In the medtech sales process, sales teams must rely heavily on operations teams to provide the information and documents needed to support negotiations, contracting, and customer communications. However inefficient communication, lack of visibility between teams, and siloed data, can delay responses to customers; causing slow contract turnaround and creating pricing discrepancies. Furthermore, because these front- and back-office teams are constantly dealing with bottlenecks and a never-ending barrage of requests, they’re stressed – which leads to ineffective internal and external relationships along with lost revenue opportunities.
It’s clear a new approach is needed and that’s why Model N developed Deal Management for the medtech industry. By putting the data that sales teams need to negotiate contracts, implement pricing, and have proactive customer conversations directly into Salesforce; Deal Management empowers field sales to be more self-sufficient. This allows operations to focus on more strategic and value-added tasks, like keeping contracts up to date, ensuring rebates and fees are properly calculated, and analyzing deals.
In the recent webinar, “Empower Medtech Sales with Deal Management for Salesforce,” Kyle Forcier, senior director of product marketing and I share how Deal Management solves three key challenges associated with the medtech sales process. Plus, I’ll walk you through a demo, so you can see the powerful capabilities that can enable your organization up to 17% more deals that are 2x larger on average.
Connect sales-facing tools with pricing and contracting systems
Deal Management enriches Salesforce with up-to-date information on customer performance, contract compliance, and pricing. Now, instead of requesting operations to extract this information from multiple systems, sales has the data at their fingertips in the application they use daily. They can even set up alerts and configurable reports to get up-to-date data on their key accounts. In the demo, I’ll show some of the out-of-the-box examples of this powerful feature, but we can help you configure these reports and create new ones based on your organization’s needs.
Streamline the contract creation process
You can use Deal Management to establish pricing rules, terms and conditions for rebate programs, contract commitments, and contract document templates with approved terms and conditions. Instead of flooding your operations teams with pricing requests, sales can push deals through on their own, freeing the operations team up to spend more time on supporting new customers, benchmarking, and establishing better pricing strategies. I’ll walk you through an example contract process, so you can see firsthand how Deal Management keeps track of all contract changes for auditability and ensures the right signoffs are obtained. What’s more, the final contract can be automatically and seamlessly published to your revenue management system, eliminating the need for manual keying.
Deliver instant access to customer data and insights
When you put more data in the hands of your sales team, they can engage with customers more frequently. They can identify trends, prevent pricing discrepancies, and proactively discuss issues before they become problems. By creating more dialogue with customers, you can eliminate surprises and delays that could negatively impact relationships and revenue. Information is powerful, and I’m excited to show you how you can give your users direct access to the data that will give sales the opportunities to converse with customers in a more fruitful and educated manner.
Want more data, more deals, and more dialogue?
I invite you to learn how you can unite your front- and back-office teams to increase efficiency and foster greater communication – and see Model N Deal Management in action. Watch the webinar now.
