Those that focus on experiences are driving two times revenue growth versus those who don’t.
5 “ The three building blocks of successful customer-experience transformations,” McKinsey, October 27, 2020. Building blocks for unlocking CX valueīased on feedback from more than 100 CX leaders across various industries, companies are using a proven three-part formula for CX transformation (exhibit).
This article explores the steps medtechs can take now to start unlocking value. For medtechs and the health systems around them, improved CX could mean better outcomes for patients, access to state-of-the-art treatment options for HCPs, and increased loyalty across all stakeholder groups.īut to access these benefits, CX leaders in medtech companies must navigate a complex stakeholder landscape-with patients, HCPs, and procurement professionals across increasingly distributed care, a highly regulated environment when it comes to messaging and rules of engagement, and complex, sometimes long, purchasing journeys.ĭeveloping a stellar CX for all key stakeholder groups may not be a linear journey for medtechs-and may be achieved in pockets to begin with. 4 Victoria Bough, Ralph Breuer, Nicolas Maechler, and Kelly Ungerman, “ The three building blocks of successful customer-experience transformations,” McKinsey, October 27, 2020. Across industries, CX leaders have seen 15 to 20 percent increases in sales conversion rates, 20 to 50 percent declines in service costs, and 10 to 20 percent improvements in customer satisfaction.
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The sector can look beyond the medtech industry to build a compelling case for improving CX-and also for lessons on how to go about doing it. Those that continue to rely on “traditional” engagement models for HCPs, procurement professionals, and patients may be at risk of falling behind. Given the growing importance of CX, some of the leading medtech players are starting to craft novel experiences for their customers. In the US, responses collected between August and October 2021. 3 McKinsey Customer Engagement in Medtech Survey for APAC, EMEA, and US. Some 65 percent say a negative experience with technical support is enough to make them change supplier, while 55 percent would consider switching because of a negative customer service experience.
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HCPs and procurement professionals in the United States also cite poor experience as one of the main drivers for switching medical device supplier. Their preference for remote engagement grew 30 percent, and 20 percent for digital channels, over the same time frame. 2 McKinsey Customer Engagement in Medtech Survey for APAC, EMEA, and US. A McKinsey survey of HCPs from around the world found that the number of US-based HCPs preferring in-person interactions with medical device sales reps decreased from 76 percent pre-COVID to 58 percent by August 2021. The restrictions placed on in-person engagements during COVID-19 led to new practices and preferences, and placed greater importance on aspects beyond product. The medtech industry is not only fragmented, but changing too. Who is "responsible" for shaping the experience of different stakeholder groups, including patients, HCPs, and procurement professionals? How do businesses transform how they operate to meet the needs of these different stakeholder groups? And how do they provide a stellar experience in fast-growing sectors, like ambulatory care? 1 Pooja Kumar and Ramya Parthasarathy, “ Walking out of the hospital: The continued rise of ambulatory care and how to take advantage of it,” McKinsey, September 18, 2020. However, in a highly regulated and complex industry like medtech, the answers for how to do this are not always clear. This article is a collaborative effort by Ralph Breuer, Marcel Meuer, Kevin Neher, Karen Passmore, and Delphine Zurkiya, representing views from McKinsey’s Growth, Marketing & Sales and Life Sciences practices.
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