Medical Device Company Successfully Reduces Churn by 5% with Inside Team Sell Model
After 4 months of Inside Sales assistance, the churn rate had decreased by 5%, representing $394,751, which resulted in the increase of Inside Sales Representatives.
After deploying this into the entire account base of 1,828 accounts the team was able to increase sales by 31.9% from year to date.
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OBJECTIVE Reduce Churn on an Arterial Closure Device A global medical device manufacturer dedicated to transforming the treatment of some of the world’s most expensive, epidemic diseases, partnered with Salelytics to reduce churn on an arterial closure device using a team selling approach.
This helped with gaps in coverage for the arterial closure device allowing the field representatives to focus on higher dollar value opportunities while ensuring that market share was not lost in their core product.
THE SALELYTICS SOLUTION Team Sell Coverage Salelytics piloted a partnership with the field on 225 accounts. The success of the pilot resulted in the Inside Sales Team expansion, with three Inside Sales Representatives teaming up with 112 Field Reps.
Inside Sales Team had two primary responsibilities:
Maintain and grow any steady state accounts.
Focus on winning back any at-risk account revenue.
Messaging was designed around two key activities:
Teaching insights to convert new business.
Clinical presentation on safety & efficacy to promote the product of choice and usage.
RESULTS Reduced Churn and Increased Number of Inside Sales Reps After four months of Inside Sales assistance, the churn rate had decreased by 5%, representing $394,751 (which resulted in the increase of Inside Sales Representatives). After deploying this into the entire account base of 1,828 accounts, the team was able to increase sales by 31.9% from year to date. Due to these results, the team is looking toward expanding again in the near future.