From strategy to sales: Building a path to Go-to-Market for healthcare innovation

The first two blogs covered the navigation of the healthcare system and crafting a value proposition. In this article, we explore the path from strategy to sales. Let’s dive in.

Once you've successfully navigated the intricate landscape of market access and honed a compelling value proposition, the focus shifts to translating your strategic groundwork into concrete action and building your go-to-market (GTM) path. This is where the rubber meets the road, and it's a phase where many growing companies encounter significant challenges in putting their plans into action. Moving from strategic planning to effective commercialisation requires a distinct set of skills and a carefully constructed approach.

One of the biggest challenges for growing companies, especially those introducing innovative digital health tools or complex medical devices, is that their sales teams might not have experience selling these unique products within the healthcare world. Why is it so tough? Healthcare sales cycles can be incredibly long. Decision-making involves many different people, making things complex. Plus, the processes for buying things are often bureaucratic. These factors combined can quickly drain a company's cash reserves if not managed with precision.

So, what should companies do to build a robust GTM path?

Firstly, you need to structure your GTM strategy and commercial model specifically for successful healthcare adoption. This begins with a deep understanding of the patient journey and identifying the key stakeholders who influence decisions along that pathway. It’s crucial to not only focus on traditional stakeholders (patients, providers, payers, policy makers) but also consider non-traditional influencers who might play a role, e.g. employers, non-profit or community organisations, academics and researchers, who can significantly influence adoption and shape perceptions. Developing detailed personas for each stakeholder group is vital to tailor your engagement.

Secondly, it’s about defining your most effective sales models and channels. Will you utilise a direct sales force, work through distributors, leverage online platforms, or employ a hybrid approach? The best model depends on your product, your target market, and your resources. For many medtech and healthtech products, multiple touchpoints are needed to build trust before a purchase is made, suggesting a need for a combination of channels. Understanding where your target customers look for information is also key in selecting the right channels.

Thirdly, your marketing strategy needs to be closely integrated with your sales efforts. This involves crafting compelling marketing content that clearly communicates your value proposition (see previous blog post here) and addresses customer pain points. Content should be easily digestible, visually appealing, and include clear calls to action. A modular content strategy, where in-depth pieces are adapted for various channels, can improve efficiency. Beyond content, consider which marketing channels will be most effective, from SEO and speaking engagements to paid advertising, and how to prioritise them for the best ROI.

Fourthly, developing a sound pricing strategy and clear sales plan. This involves analysing competitor pricing, understanding customer price sensitivity, and determining appropriate pricing models. Your sales team needs to be well-trained on the product, its value proposition, and how to navigate the healthcare sales cycle. Setting clear launch goals and continuously observing initial results against benchmarks is essential for identifying areas for improvement and iterating on your approach.

In summary

Building a successful GTM path in healthcare is a complex undertaking that requires careful planning, strategic execution, and continuous optimisation. It's about creating a seamless link between your strategy and your sales efforts to ensure your innovative solution reaches the patients and providers who can benefit most. Navigating this execution phase effectively is key to propelling your company's growth forward.

How Buoyancy Health Strategy can help you right now

Translating strategy into effective sales and adoption requires a well-structured GTM path. Buoyancy Health Strategy helps companies build this path by structuring your Go-to-Market and market access strategy and commercial model for successful healthcare adoption. This involves designing the practical approach to taking your solution to market effectively. This support can be a core part of project-based consulting engagements focused on market entry and growth. By structuring a robust GTM approach and commercial model, the outcome for clients is a clearer, more actionable plan for driving adoption and achieving strategic growth in the healthcare market.