Many medtech leadership teams are faced with slower organic growth in a rapidly consolidating customer landscape. Casey Carey, a partner in Bain's Healthcare practice, shares how key account management and solutions-based selling can help companies generate customer loyalty and above-average market growth.
Read the Bain Brief: Why Leading Medtech Companies Are Putting Customers Ahead of Products
Read the transcript below.
CASEY CAREY: For many medtech companies, growth is getting harder and harder to come by as their customer base is consolidating down to a few major IDNs. And those IDNs are making more centralized decisions with procurement officers and physicians making decisions side by side to evaluate both the financial and clinical benefits of any product that they're buying. They're looking for proof of patient outcomes, and they're also looking for partners who can provide them with value-added services, like training and on-call technical support.
This is leading to two major shifts in the go-to-market model. The first is putting in place more coordinated customer-centric key account management models. And the second is a focus on solution-based selling, not just product features and benefits. This shift requires meaningful structural and cultural changes for an organization. You're putting in place roles and looking for talent that are really team players and team leaders rather than big hunters. And you're organizing your information, your incentives and your culture around the customer.
Companies that do this will generate stronger loyalty and advocacy from their customers and have a stronger edge in leading growth.
Integrated delivery networks want partners, not vendors.