Growing your business in the medical industry has seemingly taken on new challenges that are stretching the average bear’s patience. Bots, AI, and other forms of marketing technology (MarTech) have entered the arena, people! It’s a fast moving opportunity to support what you do best for the industry, providing solutions.
At the core of this is the need for that ever so elusive marketing team. This requires sales and marketing to work together! Gasp! I know we’ve said it before but it bears repeating. Your customer is over 80% through the buying cycle before they make contact with you.
Building a marketing team has taken on new meaning. Marketing departments have a whole new level of expectations and responsibilities on their plates. Not so long ago, siloed departments with varying degrees of responsibility stayed in their cubicles. Now, in order to deliver the expected results, it’s important to understand what the goals are, where the challenges are, and how to assemble a team of experts that are experienced in cutting-edge marketing techniques to get you to that goal.
Digital technology is driving the change in positions, expectations from internal resources and also, the necessity to tap into external professionals. With all the changes happening in healthcare at a rapid pace, the role of the marketing team needs to be involved heavily in how to use technology to your advantage.
Forrester Research projects that over the next four years, US investment in marketing technology will increase by 27%, with $122 billion being spent on MarTech in 5 years. Martech is changing the marketing landscape as we know it.
At the recent HMMC Fall Conference, we saw this more than ever. There are varying degrees of disruptors in the industry that are keeping manufacturers up at night.
Joe Walsh, Supply Chain Sherpas discussed a number of pain points for manufacturers.
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A historic dependency on distribution is a threat they are experiencing first hand.
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How can the manufacturer get face time with their customer when that customer is being pulled in so many different directions?
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Distribution is source manufacturing.
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Rogue manufacturers can reverse engineer legitimate medical devices to cheaply reproduce.
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Non-traditional providers are disrupting the care space.
• Medically Home
• Shift
• Pinnacle Homecare
• Iora health multi-state direct primary care
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Amazon home medical supplies and equipment is in the market and open for business. As a whole, Amazon has over 1 Billion in annualized sales and growing.
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Baptist health negotiates their own contracts and seeks to be in the loop on any information they can access. They negotiate their own GPO contracts and proudly stated that on average they beat GPO pricing by 17%.
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Strong trend of health systems choosing self-distribution.
What all this means for a manufacturer and/or service provider is to understand that the traditional ways of selling, and going to market have changed. Marketing technology, digital selling, social selling, bots, networking, etc. are fast moving, strategically targeted, and results driven.
You have access to your customer (target persona) when and where THEY want to find you and your information. You have the ability to provide an outstanding customer experience. You have the resources at your fingertips to learn and grow your businesses. The new normal is in understanding that your goals take on a different approach in how to get you there.
Start with a goal, evaluate your resources, and seek support where necessary. Even something as simple as an assessment will tell you what you have, what you need, and how to get you there.
My hope is that the resources KBK provides will help you learn more, think outside the box and reap the rewards. This is a growing and ever-evolving industry, you have every opportunity at your disposal to provide solutions. Happy Selling!
