Capital Equipment Sales: medical equipment, hospital equipment, etc.
Today’s video explains capital equipment sales as it relates to the medical sales industry: what it is, how it differs from consumable sales in process, and what it requires from its salespeople. Knowing the difference and where you fit will make a huge difference in how you approach your job search.
The easiest analogy I have is that it’s like the difference between buying a car vs. buying shampoo. When you buy a car, you have to think about it: You research it (sometimes for months), ask your friends, look around for a good deal, maybe get financing…it’s a time-consuming, anxiety-producing, big decision that will have an impact on your life for years down the road. When you buy shampoo, either you go with what you know or you try something new based on advertising or a friend’s recommendation. No big deal. If you don’t like it, you’re out less than $10.00. No long-term impact.
Capital equipment sales is like buying a car. There’s a lot of money involved, it might require a committee decision…it’s a major investment that will affect that facility for years to come. Usually, it’s a 3-12 month process, so it requires a significant amount of patience on the part of the salesperson. Some capital equipment salespeople don’t even make their first sale during the first 12 months.
Consumable products (laboratory reagents, paper for your copier, for instance) don’t require nearly as much commitment or cash, so it’s a much faster, easier process. Less money, faster results.
Both types of products are found in medical sales, specifically in research laboratory sales, clinical diagnostics sales, DNA sales, and biotech sales. In the medical setting the equipment (imaging, monitors, software systems, etc.) are capital sales and the consumables (gloves, bandaids, wound care products, gowns, reagents, liquids, etc) are not.
Get free training for your medical sales job search in my How to Get Into Medical Sales webinar.
Written by Peggy McKee - the medical sales recruiter
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