potential Company Acquisition in May. Company acquisition announced in June.
Note: “Proposal” in this project was an actual agreement signed (with financial commitment) by the facility for implementation of an extensive IT related process.
*Company Acquisition announced in June which positioned the client’s company in the health care market to embark on a multi million-dollar growth trajectory.
Cumulative Sales Results by a small group of acquired Independent Sales Representatives in only 5 months with a critical challenge of professional Marketing Saturation already incurred for over 4 years. – Company Acquisition in the 6th Month following Beta Launch with Independent Medical Sales reps already in the sales field with relationships.
