A Leading Medical Technology and Services Provider
Salelytics Surpasses Expectations of Client Using a Customized Team Sell Model
RESULTS
Generated $17 million in service agreement revenue in year one
Salelytics’ inside sales team was able to demonstrate a 30 to 60% increase in service agreement sales quarter over quarter and the company’s ROI at the end of the first year was 78 to 1.
To find out how Salelytics can help you improve your sales, call: 888.999.9833 or visit salelytics.com
OBJECTIVE Regain Lapsed Accounts and Maintain at least 70% of Seasoned and Warrantied Accounts The Service and Warranty division of one of the nation’s leading providers of medical technology and services was in pursuit of an effective and immediate strategy to regain coverage of lapsed accounts and maintain coverage of seasoned and warrantied accounts. The company’s field sales team was, with good reason, more focused on selling new equipment and disposables, correspondingly their hospital’s service agreements/warranties fell by the wayside.
The company had bought out another company that was already working with Salelytics in a different space and through that relationship learned about what Salelytics could do for them in the warranty space. Due to Salelytics’ proven success with many other clients, the company chose Salelytics to further penetrate the healthcare market, increase sales effectiveness with decision-makers and improve the cost of sales within its hospital service agreement program.
Salelytics was tasked with developing a sales solution that would help the company overcome challenges by:
Increasing revenue by winning back customers who have allowed warranties/service plans to lapse
Maintaining currently covered accounts by reaching out to the customer in a timely manner
Converting current warrantied customers to the service plan option
Collaborating with the field reps to shorten the sales cycle and increase sales
SALELYTICS SOLUTION Customized Team Sell Salelytics launched a customized team sell model and became a successful extension of the company’s Atrial Fibrillation field team. Salelytics created a personalized sales tool kit leveraging world-class complementary technology featuring an integrated CRM, effective call coverage plan, and a customized sales platform. Beyond sales tools, sales processes including selling the office, SWAN (Spoke to, what about, action, next step), and sales cycle management also were established to customize and target the healthcare market in ways that best addressed the customer’s needs and preferences, at every stage in the account’s life cycle.
Salelytics’ highly trained, dedicated sales associates are responsible for contacting accounts that may have lapsed or expired off of coverage as well as contacting and maintaining existing warranties and service agreements. Salelytics’ revenue generation solution enabled the company to retain account service agreement coverage and allow their internal field sales associates to keep their main focus, selling the product itself.
The ability of the Salelytics sales associates to manage targeted accounts before, during, and after the sale in coordination with the field sales team was essential in maintaining and renewing the company’s warranty/service agreement customer base and helped the company reach its goal of increasing sales and shortening the sales cycle.
RESULTS Surpassing Expectations The team was able to contact all of the Atrial Fibrillation customers within the first five months, including lapsed, seasoned, or warrantied, to introduce themselves and set up a plan for renewing their systems. Due to the great success of the team sell approach, Salelytics was asked to begin working with three more pieces of the client’s service agreement business just 6 months after the program launch. This added an additional division of the market, Cardiovascular, adding 50 field representatives to work with regularly for a total of 150 field reps.
The client had an original set goal for the Salelytics team to generate $850,000 in service agreement revenue for the entire first year. Salelytics’ inside sales medical device team was able to generate $17 million in service agreement revenue in year one.
Salelytics’ inside sales team was able to demonstrate a 30 to 60% increase in service agreement sales quarter over quarter and the company’s ROI at the end of the first year was 78 to 1.
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