There has been an upswing in Account-Based Marketing (ABM) by B2B medical device OEMs to increase engagement, conversion rates, ROI, customer loyalty, and revenue.
ABM’s success depends primarily on an organization’s ability to create customized content for a target buyer account or group of accounts. Done correctly, it fetches incredible results.
According to Momentum ITSMA, the leading growth consultancy and pioneer of account-based marketing (ABM), 87% of marketers who measure ROI say ABM outperforms every other marketing investment. Most companies (54%) implementing complete ABM programs and estimated ROI have reported positive results. Among them, 63% achieved at least a 25% ROI, and 46% reported a 50% or higher return. A small percentage of companies (5.7% and 6.2%) reported a 2x and 3x return, respectively.
In traditional marketing, content is typically created for a broader audience, designed to appeal to a wide range of interests and pain points. It may not be customized for individual buyer accounts or group accounts. In contrast, ABM involves creating highly targeted and personalized content that speaks directly to the specific needs and interests of a particular account or group of accounts.
However, creating targeted and personalized content that thoughtfully addresses target buyers’ objective and subjective considerations, amplifies the costs and consequences of their inaction, and mitigates or eliminates the risks associated with purchase decisions for multiple accounts can be time-consuming and resource-intensive, requiring significant planning and coordination across marketing and sales teams.
In addition, medical devices are complex products and creating content that effectively communicates their value proposition can be challenging. It requires a strong understanding of the technology and how it addresses the target accounts’ needs. So, you need a solid content strategy to back your ABM marketing efforts.
The following information will help you build a solid content strategy:
- What kinds of buyer intelligence do you need?
- How are you going to gather that intelligence?
- How to customize content for a target account or group of accounts?
- How do you measure your content’s effectiveness?
This series’ first article, how to put an information backbone in B2B Medical Device OEMs’ content strategy, tells you about the four kinds of buyer intelligence you need. The second article, how B2B medical device marketers can gather buyer intelligence, discusses the four ways to gather the required intelligence. This article, the third in the series, will show how to customize content for a target account or group of accounts.
What does customizing content for target buyer accounts look like
Every medical device OEM has a unique content mix, and the content formats can be customized for a specific buyer or a group of accounts.
This article will mention four content formats to understand how to customize them for a target buyer account or group of accounts.
Customized Case Studies
Customized case studies can be a powerful tool for marketers to increase engagement, sales, and ROI. By tailoring case studies to specific audiences and their unique challenges, you can demonstrate your product’s or solution’s value in a relatable and tangible way. It not only helps you to build trust and credibility with your target buyer accounts but also showcases the benefits of your offering in a way traditional marketing materials may not.
In addition, customized case studies can be used throughout the customer journey, from lead generation to post-sale support, to help drive engagement and increase customer loyalty. By highlighting your client’s success stories, you can demonstrate your product’s or solution’s real-world impact and drive more revenue for your business.
For instance, if your buyer is concerned about the financial impact of investing in new medical devices, develop a case study that shows how your device helped a healthcare facility save money and increase revenue by reducing the length of hospital stays, decreasing the need for additional surgeries, decreasing the average time to diagnosis, etc.
Here are some real-life examples of how prominent medical device OEMS have customized case studies that showcase ROI.
Example 1
In a case study, Becton, Dickinson, and Company (BD) showcased the ROI of their medical device BD Veritor™ System for Rapid Detection of SARS-CoV-2. It highlights how using the BD Veritor™ System in a primary care setting improved patient outcomes, reduced costs, and increased revenue for a healthcare facility. According to the case study, the BD Veritor™ System reduced the average time to diagnosis by 2.1 days, resulting in fewer patient admissions and decreased personal protective equipment (PPE) use. Additionally, the system helped to identify positive cases earlier, reducing the risk of community spread and improving patient outcomes.
The implementation of the device resulted in an estimated cost savings of $45,000 per month for the healthcare facility, and an increase in revenue due to increased patient throughput and reduced PPE usage.
Example 2
Johnson & Johnson’s Ethicon Inc. conducted a case study that showcased the ROI of their medical device ENSEAL® G2 Articulating Tissue Sealer. The case study analyzed the use of ENSEAL® G2 Articulating Tissue Sealer in laparoscopic surgeries compared to traditional sealing and dividing tissue methods. The study found that the use of the ENSEAL® G2 Articulating Tissue Sealer resulted in faster operating times, reduced blood loss, and fewer complications during surgery. The cost analysis of the study showed that the use of ENSEAL® G2 Articulating Tissue Sealer resulted in significant cost savings for healthcare organizations. The savings were attributed to the reduced operating time, reduced need for additional instruments, and reduced rate of complications and readmissions.
Example 3
Stryker showcased the ROI of their medical device Stryker Mako Total Knee application, in a case study focused on its use in knee replacement surgery. The case study analyzed the cost-effectiveness of using this medical device compared to traditional knee replacement surgery methods. The use of the device significantly reduced the length of hospital stays and improved patient outcomes. Additionally, the study found that using the Stryker Mako Total Knee application reduced the overall cost of knee replacement surgery, resulting in a significant return on investment for healthcare organizations.
Example 4
Intuitive Surgical conducted a case study showcasing their da Vinci Surgical System’s ROI compared to traditional open surgery. The case study analyzed the da Vinci Surgical System’s cost-effectiveness in surgical procedures, including prostatectomies, hysterectomies, and colorectal surgeries. Using the da Vinci Surgical System resulted in significant cost savings for hospitals and improved patient outcomes, including reduced blood loss, shorter hospital stays, and faster recovery times. The case study also highlighted the benefits of the da Vinci Surgical System, including improved precision and control, enhanced visualization, and reduced risk of complications.
You can create case studies showcasing ROI, tailored to the target account’s pain points, specific clinical challenges, clinical applications, patient populations, etc.
Tailored product demos
Product demonstrations can be a powerful tool in ABM when they are tailored to the specific needs of the targeted account. For example, if you’re targeting a hospital system with a sizeable cardiovascular program, you could customize your demo to focus specifically on your cardiovascular products. If a hospital wants to improve patient outcomes, you can create a demo showcasing how your product can help improve patient outcomes by reducing complications or readmissions.
Here are some real-life examples of how prominent medical device OEMS have used tailored product demonstrations to target a specific buyer account or a group of accounts:
Example 1:
Siemens Healthineers created a personalized demo for a specific hospital system to showcase their SOMATOM X.cite CT scanner. The demo was tailored to the hospital system’s particular needs and pain points, including reducing dose levels for pediatric patients and improving workflow efficiency. The demo included a virtual tour of the hospital system’s radiology department, showing how the SOMATOM X.cite CT scanner could fit seamlessly into their existing infrastructure. The demo also highlighted the scanner’s advanced imaging capabilities and dose reduction features, which addressed the hospital system’s concerns about radiation exposure for pediatric patients. By creating a personalized demo, Siemens Healthineers could demonstrate the value of their product in a highly relevant and impactful way for the specific buyer account.
Example 2
Philips Healthcare created a customized demo for the University of Pittsburgh Medical Center (UPMC), an extensive health system with specific needs and pain points. The demo showcased how Philips Healthcare’s new patient monitoring system could address UPMC’s particular challenges, such as integrating its IT infrastructure and reducing alarm fatigue for nurses. The demo was tailored to UPMC’s workflow and demonstrated how the system could improve patient outcomes and reduce costs. This customized approach helped Philips Healthcare to win the UPMC account and build a strong partnership based on a deep understanding of their needs and a personalized solution.
Example 3
In 2019, Medtronic created a personalized demo for the University of Alabama at Birmingham Hospital’s electrophysiology department, which was considering purchasing a new cardiac mapping system. The demo was tailored to the specific needs and workflows of the department, showcasing how the mapping system could improve patient outcomes and streamline procedures. The demo included a live patient case, with physicians from the department performing a procedure using the system. It allowed the department to see firsthand how the system could benefit their patients and staff. This customized demo ultimately helped Medtronic win the business and strengthen its relationship with the hospital.
Example 4
Intuitive Surgical used a customized demo to showcase the benefits of their robotic surgical system to a specific buyer account – a hospital system in the United States. The demo was tailored to the hospital system’s particular needs and challenges, including the need for faster patient recovery times and reduced healthcare costs. The customized demo showcased how the da Vinci Surgical System could address these challenges by providing more precise and minimally invasive surgery, resulting in faster patient recovery and reduced healthcare costs. This tailored approach helped Intuitive Surgical to secure the account and increase product sales.
Customized webinars
Webinars are another effective way to deliver personalized content to targeted accounts. By tailoring the webinar topic and content to the needs and interests of the target account or a group of accounts, you can create a more engaging and relevant experience for the attendees.
Here are some real-life examples of how prominent medical device OEMS have used customized webinars to target a specific buyer account or a group of accounts:
Example 1
Stryker created a customized webinar to address the unique challenges and needs of the orthopedic surgery department at a hospital, which was looking to improve patient outcomes and reduce complications.
The webinar focused on using Stryker’s Mako Robotic-Arm Assisted Surgery System for joint replacement procedures. It included a live demonstration of the system using patient-specific planning and surgical simulation. The webinar also addressed common challenges faced by the department, such as implant sizing and positioning, and showed how the Mako system could help to overcome these challenges. This customized approach helped Stryker to build a strong relationship with the hospital and generate business from it.
Example 2
Philips Healthcare created a customized webinar to address the specific challenges faced by a group of hospital administrators and clinicians related to the adoption of new technology for cardiac care.
The webinar was tailored to showcase Philips’ advanced monitoring technology, which could improve patient outcomes and reduce healthcare costs. It included case studies from other hospitals that successfully implemented the technology and demonstrated its positive impact on patient outcomes and overall efficiency. Additionally, the webinar provided a personalized Q&A session with Philips’ product experts, which allowed hospital administrators and clinicians to ask specific questions about how the technology could be applied in their healthcare settings. This customized approach helped to build trust and credibility with the potential buyers and ultimately led to increased adoption of Philips’ technology by the hospitals.
Example 3
Varian Medical Systems created a customized webinar for the oncology team at Memorial Sloan Kettering Cancer Center, which was looking to optimize its radiation therapy planning and delivery processes. The webinar was tailored to the center’s needs and challenges, including advanced imaging and planning techniques and improved patient outcomes.
Varian’s webinar showcased how its product, the Halcyon™ system, could meet the cancer center’s specific needs and improve the efficiency and accuracy of its radiation therapy treatment.
The webinar included the product’s live demonstration, case studies, and testimonials from other cancer centers already adopting the technology. This customized approach helped Varian build a strong relationship with the Memorial Sloan Kettering Cancer Center’s oncology team and adopt the Halcyon™ system.
Example 4
Medtronic used its customized webinar, Navigating the Complexities of Endovascular Aortic Repair (EVAR) in Challenging Anatomy, to target specific buyer accounts.
The webinar was designed explicitly for vascular surgeons and interventional radiologists who deal with complex aortic anatomy cases. It provided detailed information about Medtronic’s EVAR technology and how it can be used in these challenging cases. The webinar also included a Q&A session where attendees could ask specific questions about their own cases.
Personalized video content
Video can be a highly persuasive tool in ABM when personalized to the targeted account or group of accounts. For example, you can create a video that showcases how your product has helped other healthcare facilities similar to the targeted account or how your product addresses specific pain points of the targeted account. These can include product demos, testimonials, and educational content.
Example 1
Siemens Healthineers created a personalized video for the University of California San Francisco Medical Center’s radiology department, which was looking to upgrade its imaging equipment. The video was personalized to the specific needs and challenges of the department, including its high patient volume and need for improved diagnostic accuracy. Siemens’ video showcased how its product, the SOMATOM X.ceed CT system, could meet the department’s specific imaging requirements while improving workflow and patient outcomes. The video included a demonstration of the system’s advanced imaging capabilities, as well as case studies, and testimonials from other hospitals that had adopted the technology.
This personalized approach helped to build a strong relationship between Siemens and the radiology department at the University of California San Francisco Medical Center. It led to the adoption of the SOMATOM X.ceed system.
Example 2
Zimmer Biomet created a personalized video for Dr. John Smith, an orthopedic surgeon looking for a new knee implant system to use in his practice. The video was tailored to Dr. Smith’s specific needs and preferences, including his desire for a system that provided a better range of motion and fit for his patients. Zimmer Biomet’s video showcased how the Persona® Knee System could meet Dr. Smith’s specific requirements while improving surgical outcomes and patient satisfaction. The video included a personalized introduction by a Zimmer Biomet representative and a detailed analysis of the Persona® Knee System, including how it differed from other knee implant systems. This customized approach helped to build a strong relationship between Zimmer Biomet and Dr. Smith and led to the adoption of the Persona® Knee System in his practice.
Example 3
GE Healthcare created a personalized video for the radiology department at a hospital in Australia looking for a new computed tomography (CT) scanner. The video addressed the department’s needs and challenges, including higher-resolution images, faster scan times, and improved patient comfort. GE’s video showcased how its product, the Revolution™ CT scanner, could meet the hospital’s specific requirements while improving workflow and patient outcomes. The video included a virtual product tour, as well as case studies, and testimonials from other hospitals already adopting the technology. This personalized approach helped GE Healthcare to build a strong relationship with the radiology department at the hospital and ultimately led to the adoption of the Revolution™ CT scanner.
Example 4
Medtronic created a personalized video for the director of a cardiac catheterization lab at a hospital in Pennsylvania, addressing him by name and discussing the specific challenges and goals of the lab. The video showcased how Medtronic’s product, the Vascular IntraView™ Intravascular Ultrasound (IVUS) imaging system, could address these challenges and help the lab achieve its goals, including improving workflow efficiency and patient outcomes. The video included a personalized demonstration of the product, as well as case studies, and testimonials from other hospitals already adopting the technology. This customized approach helped Medtronic build a strong relationship with the cardiac catheterization lab and ultimately led to adopting the Vascular IntraView™ system.
What's the takeaway?
You can customize any content format, such as blog posts, white papers, infographics, podcasts, interviews, etc., and repurpose them. You can showcase them on landing pages dedicated to a specific buyer account or a group of accounts, share them on social media, and use them in your email marketing campaigns.
