Is your digital health solution what the market needs? Yes. Can it make a huge impact on patient experience, treatment, and outcomes? One hundred percent. Does growth have to be at the mercy of long product sales cycles? Not Anymore.
For those facing this common obstacle, we’ve got good news and a myth to bust: shorter digital health product sales cycles are, in fact, possible. Here’s how repeatable, predictable digital health integrations close the gap between sales and revenue.
While long product sales cycles can be attributed to many sources, healthcare integrations can be one of the greatest contributors. Complexities such as integration scoping, execution, and maintenance often extend the digital health product sales cycle, making it difficult to close deals.
Yet, integrations can be one the greatest selling points for your sales team, which begs the question: how do you execute integration projects more quickly, so that your sales team can maximize on this selling point? Answer: predictable, reliable, repeatable integrations.
The goal of your sales team is clear: close more deals, faster. Why is “faster” key in that goal? Let’s take a look at how a long sales cycle and delayed revenue can affect a digital health company’s growth and product adoption (aka “stickiness”).
Cash Flow Variability: Long execution timelines can also extend sales cycles, as many digital health vendors don’t realize revenue until the product integration goes live (including the integration). For example, a net new integration could take three months to deploy. For a digital health vendor, this timeline means three months of waiting to realize revenue — provided everything goes according to plan. (Yes, we know. Sometimes things just don’t go according to plan … Shocking.)
A substantial gap like this between sales and revenue causes cash flow variability and obstructs financial visibility. If you don’t know when you’ll receive money, how are you supposed to know when it’s OK to spend it? Without a clear image of financial standing, finance teams must make budgets and projections according to predictions instead of cold, hard facts. Taking a digital health solution to the next level means making calculated risks and investments. Keyword: calculated, informed by data and facts.
Sales Team Morale: A long sales cycle can also result in low sales team morale. Your sales team works incredibly hard to sell your top-of-the-line solution, and a slow sales cycle delays gratification — both financially and professionally. Your sales team, no matter how fantastic they are, are only human. Delayed commission and extra time spent on stalled deals can get even the best of us down. This low morale, in turn, can increase turnover, which means expending resources to train new team members.
If the sales team is your company’s lifeblood, high turnover means delayed growth, ultimately getting in the way of market share expansion. And let’s face it, happy sales teams are way more fun anyway.
Not to mention that integration variables add a cautiousness to sales messaging, as sales teams walk the fine line between overpromising and underselling integration capabilities — and when scaling healthcare technology, trust us, the last thing you want on your hands is an overly cautious sales team. Leverage predictable integrations so when asked, “Do you integrate with my system,” your sales team can turn around and say “Yes” without batting an eye.
Prospect Abandonment: A long digital health sales cycle also increases the likelihood of prospect abandonment because it gives your prospect more time to consider alternatives to your solution and to question your value proposition. Why make this period of time longer than it has to be, especially if it’s at the expense of your close rate?
The longer it takes to engineer and implement an integration for a customer (the longer the time-to-value) the more likely a customer is to become dissatisfied with your product and/or service, which could result in a lost customer and get in the way of product advocacy
It’s like going to a restaurant and having to wait two hours to get your food. The food can be fantastic, but it’s not going to make up for the perceived horrible service. The end result? A lost customer, poor reviews, and negative word-of-mouth — all unfortunate outcomes considering customers aren’t always aware of what goes on behind the curtain. In the eyes of a customer, a bad experience is a bad experience, regardless of the cause — whether it’s a grease fire in the kitchen, or a monster integration project.
Clearly, integration variables and demands can lengthen digital health product sales cycles. Now let’s look at the inverse. A shorter sales cycle decreases the likelihood of prospect abandonment during the buying cycle while also alleviating the burden on your sales team, empowering them to close more deals more quickly.
Now for our favorite part: solving the problem for you, so your team can focus on its core competencies, driving growth, market share, and overall business objectives.
Our team of integration experts and Solutions Engineers help your team shorten your sales cycle by scoping, engineering, and maintaining integrations for you. Bridge Connector lives and breathes integrations, delivering timely workflows that shorten sales cycles and propel growth, so that you can focus on selling your product, not the integrations. That’s right, myth busted.