Tav Tepfer, Chief Commercial Officer, Jabmo10.04.22
In the medical device industry, the nature of B2B marketing and sales has undergone a dramatic shift. For decades, medical device manufacturers (MDM) relied on relationship selling to win business with key prospects and clients. They built personnel connections with physicians, often closing deals through in-person meetings and maybe even over a round of golf or drinks.
But that’s all changed in recent years. When the Physician Payments Sunshine Act passed in 2010, the industry started to feel the shift—no more of those golf course deals. At the same time, hospital systems began including more and more stakeholders in purchasing decisions. Rather than having to win over one or two physicians, sales reps now needed to engage with large groups of decision makers throughout lengthy buying cycles.
Adding to this complexity, hospital buying groups also started conducting their buying research digitally. With so much information about medical device companies and products available online, buyers could now research anonymously without needing to talk to sales reps. And when the pandemic hit in 2020, it only accelerated the shift to digital. Unable to go into hospitals and meet in person, sales teams struggled to get their company and medical devices in front of key prospects and customers.
Now here we are in 2022, and MDMs need to adapt their marketing and sales tactics for success in this new digital buying group era. The most efficient and effective way to guide entire hospital buying groups through the digital buying journey? Account-based marketing (ABM).
In its digital form, ABM is at its most powerful when messaging is delivered in a consistent, coordinated way across all online channels. This includes display advertising, social advertising, website personalization, and even targeted emails.
And thanks to IP-based advertising technologies (where ads are delivered based on a company IP address), MDMs can reliably reach key account buying group members with relevant, personalized messaging wherever they are online—even those elusive anonymous stakeholders. Rather than wasting marketing budget on ads that may or may reach their intended targets, MDMs can zero in on their key accounts very, very early in their buying journey. The result is ultimately bigger, better, and faster deals.
To find the right fit for their unique industry and needs, MDMs should look for an ABM vendor and solution that can help them:
Using an ABM platform that includes IP sensing technology and account-level analytics, MDMs can uncover what key accounts are researching on their website anonymously. Analytics can then reveal what topics, products and services these accounts are interested in—as well as sense when and where buying interest surges. These insights help marketing and sales teams identify cross-selling and upselling opportunities, for example, and then reach out at the right time.
MDMs should look for a platform that enables IP-based advertising and integrates with LinkedIn. Through a combination of IP display ads and LinkedIn campaigns, MDMs can ensure that each member of a target account’s buying group gets content tailored to their role in the buying group and messaging that encourages buyers to take the next step in their journey,
To do this, they’ll need an ABM solution that unites first-party engagement data from all their marketing channels in one place for analysis. This big picture view of account-level engagement enables marketers to determine: where a target account is in the buying group journey, what ads and messaging are resonating, and when they are ready for the next marketing or sales action. Using these insights, MDMs can communicate with target accounts early, often, and with messaging that fits their position in the journey from problem awareness to final decision and beyond.
In these cases, an ABM vendor that also offers managed services can be a great choice. A managed services team—especially one with extensive experience in the medical device industry—can help MDMs with ABM strategy, planning, and execution, while applying industry-specific best practices along the way.
One example of an innovative use case that emerged recently? Navigating supply chain disruptions. When faced with production and shipping delays, many MDMs make the mistake of stopping their marketing efforts. However, Newton’s observations about objects in motion and at rest apply to marketing as well. When companies pause digital marketing activities, they lose all the progress they’ve made and the mindshare they’ve earned with key accounts. They’re back to square one when they try to get up and running again.
But by shifting away from product-focused messaging and leveraging omnichannel ABM, MDMs can keep the lines of communication open with key accounts despite all the disruption. For example, one major MDM temporarily couldn’t manufacture its product due to pandemic-related supply chain disruptions. Rather than stopping its marketing efforts, the MDM switched its messaging. Its marketing team targeted key hospital systems with ads that thanked nurses and frontline staff for all their work throughout the pandemic. Engagement went through the roof. And when the MDM was ready to sell again, its company was already top of mind for key accounts.
Tav Tepfer is the chief commercial officer of Jabmo, a leading provider of account-based marketing (ABM) solutions to the manufacturing and life sciences industries.
But that’s all changed in recent years. When the Physician Payments Sunshine Act passed in 2010, the industry started to feel the shift—no more of those golf course deals. At the same time, hospital systems began including more and more stakeholders in purchasing decisions. Rather than having to win over one or two physicians, sales reps now needed to engage with large groups of decision makers throughout lengthy buying cycles.
Adding to this complexity, hospital buying groups also started conducting their buying research digitally. With so much information about medical device companies and products available online, buyers could now research anonymously without needing to talk to sales reps. And when the pandemic hit in 2020, it only accelerated the shift to digital. Unable to go into hospitals and meet in person, sales teams struggled to get their company and medical devices in front of key prospects and customers.
Now here we are in 2022, and MDMs need to adapt their marketing and sales tactics for success in this new digital buying group era. The most efficient and effective way to guide entire hospital buying groups through the digital buying journey? Account-based marketing (ABM).
Turning to Digital ABM
ABM is a strategic approach in which Marketing and Sales work together to target a finite number of high-value key accounts. Campaigns focus on driving engagement with personalized, account-specific messaging, while efficacy is tracked at the account-level.In its digital form, ABM is at its most powerful when messaging is delivered in a consistent, coordinated way across all online channels. This includes display advertising, social advertising, website personalization, and even targeted emails.
And thanks to IP-based advertising technologies (where ads are delivered based on a company IP address), MDMs can reliably reach key account buying group members with relevant, personalized messaging wherever they are online—even those elusive anonymous stakeholders. Rather than wasting marketing budget on ads that may or may reach their intended targets, MDMs can zero in on their key accounts very, very early in their buying journey. The result is ultimately bigger, better, and faster deals.
Addressing the Unique ABM Needs of MDMs
However, one difficulty that MDMs face when building an ABM program is finding the right enabling technology. Most ABM platforms were not created with the complexities of the medical device industry in mind. Instead, the ABM marketplace is filled with solutions geared towards the tech industry, where sales cycles are shorter, buying groups are smaller, goals revolve around winning net new accounts, and marketing teams have ample budget and resources.To find the right fit for their unique industry and needs, MDMs should look for an ABM vendor and solution that can help them:
1. Expand Business with Existing Customers
In the tech world, companies often have an incredibly large total addressable market (TAM). In other words, they have endless opportunities. Therefore, they primarily drive business growth through acquiring new clients. The situation is very different for MDMs, who work within a much smaller niche. For many MDMs, 80% of revenue comes from the top 20% of their existing clients. So, they need an ABM platform that reveals opportunities to expand their relationships with these accounts.Using an ABM platform that includes IP sensing technology and account-level analytics, MDMs can uncover what key accounts are researching on their website anonymously. Analytics can then reveal what topics, products and services these accounts are interested in—as well as sense when and where buying interest surges. These insights help marketing and sales teams identify cross-selling and upselling opportunities, for example, and then reach out at the right time.
2. Engage Large Buying Groups
Hospital buying groups can be comprised of as many as 30 people. Engaging each of these individuals will require unique messaging at varying times, depending on their role and level of interest. After all, a surgeon will have different concerns and priorities than a quality manager, supply chain manager, or procurement manager would, and so on.MDMs should look for a platform that enables IP-based advertising and integrates with LinkedIn. Through a combination of IP display ads and LinkedIn campaigns, MDMs can ensure that each member of a target account’s buying group gets content tailored to their role in the buying group and messaging that encourages buyers to take the next step in their journey,
3. Streamline Complex Buying Cycles
In the medical device industry, buying cycles can take as long as 12 to 24 months. When dealing with such lengthy cycles, MDMs must remember that ABM is a marathon, not a sprint. Marketing should focus on moving target accounts through each stage of the buying group journey, rather than just passing as many names as possible off to Sales.To do this, they’ll need an ABM solution that unites first-party engagement data from all their marketing channels in one place for analysis. This big picture view of account-level engagement enables marketers to determine: where a target account is in the buying group journey, what ads and messaging are resonating, and when they are ready for the next marketing or sales action. Using these insights, MDMs can communicate with target accounts early, often, and with messaging that fits their position in the journey from problem awareness to final decision and beyond.
4. Make the Most of Limited Marketing Resources
Since many MDMs are relatively new to the world of digital buying and selling, they don’t have the budget or expertise to take on everything involved in building and scaling an ABM program. And with budget cuts and talent shortages so common today, hiring a full in-house team just isn’t a feasible option.In these cases, an ABM vendor that also offers managed services can be a great choice. A managed services team—especially one with extensive experience in the medical device industry—can help MDMs with ABM strategy, planning, and execution, while applying industry-specific best practices along the way.
The Endless Possibilities of ABM
ABM is a highly flexible strategy that can be leveraged to achieve a range of business goals. For MDMs, popular ABM use cases include everything from raising brand awareness and retaining existing clients, to launching new products and expanding into new regions or markets.One example of an innovative use case that emerged recently? Navigating supply chain disruptions. When faced with production and shipping delays, many MDMs make the mistake of stopping their marketing efforts. However, Newton’s observations about objects in motion and at rest apply to marketing as well. When companies pause digital marketing activities, they lose all the progress they’ve made and the mindshare they’ve earned with key accounts. They’re back to square one when they try to get up and running again.
But by shifting away from product-focused messaging and leveraging omnichannel ABM, MDMs can keep the lines of communication open with key accounts despite all the disruption. For example, one major MDM temporarily couldn’t manufacture its product due to pandemic-related supply chain disruptions. Rather than stopping its marketing efforts, the MDM switched its messaging. Its marketing team targeted key hospital systems with ads that thanked nurses and frontline staff for all their work throughout the pandemic. Engagement went through the roof. And when the MDM was ready to sell again, its company was already top of mind for key accounts.
Take the Next Steps
Adjusting to change isn’t always easy, but the digital B2B world is not going away. If MDMs want to thrive amidst the changes, they need to adapt their approach. By partnering with an ABM provider that understands the nuances of medical device manufacturing, MDMs can begin the journey towards a whole new level of key account engagement and sales success.Tav Tepfer is the chief commercial officer of Jabmo, a leading provider of account-based marketing (ABM) solutions to the manufacturing and life sciences industries.