Sales Funnel Effectiveness in the MedTech industry A Strategic Analysis and Case Study
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| Format: | Thesis |
| Kulcsszavak: | CRM medtech industry omnichannel engagement sales funnel management sales-marketing collaboration |
| Online Access: | http://dolgozattar.uni-bge.hu/54628 |
| Abstract: | The background of the topic The MedTech industry introduces new and exciting challenges and opportunities to the business world as its sales strategies impact not only business metrics but the health and well-being of society. The COVID-19 pandemic highlighted this sector's importance as public health and business operations faced unprecedented risks. Therefore, in the post-pandemic era, the relevance and timeliness of this thesis are particularly significant in understanding the industry dynamics. Moreover, it aims to address the research field of how the advanced tools and methods related to the sales funnel can be effectively applied within the MedTech industry and how they can optimize both sales processes and customer engagement. Research Question: "What are the strengths and limits of Company X's currently used tools and methods for Sales Funnel Management?" Literature Review and Conceptual Framework: The study delves into the sales funnel concept, CRM systems, key performance indicators (KPIs), and omnichannel strategies while exploring the cross-organizational functions related to the sales funnel. The thesis presents a framework for evaluating sales funnel management developed from all the essential findings of the literature resources. This framework is then applied in a case study involving Company X, providing insights into the theoretical concepts discussed. Methodology The research methodology includes semi-structured interviews, thematic and comparative analysis, and purposive sampling. This systematic approach and the case study ensure a deep and nuanced understanding of sales funnel management, shedding light on theoretical and practical aspects. I have conducted six interviews at Company X with people who were intentionally selected because of their role at the company and their relation to the sales funnel. After doing a thematic analysis of the interviews, I compared them to the developed framework, Conclusion of the study: After collecting all the findings and categorizing them according to their perceived strength or a limitation, it can be concluded that compared to the limitations, Company X has more elements that can be perceived as strengths. Therefore, it can be stated that the company has an effective sales funnel management system. The core elements of effectiveness are the Salesforce CRM software and the matrix system used for opportunity management. Recommendations include enhancing collaboration between marketing and sales departments, conducting a survey about the clientele’s engagement preferences, and adding a post-sale stage to the customer journey. |
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