The Foundations for going to market

In today's rapidly changing business landscape, certain pillars are essential for success in any industry, including the med-tech sector. Sales growth, product innovation, and business change are three critical pillars that interlink and support each other, acting as building blocks for achieving growth and market success.?

While challenges exist, adopting the right mindset and implementing effective strategies can empower businesses to thrive. This article explores these three pillars and their significance in driving progress and delivering value to customers.

Let’s start with sales growth.

Sales growth - beating the long sales cycle

Bringing a product to market is a challenging endeavor, especially when faced with lengthy sales cycles, particularly in heavily regulated industries like med-tech. However, with the right sales strategies and processes in place, it is possible to overcome these hurdles.

Developing a comprehensive growth strategy is crucial, which involves identifying opportunities, understanding the market dynamics, and working backward to chart a path to success.?

Acquiring new customers requires a well-defined plan, accompanied by an effective marketing strategy to amplify brand awareness. While having a quality product is essential, it is equally important to communicate its value proposition in a compelling manner.

Product innovation - accelerating growth and value

Innovation is key to staying competitive and achieving sustained growth. Understanding the market challenges, trends, and shifts is essential to effectively solve customer problems and offer value-added solutions. Performance analysis plays a crucial role in identifying what aspects of a product or service are working well and where improvements can be made.

25 percent of the total medtech market is projected to grow approximately from 6 percent or more a year from 2022 to 2025 according to McKinsey’s report. This growth could provide ample opportunity for those with the initiative to strategise correctly.?

Adopting a lean strategy and cultivating a rapid mindset can unlock the potential of products, while collaborating with partner networks can help build best-in-class solutions. By continuously innovating and remaining relevant, businesses can capitalise on the evolving market demands and secure their position as industry leaders.

Business change - customer-centricity and adaptability

Customer-centricity is paramount in the med-tech industry. Placing the customer and patient at the heart of every decision and action can dramatically improve the overall customer experience. Understanding the dynamics of the business, as well as the needs and expectations of customers, allows for responsive and effective action.

Breaking silos and embracing modern ways of working are critical elements of business change. Encouraging collaboration, soliciting external perspectives, and fostering an environment that embraces innovation and change can drive progress. Leadership teams play a vital role in setting the vision, cascading messages, and leading by example. Shaping the team for change is essential in propelling the business forward and fostering a culture of continuous improvement.?

Overarching themes - collective responsibility and frameworks

By embracing these pillars and staying adaptable and customer-centric, businesses can thrive amidst industry challenges, achieve sustainable growth, and deliver meaningful value to their customers.

Sales growth, product innovation, and business change are foundational for the success of any business – and they don’t operate in isolation, either. You need to innovate to push your business forward, and by staying relevant you can achieve growth.

So, if there was anything I’d leave as a takeaway for you it’s this:

• Fine tune commercial awareness and GTM strategies to achieve sales growth
• Analyse the market and our own inventory to innovate further, iterating on past success
• Break silos and introduce modern ways of working to achieve business change