How to Use Contract Intelligence to Your Health IT Sales Advantage
Health IT buyers are looking for a lot of different information when they speak to health IT solutions sales professionals. From technology functionality and fit to support and compatibility within their organization, buyers want intel they can bring back to decision makers and stakeholders so they can move forward with confidence.
It is your job to make sure that you understand, right off the bat, what the goals are of the organization so you can better guide the buyer down the path to the sale. While this is inherently helpful and usually the first thing you want to do when you get on the phone with a new prospect, it’s not necessarily what the customer wants. In the majority of cases, there is another piece of information that trumps all others: price.
In fact, according to a recent study, while 65% of sales representatives try to focus on goals in the first call, 58% of customers want to talk about what it will cost them.
Preparation for this inquiry will set you apart from the competition without question. What will put you light years ahead is coming into the conversation with intelligence on the expectations and past experiences of the customer, as well as visibility into what the market is dictating. What types of proposals and contracts have your competitors executed for similar technologies or services? What pricing and terms have your prospects entered into for these technologies in the past? How do you get to this information?
One of the ways sales professionals approach new market opportunities is by tracking Request for Proposal (RFP) documents. In health IT sales, the RFP is a document from a hospital or healthcare organization requesting bids (including pricing) from vendors concerning a specific software, service, or equipment.
Sales people use these as a trigger for outreach to prospects. While certainly a powerful tool (and one offered with every LOGIC Health IT Market Intelligence platform subscription), the RFP doesn’t always paint the whole picture about why the prospect is looking for a specific offering. More insight is usually required to for you to make an impact with a prospect and get to the sale.
Many sales organizations look to market and business intelligence tools to provide advantage in their sales conversations and proposals. Overlooked many times, however, are tools that provide contract intelligence. The marriage of market intelligence and contract intelligence can help the sales person understand the proper context to shape the prospect conversation, while building trust and cutting down the timetable to closing the deal.
Contract intelligence provides you a holistic view of the market (and the opportunities that exist within it) built from actual documentation from your competitors and prospects. While RFPs generally get a large amount of attention by sales teams, there are many other documents you should be attuned to that can provide the insight that will help you create and adjust your strategy. From pre-solicitation documents during the information gathering phase, to actual executed contracts, a contract intelligence tool can put you in the driver’s seat to increased sales.
Download our Ebook “Beyond the RFP: 5 Documents You Should Know to Get the Edge in Health IT Sales Opportunities” for more on how to identify and make sense of documents across the contract lifecycle. Then get a demo of LOGIC™ Source to learn how a contract intelligence tool can propel your sales opportunities and move your strategy forward.