3 tips that will help you boost medical supply sales
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3 tips that will help you boost medical supply sales

  • Highlights

  • Highlight the quality of supplies to make a mark on customers

  • Track, re-stock and manage orders with software

  • Focus on clearing slow-moving inventory

  • Make necessary investments with a Bajaj Finserv Business Loan

As someone who runs a medical supply business, you are aware that you need to constantly work on developing new strategies to find success. This is important for you to stay ahead of your competitors, while distinguishing your business as one that’s dedicated to offering quality services. However, there are a few basic ground rules that you must follow to grow your medical supply business’ sales. Keeping these guidelines in mind can help you better your sales from the ground up, and ensure that you aren’t implementing measures that will harm your revenue.

1. Highlight the quality of your medical supplies

One way to boost your sales is to emphasise on the quality of your products over that of other players and hence justify your pricing. You can visit doctors to demonstrate the quality of supplies that you stock, and also state any certifications or accreditations that these supplies have to their name. You can also promote new products this way.

Remember, when it comes to medical supplies, those in charge of stocking must be 100% sure that the product they are choosing is going to offer the best results. So, capitalise on this thought and highlight why picking from your catalogue is the best move for them.

2. Incorporate technology for better efficiency and data management

It is essential that your team has seamless and easy access to the required data to make a sale. While you may think that spread sheets will be sufficient, remember that updating order details, quantities of each product, delivery dates, etc., can be time-consuming and tedious to execute, especially in real time, when you have a large team. Introduce business analytics tools to make your processes more efficient so that you can update information in real time, and the entire sales team is able to access the data simultaneously. This will ensure that you don’t promise terms to clients that you can’t live up to, and don’t have to cancel orders owing to a lack of stock or delivery vehicles as it wasn’t updated in your spread sheet.

Also, with business analytics tools, you can also create reports and see the kinds of products that your clients demand, how much it takes to restock items, etc. This way, you can forecast demand patterns and build your inventory accordingly. Not only will this increase the speed with which you can fulfil orders, but it will also help you reduce unnecessary expenditure.

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3. Focus on clearing slow-moving medical inventory

The longer you have to maintain inventory, the more expensive it is for you. Also, as medical supplies inch closer to expiry, they become less desirable. To ensure that you’re not losing money, it is important that you keep any eye on slow-moving inventory and do your best to sell it. You can offer a greater discount on these products, for example, and also contact pharmacies who will be interested in stocking gloves, gauze, antiseptic wipes, etc. as opposed to catering specifically to clinics and hospitals.

To implement these measures without running out of funds or cutting corners, supplement your capital by taking a Bajaj Finserv Business Loan up to Rs.30 lakh at a nominal interest rate. You can also use the Flexi Loan facility to borrow as you need from the total sanction and pay interest only on the amount that you use. If you’re applying for funds at the nth minute, you can make use of the pre-approved offer that you qualify for, and get instant access to the loan amount.

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