There is no doubt that the healthcare industry is a relevant sector. The obvious reason for this is that healthcare is essential, and there’s always a demand for particular products and services. And taking into account the incessant evolution of these offerings, we can expect the industry to grow significantly in the coming years.
Deloitte, for instance, has pointed to several key trends that will define how major players in the healthcare industry craft their strategies to better grab a greater share of the market. Foremost is the expected shift from volume to value. Patients and medical institutions have, in recent years, focused primarily on quality. This scenario has eventually pushed healthcare marketers to improve the way they engage their target audiences. This and the fact that there have been steady advances in the technological aspect of the medical field paints a more positive future for the healthcare industry. In fact, ResearchAndMarkets.com has just released its Global Healthcare Industry Outlook, 2018. The report points out that the industry will experience an impressive 4.82 percent growth rate by the end of 2018. It also shows several observances, most notably the fact that “Asia-Pacific countries taking the lead on Smart’ hospital projects” and that “Virtual and remote clinical trials adoption increasing with the focus shifting to efficiency and patient-centricity.”
However, as in the case of other industries in Singapore, businesses engaged in providing medical technology or supplying pharmaceutical products will need to address several challenges that are putting a great deal of pressure on their competitiveness. Another trend to watch out for is the possibility to implement cost-reduction measures at a time when healthcare products and even basic services are becoming more expensive. This, in effect, has put healthcare margins on unstable ground. With that said, it has become highly crucial for healthcare providers to devise plans for offering affordable and competitive products on the market. This would mean looking for new investment areas and scouting for other means of expansion.
Healthcare companies, especially those based in Asia-Pacific countries where technology is prevalent in diagnostics and treatment such as Singapore, will need to do more than to apply a few tweaks here and there. That the main goal has always been to strengthen one’s position in the market requires focusing on one aspect that actually does the ever complex process of turning healthcare leads into customers.
Enter the sales pipeline
Healthcare is without a doubt an important part of society. But just like other resource-intensive venture, healthcare needs to thrive on a solid income generating base. After all, important advances in healthcare would not be possible if companies settle with their current margins. Expansion, growth, and (above all) the ability to cater to the needs of the healthcare market calls for a more intensive look at the sales pipeline.
What metrics do you use to determine the number of visitors converted into clients? Are you generating the required number of leads to increase your margins?
Such questions and more are crucial to the health of a company whose business is health. But to be able to answer these, companies will need to apply the right way to improve their sales pipeline and secure a steady stream of income from it.
Define your sales process
What is involved in qualifying leads and setting them up for a sales appointment? You won’t know for sure until you get to determine the various stages through which potential clients will go through. A clearly defined sales process is what’s all needed to produce hard-hitting results. Of course, the only way to do this is to simply allot a great deal of resources in managing your sales pipeline. This brings us to the second point.
Have someone with the right skills
Sales pipelines, most especially those in the healthcare industry, are rather tricky because it involves having considerable knowledge of what your product or service can do for potential clients. Your inbound and outbound marketing campaigns should, therefore, be handled by people who truly know everything there is about what they are talking about.
Increase your opportunities by updating your pipeline
Not all prospects will end up purchasing a product or service. What is sure, though, is the fact that you can always look for quality leads to replace those who have declined your proposals. As much as possible, do not linger on failed opportunities. Focus instead on those presenting greater potential for a sale.