In launching Get-to-Market Health earlier this year, our key focus is to work with healthcare technology companies to improve their Commercial DNA™, which is how we describe and quantify the sales and marketing expertise required to be successful in healthcare.
What is Commercial DNA™?
As human beings, DNA defines who we are and similarly, Commercial DNA™ is a significant predictor of how successful an organization will be with the customers and markets they serve.
4 Questions to Ask: How strong is your commercial approach?
When we are asked to review a healthcare organization’s commercial approach, we start with four key questions:
- Does the organization have true clarity on the problems their technology solves?
- Do they describe their offerings in value driven terms and articulate this message clearly through their marketing initiatives?
- Do they recognize the characteristics of their ideal customer?
- Do they absolutely understand what drives their customer’s buying decisions?
The ability to answer these questions clearly, credibly and consistently are table stakes for all healthcare technology companies.
3 Characteristics Companies with Great Commercial DNA™ Possess
Over the course of my long career in healthcare, I’ve noted three key characteristics that companies with great Commercial DNA™ always possess:
- They think end-to-end commercially. Companies that integrate their sales and marketing strategies operate in a truly customer driven manner. The problems they solve are clearly messaged and their offerings quantify real value that is in their customers best interests.
- They raise the bar for sales excellence. A true commitment to this discipline enables an organization to make the most of their sales investments, accelerate the sales process and create a clear roadmap for team members to be successful.
- They consistently evaluate and utilize all the sales levers available. Organizations that maximize their opportunities for sales, whether it’s engaging with partners, driving deeper segmentation or creating new campaigns for lead generation are those who will always have the edge over their competition.
How Can Your Organization Use Commercial DNA™ To Succeed?
The healthcare industry is the source of some of the best thinking and consumption of technology; however, the economic realities providers face has fundamentally changed how buying decisions are made. Now more than ever, healthcare technology companies must orient their value propositions in terms that the customer can truly measure and understand.
Messaging that is overly product feature or technology focused will fall on deaf ears, as providers are listening for the financial and clinical returns they will gain from implementing a company’s solution. If they don’t hear it, they will walk away.
Being committed to building Commercial DNA™ is how you find, secure and keep great customers. A company that consistently strives to evaluate, adapt, and improve their commercial practices is a company that will both survive and thrive in the healthcare marketplace.
If you have feedback, best practices or questions about Commercial DNA™, we would love to hear from you. Share your experience in the comments below, or contact us.