Effect of Product Sourcing strategy on Sales

If customers (Physicians/Patients) object to a Medical laboratory product or service, it is likely your product sourcing strategy is wrong and the customer needs more product knowledge from the medical technologist to know why their service is the best solution for them. It is hard to sell to a client a product/ service from a medical lab that does not address his/her needs, interests, or condition, therefore finding, choosing and purchasing the right products and services will increase sales and grow revenue. Having the right product sourcing strategy and procurement techniques allows a Medical Laboratory to get a better understanding of the products and services in their business. Hence, this allows the Medical Technologist to utilize different techniques and procedures when doing presentations of their products and services and develop stronger communication skills.

A Medical Laboratory scientist will adapt to a different sales presentation for various types of customers. The medical lab manager should train employees to sell the benefits of the products they have sourced as well as how the products meet customers' needs. One of the best marketing and sales tool used by a Medical Laboratory is the enthusiasm that a Technologist has for the products/services. There is an elimination of any uncertainty that the product/service may not be the best solution for the customer whenever the Medical Technologist generates excitement about their product or service.  The obtainment of excellent product knowledge via your product sourcing strategy and believing in the product is the easiest way to get enthusiastic about your medical laboratory and its offers.

Selecting, sourcing and buying products which the Medical Technologist is educated on is the best way to cement confident in all employees of your Medical Lab. It is pivotal to remember that the first sale you make is yourself and the second sale is your product or service. Hence, if a Physician/patient believes in you, they will believe in the product or service that you are selling at your Medical laboratory. Most objections made by Physicians or patients are really nothing more than questions about the product or service you offer which they want to be educated on. The product sourcing strategy will encourage Medical Technologist to read more, be more enthusiastic and become more educated on their products and services once your medical lab has good procurement practices. In order to easily counter objections, a Medical Technologist should be well versed not only on the products or services at their lab but on similar products or services sold by their competitors.

Product Sourcing Strategy has an effect on:

• Product Knowledge
• Pricing Structure
• Styles, Colors or Models available
• History of the product or service
• Any special manufacturing process
• Product distribution and delivery
• Servicing warranty and repair information
• The customer's interests

All of these factors affect the sales of your Medical Laboratory which is the lifeblood of your business. With new product sourcing strategy, it may take a while for Medical Technologists to  easily articulate knowledge about their product or service but overtime they will become more confident with providing the correct information to Physicians, which will improve sales results. Most physicians/patients want to know WHY your product or service is important to him/her. Never make the mistake of talking about more benefits than you need to. Customers crave product knowledge in order to make purchasing decisions. A customer will likely use only 20% of the features of the product or service they buy, therefore because your product or service has a "cool" feature doesn't mean it will be cool to the customer. Product sourcing strategy and knowledge is the most important tool for closing sales. It instills faith, trust, and respect in the customer which creates a positive customer experience. Physicians or patients will research your products or services because there is tremendous competition that drives customers to believe all products or services are similar. Physicians or Patients have to trust the Medical laboratory and its services and the Medical laboratory professional that they interact with before they make the purchase. Your customers will always require answers to difficult questions hence all medical laboratory scientists should be well educated on their product and services.

Good product sourcing strategy is the vehicle to increased sales, since it strengthens communication skills which allows Medical Technologists to suitably adapt a sales presentation for greater impact. A display of enthusiasm and belief in the product may generate excitement among Physicians/Patients and alleviate uncertainty about the solution that the product provides the customer which in the long-term boosts enthusiasm in your customers. If a customer is not completely committed to making a purchase, the difference may simply be the confidence of the Medical Laboratory scientist who is selling the product or service. Solid strategic sourcing, procurement knowledge coupled with parallel information about similar products/ services sold to your customers gives added advantage to easily counter objections and increase sales.

If you need more information on the impact of product sourcing strategy on sales, email us: gavmedsolutions@gmail.com or call us: 18765685178. Visit our website for more information: http://gavmedsolutions.com/