The Role and Growth of Digital Marketing in Medtech Companies
Topic: The Role and Growth of Digital Marketing in Medtech Companies
Due to the coronavirus pandemic and the increase in remote work, medtech companies have realized the impending need for greater digital communications, marketing, e-commerce, and virtual sales channels. Now, they are rising to meet that need through an omnichannel approach that targets healthcare providers.
Medtech Companies’ Shift in Strategy
Medtech companies are shifting their strategies and embracing an omnichannel approach to reach more healthcare providers. Previously, a McKinsey article noted that 45% of healthcare providers are anticipating fewer in-person interactions with designated sales reps. Thus, medtech companies are embracing a new strategy focused on digital marketing and analytics tools that guide targeted interactions with healthcare providers via online platforms.
A survey conducted earlier this year by McKinsey took 100 companies into account, 44 of which were in the United States and 56 of which were in Europe. Compared to five years ago, when many medtech companies only allocated 20% of their marketing budget to digital marketing, that allocation has skyrocketed. For example, one in five now allocate a minimum of 50% of their marketing budget to digital marketing resources. Research has also revealed how the digital marketing budget is being utilized:
Instead of in-person reveals, many new products are being launched digitally. Many medtech companies are utilizing email and social media campaigns or online conferences to promote their products and gain traction.
More medtech companies are focusing on lead generation, such as email and social media campaigns. In addition, regarding post-sales communication, some medtech companies have utilized personas to tailor their messaging and personalize it.
In essence, “next-best-action” analytics work to improve digital marketing campaigns so that they combine with additional marketing and sales channels in an effective way. Not only is coordination between channels improved, but it also assists medtech companies in enticing healthcare providers with other product solutions. For example, these product solutions may work hand-in-hand with their most recent purchase, increasing the value and effectiveness of that purchase.
Omnichannel campaigns render a coordinated effort, working to deliver a timely message and solution to healthcare providers in an engaging format. In fact, some medtech companies are even pairing this method with more traditional campaigns and channels, such as in-person representation.
The coronavirus pandemic has dramatically accelerated medtech companies’ use of digital marketing. In essence, more of their marketing budget is going to four areas of digital marketing: product launches, lead generation, “next-best-action” analytics, and omnichannel campaigns.
Topic Discussed: The Role and Growth of Digital Marketing in Medtech Companies
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