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You’re in medical sales and want to improve your performance. How can you use metrics to get there?

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As a medical sales professional, you know that your success depends on more than just your sales skills. You also need to track and analyze your performance, identify your strengths and weaknesses, and set realistic and achievable goals. Metrics are the tools that can help you do that. But what metrics should you focus on, and how can you use them effectively? Here are some tips to help you use metrics to improve your medical sales performance.

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1 Sales Cycle Length

One of the most important metrics to measure is how long it takes you to close a sale, from the first contact to the final contract. This metric reflects your efficiency, your ability to qualify prospects, and your competitive edge. A shorter sales cycle means you can generate more revenue in less time, and reduce the risk of losing opportunities to competitors. To shorten your sales cycle, you need to optimize your sales process, prioritize your leads, and communicate your value proposition clearly and convincingly.

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sohail saroya

open to work
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Improving performance in medical sales involves a combination of strategies and utilizing metrics to track progress. Here's a guide: 1.Understand Your Product 2.Know your Audience 3.Build Relationship 4.Continuous Training 5.Set Clear Goals 6.Effective Time Management 7.Utilize Technology 8.Monitor Key Metrics 9.Seek Feedback By implementing these strategies and leveraging relevant metrics, you can drive improvements in medical sales performance and achieve your sales goals effectively.

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Mahesh Bijarnia

CEO & M. Director at Takemed International Pvt. Ltd.
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Measuring your sales cycle length is crucial for improving your performance in medical sales. This metric indicates your efficiency in closing deals from initial contact to final contract. A shorter sales cycle boosts revenue generation and reduces competition risks. To shorten the cycle, optimize your sales process, prioritize leads, and articulate your value proposition clearly and convincingly to prospects.

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2 Conversion Rate

Another key metric to monitor is how many of your prospects become customers. This metric reflects your effectiveness, your ability to persuade and influence, and your customer satisfaction. A higher conversion rate means you can make the most of your sales pipeline, and increase your market share and loyalty. To increase your conversion rate, you need to understand your customer’s needs, challenges, and goals, and tailor your solution and presentation accordingly.

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Mahesh Bijarnia

CEO & M. Director at Takemed International Pvt. Ltd.
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Monitoring your conversion rate is essential in medical sales. This metric indicates how many prospects you successfully convert into customers. A higher conversion rate signifies effective persuasion, influence, and customer satisfaction. To boost this rate, understand your customer's needs, challenges, and goals, and tailor your solution and presentation accordingly.

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3 Average Deal Size

A third metric to track is how much revenue you generate per sale. This metric reflects your profitability, your ability to upsell and cross-sell, and your customer retention. A larger deal size means you can maximize your return on investment, and build long-term relationships with your customers. To increase your deal size, you need to identify your customer’s pain points, demonstrate your value proposition, and offer additional products or services that can solve their problems or enhance their outcomes.

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4 Customer Lifetime Value

A fourth metric to measure is how much revenue you generate from a customer over their entire relationship with you. This metric reflects your growth potential, your ability to provide ongoing value, and your customer loyalty. A higher customer lifetime value means you can reduce your acquisition costs, and increase your recurring revenue and referrals. To increase your customer lifetime value, you need to provide excellent customer service, follow up regularly, and offer new or complementary products or services that can meet their changing needs or expectations.

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Bruce E. Brown

Independent Distributor, Medical & Surgical Sales
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In an environment where surgical implants have utilization based on Group Purchasing Organization (GPO) -if your device is not on the plan- (in the system), you better have an 'advocate', a MD or 'influencer' who can get your product on formulary or used. If not, you're in for a long, often fruitless endeavor...??

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5 Sales Activity

A fifth metric to monitor is how much effort you put into your sales process. This metric reflects your productivity, your motivation, and your discipline. A higher sales activity means you can create more opportunities, and increase your chances of closing them. To increase your sales activity, you need to plan your daily, weekly, and monthly tasks, prioritize your actions, and track your progress and results.

Metrics are not just numbers. They are indicators of your performance, and guides for your improvement. By using metrics strategically, you can enhance your medical sales skills, and achieve your career goals.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Orlando Vergara Correa

Pharmaceuticals & Healthcare Expert | Speaker | TEDx | Mentor | Ecosystems Leaders Mindset
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Una de las cosas que podría ser muy útil, es medir cuántas visitas interacciones necesitas hacer antes de obtener una primera venta, de tal manera que puedas entender cómo acortar o mejorar el valor durante esa interacción

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You’re in medical sales and want to improve your performance. How can you use metrics to get there?

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1 Sales Cycle Length

2 Conversion Rate

3 Average Deal Size

4 Customer Lifetime Value

5 Sales Activity

6 Here’s what else to consider

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