How Much Do Medical Sales Reps Make
Are you considering a career in medical device sales? It is a wonderful idea since there’s always an opportunity for growth in all aspects including financially. Before you get dedicated to your role as a medical sales rep, it is important to understand how much you are likely to make. Below are some factors that determine how much you are likely to earn in the medical device sales field.
The size of your employer is likely to determine your medical sales salary scale. Smaller firms are likely to offer a smaller salary compared to larger firms. However, the level of competition in the market sometimes makes smaller firms offer competitive packages to compete with bigger firms. The small firm does it to avoid losing valuable staff to competitors.
When starting out, you are most likely to work in the field and earn a respectable average income. With time and hard work, you might get promoted to a higher position. Working in a management position comes with an increase in pay. You have to be patient at your current position while working diligently with the hope of getting promoted. When the promotion eventually comes, your income will also be increased to match your new position.
It is very important to consider the market segment when trying to figure out how much do sales reps make. The medical devices sales market is segmented into hospitals, physicians, and clinics, or surgery centers. Your earning will depend on your target market. Sales reps serving clinics and physician centers have a significant difference in earnings.
Hospitals offer the highest compensation because of having a high average commission. You are likely to sell more since hospitals use more equipment and accessories compared to the other markets. There is a chance of earning significantly more depending on the number of hospitals on your clients’ list. Your average commission will be a bit more leading to a higher average total compensation.
Travel vs. no travel
Medical sales reps who travel always are more likely to earn less compared to those who rarely move. Beginner sales reps begin their career by moving into the field all the time. As you gain experience and travel less, your income significantly improves. Perhaps traveling less means you have been promoted with a subsequent increase in salary. Frequent movement helps novice sales reps to gain track in the business. With time, you will travel less after getting a few customers.
Another significant factor that determines how much you might make in medical sales is age. Your sales reps are obviously beginners and earn an average salary. Medical device sales reps above 40 years usually earn significantly higher. This is because these have years of industry experience with a steady increase in average base salary. However, it doesn’t mean that young sales reps can’t make higher earnings. It is possible when lucky enough to land on some juicy deals such as hospitals.
Just like in other fields, experience matters when it comes to earnings in the medical device sales field. The more experience you gain, the higher the chances of getting a higher salary. This is because you become a valuable asset for the company when you have more experience. Novice sales reps usually earn a competitive basic salary for lack of experience. The medical device sales industry encourages growth and beginning out as a novice should not discourage you to join. With time, you will gain enough experience to earn a higher salary.
Another consideration when determining earnings in the medical sales field is gender. Keep in mind that this industry is closer to income parity compared to other industries. The earnings for males are about 3 percent higher than those of females. Males are more energetic and likely to be more aggressive in the field. This increases the chances of landing on some juicy deals and performing beyond expectations with consequent job promotions.
With all the considerations you have noticed above constant, your personal effort will play a significant role in your earnings. More aggressive sales reps are considerably more compared to lazy ones. So, you have to be prepared to be aggressive and focused when looking forward to making it big in the medical sales rep position. The first step to joining the medical device sales industry is acquiring appropriate training including one-on-one training with a professional coach. This will give you the right skills to take on the position head-on.
Don’t put your ambition to join the medical sales industry. This is a lucrative practice and you are likely to grow your career much faster with consequent higher earnings. When figuring out how much you are likely to earn, it is obvious that you will begin with a basic salary but with experience, you will significantly earn much better.