Why do Healthcare Companies Buy Old Data?

Wouldn't it make more sense to buy data that tells the company which physicians will make the best customers? (This is the sort of thing your Marketing & Sales Ops Leaders dream of… no, really, they do.) Doesn't that sound nice? A dynamic, data file which continually updates and changes pointing out exactly who the best customers are for your business.

That determination shouldn’t just be placed on some old data that many would argue isn’t always accurate to begin with… right?

According to the latest trends, the global medical device market is expected to reach somewhere around $343 billion by 2021. It translates to a 4.6% annual growth rate, pushed in large part by several factors including healthcare expenditure, growing health awareness, more treatment options, more extensive chronic health problems, more informed customers, an aging population, and emerging technologies, among others.

Increasing competition among medical device companies has led to a change in how the sector behaves and operates. Besides introducing new products and services as a means of increasing sales, these companies are also beginning to use data and data analytics to guide its teams. In an attempt at improving overall decision-making and most importantly its efficiency and effectiveness in gaining new revenue-producing customers sales and marketing leaders are looking for the most advanced tools to make these decisions for them.

So. Much. Data.

Public, Private, Self-Accumulated. There truly is no end in sight.. There is so much data to be had and companies are buying it like there's no tomorrow.

How is it used?

Is it analyzed appropriately?

Are the right people seeing it

Does it actually lead to increased market share or does it simply check the box next to the line item in the marketing budget?

Just because a physician did something a year ago, doesn't necessarily mean that a sales rep should contact them today. Does it? Typically, salespeople are interested in new customers who are similar to their current best customers. (The easy conversion, with minimal effort)

It doesn't matter how much data a company buys, or how recent. Numerous dimensions of data need to be analyzed about current customers and prospects to identify the BEST opportunities to grow. This analysis needs to be an autonomous, living, breathing machine of its own. The more its fed the more it produces.

The Solution

But what if this “machine” could provide that highly-coveted information? What if you knew which physicians within the community were most like your best customers? What if that information was based on hundreds of data points and could tell you: "No, don't call on that doc, call on this doc, instead. He/She is the one who best matches the full criteria build by your current best customers..."

Now, THAT would be the sort of data and software that would prove to be real game changers in the Healthcare sales world.

Never again rely on data solely based on what a physician did in the past but rely on thousands of data points that tell you the best physician to call on today!

We're not quite there yet today but every day we're getting closer and closer. Until then, we rely on tools like ProSellus; the fastest-growing Sales acceleration platform available today.

Conclusion

In this day and age, almost every industry works by making use of data. It’s up to us to determine what tools to use and what makes the most sense to us.

If you would like to learn more about ProSellus, request a demo today, feel free to check out our website at www.prosellus.com or reach out to me directly: [email protected]