Determining which medical sales company is your best fit is a major challenge. Medical sales jobs come in all shapes and sizes — as do medical sales companies — and each comes with a different product, mission, territory, and so on.
Luckily, there’s a way to break your decision down into a smaller, more manageable chunk. By looking at medical sales jobs based on company size, you can create a more specific job search. This gives you the power to find the company, product, and team that will push you toward sales excellence.
Let’s get you started on that journey by examining the differences and similarities between startups, small-to-medium businesses, and large corporations:
Medical sales jobs at startups come with exciting new territory. These small but mighty companies are popping up everywhere, changing the face of healthcare one product at a time. If you’re intrigued by medical sales jobs at startups, there are a few things you need to understand before diving into a job search.
What’s a startup? Startups are typically defined as companies with less than 80 employees. It’s important to be aware that to succeed at these early-stage venture companies, sales reps must be prepared to do whatever it takes to rapidly grow the company.
Medical sales jobs at startups provide excitement but differ from the traditional sales role. Startups aren’t just providing new products, the companies are also new to the healthcare scene. Sales reps are, therefore, challenged with convincing customers their products are investment worthy and that they can trust the company backing them up.
Additionally, because they’re building from the ground up, startups have very few employees. Each employee, including sales reps, are expected to be all-in and take on various roles. . In addition, salaries tend to be smaller at start-ups, due to the nature of their business. They haven’t yet received the industry clout that they need in order to sell more of their products. As a result, the average salary is $45,338.
Here’s what you can expect from medical sales startups:
— Sales resources will need to be built up
— Passion is the main driving force behind sales
— Wear many hats outside of sales
— Freedom and encouragement to innovate
— Family-like atmosphere and team
— Introduce new products to customers
— More cold-calling
— Guidelines on commission structure vary depending on funding
— Potentially longer hours as the company tries to quickly grow
What makes you a good fit? If you enjoy an ultra fast-paced, unpredictable world, a medical sales startup is the place for you. Those who aren’t frazzled easily by multi-tasking and jumping from one task to another will especially excel in this type of environment.
Candidates often neglect to consider medical sales jobs at small-to-medium businesses (SMB). In the media, especially, we hear breaking news about startups and large medical sales companies. However, small-to-medium businesses are providing life-changing products as well and shouldn’t be underestimated.
What’s an SMB? SMBs have a broad range when it comes to employee size because the definition depends on the industry, number of employees, and average annual revenue. Most commonly, small businesses are defined as having a maximum number of 250 employees and a maximum average annual income of $750,000 to $38.5 million. Mid-sized businesses, on the other hand, are defined as having a maximum of 999 employees and a revenue of between $10 million and $1 billion.
These companies hold a lot of power when it comes to medical sales jobs. They’re well-established, unlike startups, but haven’t lost a personal atmosphere that most large corporations have outgrown. It’s important to remember, even though small companies factor into this category, the medical sales jobs at these companies differ from startups.
Since small-to-medium sized businesses are established, they are more likely to offer medical sales representatives a larger salary than start-ups. You can expect to earn somewhere in the realm of $63,454 plus commissions.
Here’s what working in medical sales at an SMB is like:
— The personal feel of a small company with the added benefit of experience
— You can directly see the impact of your sales
— Focus exclusively on sales, but still, have a say in other business processes
— Be part of a close-knit team
— Interact with almost everyone at the company (depending on size)
— Various opportunities for advancement
— Set guidelines and sales practices to follow
— Established customers but room for growth
What makes you a good fit? SMBs are the perfect spot for driven sales pros who aren’t looking to build their client list from the ground up. If you’re most productive in a structured teamwork environment, you’ll want to start looking for jobs at SMBs.
Large corporate companies
Large corporate companies are often the most well-known due to their size and success. Popularity, and sometimes notoriety, comes with the territory. Medical sales jobs at enterprise companies come with many appealing aspects, but they’re not for everyone.
These corporations have the means to provide impressive benefits, including large compensation packages. However, sales reps have less say in how the company is run, overall, and aren’t able to build strong relationships throughout the entire company.
What’s a large corporate company? Large corporations, also known as enterprises, have greater than 1,000 employees. This often means they have multiple locations and earn $1 billion or more in revenue.
This is what you can also look forward to in medical sales from large corporations:
— Impressive salary, commission structure, and benefits
— Less opportunity to directly impact business decisions
— Clearly defined sales role
— More challenging to move between roles
— Structured pay raises and promotions
— Overall company stability
— Teamwork is possible, but tight-knit relationships throughout the company are less likely
— Strong, established product lines
— Increased networking opportunities
— Established customer list
— Ability to relocate
What makes you a good fit? Some sales pros work best in a highly incentivized environment. If this is you, and you don’t mind watching others make major business decisions, a larger corporation will motivate you straight into a successful career.
Whether startup, SMB, or a large corporation, medical sales jobs within any organization are enticing. The key to finding a place to call home lies largely within your own priorities, needs, and skills. Don’t be afraid to interview at each size to get a feel for the atmosphere and culture. And remember, as you grow and change, so can your career.