“Do you know who my rep is for this?” was the most common question asked during my 13-plus years as a medical device rep. I often wondered why we didn’t have a searchable online directory of medical and pharmaceutical reps and their products. And after over a year of intense tech development, I can now tell you why. There’s a lot of moving parts and a mountain of information to keep current to help people “find my rep”. Hence why it hasn’t been done before.
I’m Cheryl Halbert, the Founder, and CEO of RepSource, LLC. RepSource is the healthcare industry’s first searchable directory of medical and pharmaceutical representatives and their products.
Think of it as the easy way to find rep contact information – a digital business card that never gets lost on a desk or thrown away.
My personal WHY is to make a positive impact in the daily work life of those I’m honored to call friends and colleagues. I’m doing that by challenging the status quo and asking: Why have we settled for this antiquated process for finding the people and information we need?
What I’m getting ready to launch to you (my readers) is a better way for medical representatives and healthcare providers to work more efficiently together.
RepSource Development and History
Given my unique vantage point, I started talking with my close network of medical representatives and healthcare providers to get their feedback on a clickable prototype I had designed.
Utilizing the Lean Startup methodology, I asked what they liked, what they didn’t like, and how I could make the app more useful. Then I implemented this user feedback into the Most Loveable Product (MLP) and presented it to Central Texas hospitals and reps for a pilot program.
Once I got commitment, I sold my condo in downtown Austin to fund my “back of the napkin” idea and make it a reality.
To say that I was excited to commence the development of RepSource was an understatement, yet also nerve-wracking given the sizable check needed to kickoff the project.
The tech development is 90% completed. With only a thorough Quality Assurance check between me and my launch, I’m coming to realize that I forgot to ask my end users one key question:
What would you be willing to pay for this new RepSource innovation?
RepSource Pricing
Most serial tech advisors would say this is a HUGE miss on my behalf. I agree, but perhaps it’s a blessing in disguise. Here’s why. Why do we ASK our end users for feedback on our solution, but then TELL them how much they’re going to have to pay to actually use it? It seems counterintuitive.
We believe in Value-Based Pricing. Typically, value-based pricing involves calculating saved time, revenue, and/or man-hours, but that’s difficult to quantify for our users. Here’s why:
- Frontline healthcare providers are required to multitask at such rapid speed in the pandemic environment, that it is difficult to stop and quantify time spent on a task.
- Medical representatives have become so accustomed to fielding rep search phone calls, it’s difficult to quantify the variable financial impacts of these manual connections, given the vast cost difference of medical products.
- Lost sales from lost connections are unknown and therefore cannot be quantified until a missed sales goal at quarter end.
- Additional sales from new connections can be quantified by your competition, but remain unknown to the lost connection rep.
Join the RepSource Pilot
According to Brian Halligan, the CEO of Hubspot, “Feedback is the breakfast of champions.”
At RepSource, we believe experiences are the most valuable currency of life. That’s WHY we’re giving our pilot program users a complimentary 90-day Premium access pass. That’s a whole fiscal quarter (~3 months) of access at no charge to you, with no credit card required to begin.
We’re so confident you’ll love what we built for you, because your input helped us design what it is today.
The catch and unique opportunity: we’ll be requesting your feedback during your 90-day trial to help us determine a price for your perceived value.
Our core company values are transparency and putting the customer first. That’s why we’re sharing our pricing strategy with you in this blog, setting your expectations for the pilot program and requesting your customer feedback on our Most Loveable Product (MLP) in exchange for your Complimentary 90-day Premium Access Pass.
Our commitment to you is that we will take your feedback, digest it, act on it and follow up with you when we’ve made the requested improvements or determine the pricing. By taking this unique approach, we can:
- Separate ourselves from the herd. Too often the healthcare profession is taxed according to its market size, potential and/or deep pockets.
- Ensure our users feel invested in our success. If you win, then we win.
- Innovate better and faster.
- Establish brand loyalty and trust.
- Ensure value exceeds price.
So who’s ready to join us on our journey toward finding a better way for healthcare providers to connect with medical reps?