Canam Research partnered with Salesloft to assess the sales process within the medical technology field. We aimed to understand the barriers to closing sales and how to remove or overcome them. We heard from directors and vice presidents in business development for various MedTech companies.
Executive Summary
Finding 1: MedTech companies face challenges with inefficient sales processes, which hinder productivity and the ability to make strategic decisions effectively.
- 91% rely on add-ons to compensate for CRM limitations
- 50% of respondents believe reps waste time entering or retrieving data
- 60% of reps carry unfinished work into the next week, directly impacting the bottom line
- 65% struggle with inefficient processes due to manual tasks and lack of integration
- 79% rely on data and call analysis to make decisions about processes but are impeded by data silos
Finding 2: MedTech companies struggle to effectively engage with prospects and customers
- 56% of MedTech companies don’t think they are being proactive, resulting in missed opportunities to engage buyers early and lead the conversation.
- Nearly 40% of respondents admit their buyer engagement is underperforming, representing a massive opportunity to outperform competitors.
- Only 42% of respondents feel they consistently get the right message to buyers at the right time.
Finding 3: MedTech companies are slow to adopt AI and Revenue Orchestration technology for their sales processes
- Only 1 in 5 Medtech companies are using a Revenue Orchestration Platform to engage with prospects.
- Only 6% of respondents use a Revenue Orchestration Platform to improve their process.
- Companies are adopting AI, but slowly. Only ⅓ of respondents are using AI for lead gen and streamlining tasks. Only 24% are using AI to enhance reps’ tactics.
Why this matters to you
MedTech is rapidly innovating. Hospital budgets are tightening, regulatory requirements are evolving and buying groups are becoming larger and tougher to navigate. Unless MedTech sales teams adapt their processes to keep up with the new landscape, they risk falling behind.
With the data we have gathered from this survey, revenue teams in MedTech that adopt AI and Revenue Orchestration technology can benefit from a first-mover advantage over their competitors.
Speak with an expert to learn how Salesloft can help your revenue team get ahead.