Glossary Term
Account-Based Selling
Definition
Account-Based Selling (ABS) is a strategic sales approach that focuses on targeting high-value accounts or customers by tailoring the sales process to their specific needs and challenges. This method involves identifying key decision-makers, personalizing outreach, and leveraging cross-functional teams to build strong relationships and deliver customized solutions.
Relevance to the MedTech Industry
Account-Based Selling is vital for addressing the unique needs of healthcare organizations, such as hospitals, clinics, or group purchasing organizations (GPOs). By concentrating on high-value accounts, MedTech companies can navigate complex decision-making processes, enhance customer relationships, and drive adoption of medical devices or services tailored to their operational and clinical requirements.
Additional Information & Related Terms
Key Opinion Leader (KOL) Influential stakeholders often targeted in ABS strategies to build credibility and drive adoption.
Customer Journey Mapping Enhances understanding of the account's experience and pain points throughout the sales cycle.
Sales Funnel Guides the process of nurturing accounts from awareness to purchase.
Cross-Selling Identifies opportunities to sell complementary products or services to existing accounts.