How to Conduct Meaningful MedTech Product Demos That Convert?

“There is almost nothing more powerful than a great product demonstration” – Geoffrey James

Companies across industries are convinced that product demos are one of the most engaging and effective methods for marketing a product clearly and concisely. This is because they enable effective communication of a product’s value, generate leads, and drive conversions, making them a crucial part of modern marketing strategies. 

The MedTech industry is an ever-growing industry. One key driver is the increasing demand for healthcare services, propelled by demographic shifts. This increased demand makes it crucial for MedTech sales representatives, healthcare providers, and decision-makers to adapt and keep up with the changing market trends. 

One of the proven and most prominent technologies in this ever-changing environment is the use of 3D product demos. This tool helps MedTech sales reps and healthcare professionals showcase their products' intrinsic value, enhance a better understanding and build confidence. In MedTech sales, product demonstrations play a crucial role, whether a company follows a sales-led approach or a product-led approach. 

Furthermore, product demonstrations have the potential to shorten the overall sales cycle. This, in turn, becomes an opportunity for sales representatives as they can close deals more effectively, leading to increased productivity, higher sales volume, and improved customer satisfaction. Product demos help create visually engaging and immersive experiences that allow users to have a first-hand experience and explore the products independently. This reduces the need for in-person demos and enhances remote sales opportunities. Remember, every product ultimately needs to reach its end consumers through the sales funnel. So, how does a product demo actually contribute to every stage of the funnel?

The Role of Product Demos in the MedTech Sales Funnel

In the MedTech industry, where the sales cycle can be complicated and involve various stakeholders, a clearly defined sales funnel is crucial for guiding prospects through the buying process and optimizing sales and marketing strategies. This helps MedTech companies meet the unique needs of healthcare professionals and decision-makers. To make this even more impactful, product demonstrations play an important role in each stage of the sales funnel, contributing to lead generation and conversions. 

Top of the Funnel Targeting

At the top of the funnel, product demos draw in prospective customers by highlighting the unique features and benefits of the MedTech products, sparking their initial interest and curiosity. MedTech companies can leverage the power of immersive 3D product demonstrations to improve their product outreach and effectively raise awareness among healthcare professionals and decision-makers. These companies can also successfully communicate the value proposition of their products and lay the foundation for further engagement and progression through the sales funnel. 

The interest stage of the sales funnel helps in nurturing leads and driving them further down the funnel. 3D product demos offer interesting ways to present a MedTech product to grab the attention of potential customers who develop an interest in the product. These demos also allow prospects to explore the product independently, gaining a deeper understanding of how it can address their specific needs. This helps generate valuable lead data that can be used to tailor other sales approaches accordingly. Once these companies can arouse interest in the prospects, they can effectively move leads to the consideration stage and ultimately drive conversions. 

Middle of the Funnel Targeting

Right after the interest stage comes the consideration stage, where potential customers can evaluate and compare different options before moving to a purchase decision. Product demos allow decision-makers to make well-informed decisions by showcasing real-world use cases, demonstrating workflow integrations, and emphasizing the potential impact on patient care and operational efficiency. Furthermore, product demonstrations inculcate interactive elements such as virtual simulations and customizable scenarios, which help potential customers visualize how a certain product would look or fit in their work environment. This leads to a more confident and informed decision-making process. 

Bottom of the Funnel Targeting

In the last stage, i.e., the conversion/action stage, prospects have thoroughly evaluated the features and benefits of the medical device, and customers can address any remaining concerns about a certain product, which fosters them to take action. Therefore, it is of utmost importance to highlight how MedTech product demos strongly encourage customers to take action and facilitate the transition from consideration to conversion in the sales funnel. 

Drive Conversions Through Meaningful MedTech Product Demonstrations

Product demonstrations come in various forms to cater to diverse needs and preferences. Live demos usually involve in-person demonstrations where sales representatives can directly showcase the products to potential customers. These demos do not usually allow customers to use the product independently, instead, the presenter guides the demonstrations. Live demos are mostly used when potential customers have shown interest in the product and are considering their options, as they facilitate real-time interactions and immediate Q&A sessions about specific questions and concerns. 

On the other hand, virtual demonstrations happen remotely through digital platforms, facilitating global reach and flexibility. These can be pre-recorded videos or live-streaming sessions, providing a good overview of the product’s features and benefits, and can be used across multiple stages of the sales funnel. 

Interactive demonstrations are designed for the customers to engage with the product on their own. These are often presented as AR, VR, gamified experiences, and 3D visualization, which are highly engaging. They allow customers to interact with the product independently, enhancing their overall knowledge and understanding of the specific product. Interactive demos are mostly used in the consideration and decision stages. These independent demonstrations help customers understand the product’s functionality and benefits in a more immersive manner, helping them further in their decision-making process. 

Based on this, to drive meaningful conversions through MedTech product demos, consider the following strategies:

Knowing your audience

Knowing your audience can help answer questions related to whether your customers have used any competitor's products, what benefits they receive from it, how sophisticated the user is, and their budget or urgency. Understanding the pain points, preferences, and demographics of the target audience can help MedTech companies tailor their product demos to effectively address those specific challenges. 

Additionally, addressing queries and objections gracefully, while showcasing your expertise and empathy towards your audience, can help build trust and credibility. Crafting compelling demo scripts that highlight the product value and benefits not only guides the target audience through the buyer's journey but also engages and persuades them, increasing the chances of conversion.

Build rapport and clarify their objectives 

For an Industry as vast as MedTech, it becomes crucial to establish yourself as someone with whom your target audience can have a conversation. Once you identify your target audience and understand their pain points, the first step is to actively create a sense of trust and understanding, which is essential for effective communication. Clarifying your objectives can help you better direct your demos with unified communication across conversations. This way, you’re showcasing the most relevant features and benefits to them based on product prowess. 

Understanding their needs

This is the next step to making your demo informative yet engaging. Understanding your target audience's needs involves carrying out thorough research to explore their goals, challenges, and preferences and then using that information to craft a more personalized product demo that resonates with them. MedTech sales representatives can do this by focusing on the features and benefits that are most relevant to their needs. As a result, customers are more likely to see the immediate value and practicality of the product. This not only fosters a stronger relationship between the customer and the company but also increases the likelihood of conversions. 

Being ready with FAQs

How you respond to questions and objections from your customers is one of the most crucial aspects of a good product demo. To create an FAQ for your prospects, sales representatives must first understand the common questions and concerns that they might have regarding the product. Once the key questions have been identified, it helps the sales teams with well-thought-out answers, demonstrating their expertise and deep understanding of the MedTech product. This proactive approach keeps the customers engaged, making them more likely to see the value in the product and move towards a purchase decision.

Followup strategies 

Effective follow-up strategies are essential for converting leads from MedTech product demonstrations to loyal customers. After a product demo, prompt and personalized follow-up communications can address any unanswered questions or concerns and help keep the product fresh in the potential customer's mind. These follow-ups include case studies, additional information, or answers to specific questions raised during the product demonstration. This way the sales team can show attentiveness and continued interest while demonstrating a commitment to the customer's needs and the value of the product. 

Conclusion

MedTech product demonstrations have become a pivotal part of modern marketing strategies and are very much essential for driving sales, conversions, and engaging potential customers. MedTech companies can position themselves as powerful industry leaders by leveraging product demos in various forms, like live, virtual, and interactive demos. This way, MedTech companies can effectively showcase their product's value, address their target audience's specific needs and concerns, and guide prospects through the sales funnel. 

To make these product demos even more effective and drive conversions, strategies such as knowing your audience, building rapport, customizing the product demos to meet their specific needs, being prepared with FAQs, and conducting effective follow-up strategies must be implemented. As the MedTech industry continues to evolve and grow, delivering insightful and customized product demos will continue to be essential for achieving sales success and building enduring relationships with customers, ultimately leading to increased conversions.