Delivering a stellar experience for all key stakeholders in medtech

Enhancing Customer Experience in MedTech: Insights for a Competitive Edge 

The MedTech industry is undergoing a significant transformation as customer experience (CX) becomes a top priority. Companies are increasingly realizing the importance of engaging stakeholders such aspatients, healthcare professionals (HCPs), and procurement specialists through seamless, personalized experiences. By looking to more mature industries for inspiration, MedTech firms can improve CX, boost stakeholder satisfaction, and, ultimately, enhance business performance. 

The Evolving MedTech Landscape: Beyond Product Innovation 

Historically, MedTech companies concentrated on product innovation to meet the demands of HCPs. Access to state-of-the-art devices was a straightforward priority, but times have changed. Today, the industry’s focus has expanded to include enhancing the customer journey across digital, remote, and in-person touchpoints, all while improving patient outcomes. 

However, meeting the needs of diverse stakeholder groups in a highly regulated environment presents challenges. For example, a McKinsey survey found that preferences for in-person interactions with medical device sales reps dropped significantly post-COVID, highlighting the growing demand for digital and remote engagement. In fact, a negative customer service experience could cause 55% of HCPs to switch suppliers, emphasizing the need for a seamless CX across the board. 

To stay ahead, MedTech companies must explore innovative approaches to CX that foster loyalty, enhance satisfaction, and increase operational efficiency. 

Key Strategies for Building Exceptional Customer Experiences in MedTech 

1. Setting a Clear CX Aspiration

Setting a bold and well-defined aspiration is critical for any CX transformation. MedTech companies should tie their CX goals directly to business outcomes, leveraging insights from all customer groups such as patients, HCPs, and procurement professionals to create a roadmap for success. 

For instance, a leading company in the in-vitro diagnostics (IVD) sector improved satisfaction by rethinking its issue resolution journey. By closely collaborating with stakeholders, the company co-created a digital solution for remote support, leading to a 40% improvement in customer satisfaction in just two months. 

2. Transformation Through Customer-Centric Innovation

A customer-centric transformation requires redesigning customer journeys and business models to align with stakeholder needs. Leading MedTech firms use ethnographic research and AI-powered tools to gather deep insights and redesign engagement strategies accordingly. 

For example, a global MedTech company successfully created an AI-driven “next best action” tool for sales reps, helping them optimize engagement across various customer accounts. This approach allowed the company to deliver more personalized experiences while improving sales efficiency. 

3. Enabling Change Through Technology and Analytics

CX transformation relies heavily on enabling technologies. MedTech companies are increasingly adopting data analytics, predictive tools, and machine learning (ML) to better understand customer behaviors and predict future needs. By integrating advanced analytics systems into customer-facing operations, companies can deliver more targeted and efficient services. 

For example, a US-based healthcare provider used ML to analyze patient experiences, resulting in significant improvements in retention and engagement. With the help of predictive models, the company was able to identify and optimize key experience drivers, leading to a higher conversion rate for preventative care outreach. 

Steps to Drive CX Transformation in MedTech 

1. Establish a Clear Aspiration and Priorities

The first step in any CX transformation is setting a clear aspiration. Define what a stellar experience looks like for all key stakeholders and align the executive team behind a common vision. This aspiration should be measurable, with concrete business goals and initiatives laid out over a two-to-five-year horizon. 

2. Launch Focused “Lighthouse” Projects

A focused “lighthouse” project is a great way to demonstrate the impact of CX transformation. By redesigning critical customer journeys such as onboarding, troubleshooting, or education, companies can achieve quick wins while building momentum for broader organizational change. 

3. Build a Data-Driven Insights and Action Engine

MedTech companies can leverage integrated data lakes and advanced analytics to gather insights into customer behavior. This allows companies to make informed decisions and continuously improve the customer experience. By using machine learning and predictive analytics, companies can ensure they are always one step ahead of customer needs. 

The Path to CX Excellence: Let BioBoston Consulting Guide You 

Transforming your MedTech company’s CX can lead to significant improvements in patient outcomes, stakeholder loyalty, and overall business performance. The journey starts with a clear vision, but it does not stop there. To truly unlock the value of customer experience, MedTech companies must integrate technology, analytics, and a deep understanding of their stakeholders’ needs. 

Reach out to us for a consultation and explore how we can help you