Finding the right opportunities is crucial for any executive in the digital health industry, especially when the healthcare sector is complicated and rapidly changing. Starting sales in-house or outsourced can be a particularly challenging feat because turning a prospect to a customer and doing it methodically at scale needs to be a priority. 

Watching for these important warning signs we’ve found over the years implementing healthcare inside sales will save you time, effort, and resources. It is essential to arm yourself with knowledge and a keen eye to spot warning signs that may suggest a risky or unsustainable endeavor if you want to remain competitive in this industry.

After helping more than a dozen companies grow their sales processes, we found that there are usually 3 warning signs that your company is not yet ready to scale its prospecting processes.

Lack of Case Studies

Due to the risks and implications involved in such a venture, prospecting for a healthcare or medical device firm with an untested product raises serious red flags. Untested products may cause harm to patients, leading to major legal and reputational ramifications not just for the company itself but for the prospecting company as well.

In the healthcare sector, regulatory checks and compliance are crucial, especially with organizations like the Food and Drug Administration (FDA) of the United States or their international equivalents. Lack of required governmental clearances suggests that the product hasn't received enough inspection, casting doubt on its efficacy and safety.

Finally, healthcare professionals may be reluctant to embrace or recommend these products due to the absence of a strong track record of efficacy and safety. This would limit market penetration and slow expansion.

Too Early in the Go-to-Market Process

Prospecting for a client that is too early in the go-to-market journey raises several red flags and risks that need careful consideration before building an inside sales team or process. These businesses usually are battling a number of issues that could seriously harm their chances of success and sustainability.

When it comes to healthcare sales, you only have one chance at presenting how your product solves an organization’s problem. Don’t mess it up by going in prematurely.

First of all, having a limited budget and resources can hinder product development, marketing, and operations. A lack of financial backing to sustain a lengthy sales cycle may result in compromises in the quality and scope of the product or service, resulting in poor offers that don't satisfy customer needs or legal requirements.

Additionally, a startup might not have a crystal-clear vision or roadmap for its product or service. Because of this lack of focus, strategy and objectives may change frequently, confusing stakeholders and potential partners. It could also point to a lack of comprehension of the market, the target market, and the competitive environment, casting doubt on the

The uncertainty surrounding the company's long-term sustainability is another warning sign. Startups are intrinsically more likely to fail, and those without a strong foundation may find it difficult to survive in the cutthroat healthcare sector. Trust us, we have multiple “failed” products under our belt.

Not Finding and Capitalizing on a Unique Value Proposition

These companies tend to not know what they want and what exactly they have to offer. If a business doesn't have a strong competitive edge, it can be entering a crowded market without a clear value proposition or its product or service isn't solving a pressing problem. Without a significant competitive advantage, the business might find it difficult to expand sustainably and obtain market share.

They also typically have a third party do the initial product market fit on their behalf. Finding a market niche that is feasible and generating significant attention from potential clients or investors may be difficult when prospecting such businesses.

Check If We’re a Good Fit for Your Healthcare Prospecting Needs

While those are red flags we've found working with healthcare companies like yousr, you can use the Binnovate healthcare sales framework to identify priority initiatives to focus on. Start by booking a call with us. Get in touch with Binnovate Digital to discuss how our healthcare prospecting solutions may benefit you.

You may also answer this 3-minute quiz to qualify for a personalized strategic planning session and to find out if our prospecting approach is a good fit for your business.