The Science of Sales
Unleashing the Potential of Precision Advertising: The Key to Success in Medical Device Sales
By understanding this principle and applying it in your advertising strategy, you can build stronger brand recognition, foster preference for your products, and ultimately drive higher sales
- The Science of Sales
- 10.04.23
The medical device market is fiercely competitive, with numerous companies vying for attention from doctors and decision makers. How can you ensure that your brand and products stand out?
What if you could advertise to specific doctors and decision makers, ensuring your brand is always at the forefront of their minds?
Leveraging precision advertising in conjunction with the psychological principle of the Mere Exposure Effect could be a game-changer for your sales strategy.
Here’s why…
1. Saving Valuable Time
Time is a precious commodity for any sales team. The process of identifying, reaching out to, and following up with prospective clients can be time-consuming and labor-intensive. Precision advertising, which targets specific individuals based on data-driven insights, can save your sales team a significant amount of time. By keeping your brand in front of doctors and decision makers automatically, your team can spend less time on outreach and more time on closing deals.
A team of 50 sales reps leave about 1,277 hours of voicemails per month.
[RingDNA]
50% of sales time is wasted on unproductive prospecting.
[The B2B Lead]
In 2007 it took an average of 3.68 cold call attempts to reach a prospect. Today it takes 8 attempts.
[TeleNet and Ovation Sales Group]
2. Differentiating Your Brand from the Competition
In a market saturated with competing brands, standing out is crucial. Precision advertising enables you to deliver a personalized, relevant message to your target audience, distinguishing your brand from the rest. Over time, this targeted exposure can shape perception, associating your brand with quality, reliability, and innovation in the minds of your prospects.
The more frequently people are exposed to a product or brand, the more likely they are to develop a preference for it.
Robert Zajonc
3. Boost Conversion Rates
Precision advertising can drastically improve your conversion rates. As the Mere Exposure Effect indicates, repeated exposure to your brand increases familiarity and preference, which in turn can lead to higher conversion rates. When doctors and decision makers see your brand frequently, they are more likely to choose your products when the need arises.
4. Decrease Waste. Increase Profitability.
Precision advertising not only decreases waste in a sales team by ensuring that their efforts are being spent on the most promising leads, and not wasted on fruitless phone calls, but it also helps increase profitability through higher conversion rates, reduced costs, and stronger customer relationships.
A Top 5 Hospital paid our company $120 every time a physician visited their website. Doctors are incredibly expensive and difficult to advertise to – which is why we built Target IQ.
Jeremy Meindl | Co-Founder, Target IO
5. Priming Prospects to Prefer Your Company
Psychology plays a significant role in our decision-making processes. The Mere Exposure Effect suggests that people develop a preference for things they are familiar with. By consistently and strategically exposing doctors and decision makers to your brand, you prime them to prefer your company over others. When the time comes to make a purchasing decision, they are more likely to choose a brand they recognize – yours.
So what does this mean for me?
The ability to advertise directly to specific doctors and decision makers is a game-changer for medical device sales teams. By utilizing the Mere Exposure Effect in conjunction with precision advertising, you can create a potent combination that saves time, boosts conversion rates, differentiates your brand and primes prospects to prefer you over your competitors.
It’s a win-win scenario for your sales team, your company, and your future clients.
