How to Sell to C-Suite Executives in Healthcare: A Guide

In an industry like healthcare, where competition is strong and costs are astronomical, the stakes for innovation and efficiency have never been higher. Senior executives (or, 'c level executives'), from CEOs to CIOs, are charged with a whole host of demanding responsibilities: reducing costs, improving customer outcomes, maintaining compliance, and driving their organizations toward a sustainable future being just a few. It makes sense, then, that c suite executives are in the market for efficiency-driving solutions.

That said, C suite members can be tough - and we mean really tough - to get a hold of. That figures, right? These folks have super demanding schedules and many responsibilities (in fact, the average Chief Executive Officer works well over 60 hours a week). This makes selling to the c suite a formidable challenge for sales professionals.

Luckily, we're here to help out. Drawing on our exhaustive experience sourcing leads and booking appointments with senior executives, we've put together a handy guide you can use to make your c suite selling more powerful.

Whether you're selling a groundbreaking medical device or a transformative IT solution, we're going to help demystify selling to the c suite. We'll cover everything from the unique pain points of senior executives and crafting a compelling value proposition to effectively communicating your message and ultimately, closing the deal.

So if you're in healthcare sales and want to start selling to executive buyers, stick around. Everything you need to know is right here.

What are c suite executives (senior executives) in healthcare?

Healthcare is a large and complex industry. Defined by their high costs and regulatory constrictions, healthcare companies require a comprehensive management system made up of several key executives. When selling to the c suite, it's vital that you understand that person's individual role. That said, let's take a look at some of them:

• CEO: The CEO, or 'Chief Executive Officer', is the 'top dog'; they're in charge of vision and overall strategy.‍
• CFO: CFO stands for 'Chief Financial Officer' and does what you might expect - they manage the finances and budgetary considerations of the company.‍
• COO: The Chief Operating Officer (COO) runs the day-to-day operations and logistics of a company.‍
• CIO/CTO: Sometimes called a Chief Information Officer (CIO) and sometimes a Chief Technology Officer (CTO), this executive's role revolves around managing technology innovation and integration.‍
• CMO: The CMO is the Chief Marketing Officer. They are in charge of the company's public image, and in the context of healthcare, of maintaining public trust.

The challenges faced by executives

It's important to understand executive roles so that you can more accurately address the specific challenges they face. That way, your sales pitch can be better tailored to their needs.

Let's explore some of the common pain points many executives and decision makers in the healthcare industry experience.

1. Regulatory compliance‍
   
   • Regulation is a key issue for healthcare executives. In fact, The Bureau of Labor and Statistics estimates that the need for compliance officers is growing. That's because staying within the framework of constantly-evolving rules can make business tough.‍
2. ‍Cost management‍
   
   • Salaries, acquisition, and distribution are all astronomically expensive in the healthcare industry. For that reason, budget and cost are a key component to healthcare executives' decision making process.‍
3. Technological advancements‍
   
   • Although healthcare is continuously advanced by new technologies, maintaining competitive expertise across various departments is one of a healthcare executive's top priorities.‍
4. Patient outcomes and satisfaction‍
   
   • Ultimately, just like any other industry, senior executives in healthcare need high levels of customer satisfaction to thrive. They also need frameworks with which to assess this, and to use feedback in marketing.‍
5. Workforce management‍
   
   • There are more employees in the healthcare industry than in any other sector in the U.S. This makes efficient workforce management a top priority for a c level executive.

Selling to the c suite effectively

Now we've covered the different senior executive roles, let's examine some of the key steps you must take toward selling to them in a way that gets results. No one of these suffices by itself, but a careful combination of them will have you talking with top-level execs and closing deals in no time.

1. Research and prepare

It's important to go into you c suite meeting with a deep understanding of your prospect's industry and company. We can break this down into three parts:

1. Industry knowledge‍
   
   • Brush up on your understanding of current trends in healthcare (including where competitors are succeeding), key overarching regulations and policies, the market dynamics of this competitive landscape, and more. This'll demonstrate that you really know your stuff.‍
2. Company-specific research‍
   
   • Okay, you may not have access to the company's strategies, but you learn a lot about your target company from online sources. Make sure you understand their organization structure, plus their financial performance. You could also use press releases to learn about recent news and developments. This'll prove that you're not just recycling the same old pitch.‍
3. Understanding specific pain points‍
   
   • You need to recognize what the c suite requires. Exactly. Going in with a broad 'hey, our software makes sending emails easier' isn't going to cut it. C level executives have seen it all before. If you want to initiate them into the buying process, identify something that they're struggling with and provide the solution.

2. Build relationships and establish credibility

As with all sales, the sales process begins before the meeting. Executive level managers and other c suite members are experienced professionals and know when they're onto a winner. Show them you're that winner by proving your dedication.

1. Network‍
   
   • Attend industry events and leverage social media - particularly LinkedIn - to make valuable connections.‍
2. Build trust‍
   
   • As mentioned previously, you need to demonstrate industry knowledge. But sharing case studies and past successes can go a long way toward having a productive conversation. Here's another pr tip: share valuable insights without a pitch.

3. Crafting your value proposition

Most salespeople make the mistake of being too broad with their value propositions. Let's see how you can pack a punch and give a compelling reason for healthcare executives to choose you.

1. Clear messaging‍
   
   • You may be thinking 'I have to show how my solution benefits their organization, right?' That's true, but you also need to quantify the value of your solution. That means demonstrating potential ROI, cost savings, improved outcomes, and more. A c suite member isn't going to be impressed by abstracts.‍
2. Tailor your pitch‍
   
   • Remember all that talk earlier about different c suite job titles? Well, this is where that comes in really handy. You should aim to tailor your pitch to the specific executive you're talking to, highlighting how your solution helps them with their specific responsibilities.

4. Post-sale engagement

Should you be lucky enough to close the deal, maintaining post-sale engagement is key to long-term success.

1. Help with implementation‍
   
   • Offering training and support for implementing your product or service demonstrates your seriousness - plus, it's just a class act. Schedule calls to check up on your clients' success, too.‍
2. Build long-term relationships‍
   
   • It's always a good idea to seek feedback and make improvements. Plus, on the client's side, keeping them informed about new features and exploring opportunities for upselling and cross-selling can seriously enhance your future sales process.

Start selling to top healthcare clients today

Selling to c suite executives, whether they're a CEO, a Chief Financial Officer, a Chief Technology Officer, or any other, requires its own skills and expertise. That's especially true for the healthcare industry, where executives are constantly struggling with limited time and restrictive regulations.

But if you're offering the right solutions in the right way, you have the opportunity to stand out and make big deals. It's crucial to understand your audience - and by 'audience', we mean everything from the company to the executive themself - in order to effectively address their problems. You need to go into every meeting armed with as much research as possible and ready to deliver a killer value proposition.

Important, too, is the need to establish your credibility and maintain a post-sale conversation. This way, you'll stand out from competition and increase the chances of positive referrals.

External B2B lead generation and sales development services can significantly reduce your costs and increase your chances of booking high-value appointments. At Leadium, we've been helping clients reach key decision makers in the healthcare industry for a decade, and our dedicated teams have driven them to sustained sales success. Take a look at our services or reach out and say hello. We'd love to hear from you.