Should Your Team Be Creating Value or Beating the Competition?

18 Jul, 2018

We all remember the story of the hikers in the woods who encountered a bear. The first hiker started to run, but the second one sat down to put on his sneakers. “Why are you doing that?” asked the first hiker. “You’re wasting precious time!” To which the second replied, “I don’t have to outrun the bear—I just have to outrun you.”

When your teams are competing in a tight and potentially overcrowded sector of the marketplace, which goal should command more of their attention: Creating higher levels of a commodity like value, or offering something competitors can’t? Should you do what your competitors are doing, just do more and better? Or should you separate yourself from the field? Ideally your teams will do both, but when you must choose, keep these considerations in mind.

As always, weigh costs and benefits.

In the given set of circumstances, ask yourself what it means to generate value and what this action will cost. For example, “value” (when measured using client and customer surveys) is often associated with scheduling personal meetings, offering unbiased data on drug pathways and interactions, providing steep discounts and staying in constant contact. Some of these things require nothing more than high interpersonal skills and situational awareness. But others take time, and time costs money. Sending your rep halfway across the state to sit in on a 20-minute meeting could pay off – if you know for sure your customer associates this with value. If not, dedicate that time and cost to another aspect of the client relationship.

When you have opportunities to differentiate, take them.

Recognize when your product or service sets you apart from the crowd or delivers a benefit that exceeds the average client’s expectation. To do this, work closely with your marketing and product development teams to spot areas – even minor offerings – that your competitors don’t have and can’t provide. If you don’t know about them, you can’t leverage them.

Read the customer and the room.

Hospital administrators and medical decision makers won’t always announce what they consider “value.” Encourage your sales reps to read the room and analyze responses to various aspects of your service and contracts. For example, if your customers applaud a rep who goes the extra mile at midnight to procure a replacement for a custom insert or prosthetic that was sized wrong, make note of it. If they’re unimpressed or have their own system in place to deal with such issues, make note of that too. Some customers appreciate constant contact, and some don’t notice or may even resent it. Stay flexible.

Research, observation and data collection will help you understand where and how to deploy the time and talents of your sales force. For guidance, contact the medical sales recruiters at Buckman Enochs Coss and Associates.