INTRODUCTION
According to Statista, the global digital health market is expected to exceed $500 billion by 2025, and the health IT segment (which is already at $280 billion) is expected to generate the largest revenue share.
However, B2B health tech companies face a unique set of challenges when it comes to promoting and selling their platforms. Oftentimes, they need to target both physicians (the users) and financial decision-makers to be successful.
Following are some tips on how you can market your health tech platform to those audiences.
HOW TO PROMOTE YOUR HEALTH TECH PLATFORM TO DOCTORS
A survey conducted by Merrit Hawking and the Physicians Foundation reveals that today’s physicians are busier than ever, with 80% of doctors reporting they are overextended or at capacity in their practice. That’s why you should focus your efforts on strategies and tactics that will resonate with them the most.
Develop clear buyer personas. Before you make a connection, research your target audience(s) to identify the various motivations, challenges and pain points they may have. For instance, you could create personas based on the provider’s specialty (if your platform can be used across multiple disciplines), the type of patient care (e.g. inpatient vs. outpatient) or geographic characteristics (e.g. rural vs. metropolitan).
Create relevant content. Develop messages and cultivate content specific to each of your buyer personas. If you are targeting Medicare Part B providers, for instance, you could create a case study that shows how your technology can help improve MIPS (Merit-based Incentive Payment System) scores.
Keep content educational (vs. promotional) and timely, and involve your subject matter experts (SMEs) whenever possible. You also should create a variety of content, such as whitepapers, slide decks, infographics, videos and informative articles, in addition to case studies. You want to have an arsenal of content to pull from, as you will likely require multiple touchpoints to convey your message.
Communicate by email. According to HealthLink Dimensions’ 2020 HCP Communication survey, email is the preferred means of initial communication among physicians. It also is the preferred method for receiving industry news, product updates, research and educational opportunities.
Create a plan of action for your email marketing efforts. For instance, aim to send emails at peak times (e.g. 10 a.m.) and on peak days (e.g. Tuesdays-Thursdays). You also should personalize your message and A/B test headlines, content and calls-to-action to optimize your campaigns.
Establish your expertise. Submit articles or pitch your company’s CEO and SMEs to medical journals and trade publications geared toward physicians. The Journal of the American Medical Association (JAMA), New England Journal of Medicine and American Family Physician are a few examples from which to choose.
Participate in relevant LinkedIn groups and provide input on current trends to further establish thought leadership.
Create an interactive experience. Often times the best way to promote your product is to let your audience experience it for themselves. Offer live demos, free trials and/or informative videos that physicians can explore on their own time. That means offering flexible demo times, even if it’s outside of your normal work hours.
HOW TO MARKET YOUR HEALTH TECH SOFTWARE TO BUYERS
While some private practice doctors may have the ability to make high-level purchasing decisions, their institutional counterparts may not. For instance, the Chief Medical Information Officer (CMIO) may be responsible for selecting health tech platforms for hospitals, while other systems may have a committee-based approach.
You still want to develop buyer personas and create tailored content for each of those groups; however, you will need to adjust your focus to speak to buyers. One major thing to consider is the influence physicians have on the buyer–after all, they are often the ones impacting patient outcomes. A good strategy is to get physicians on board before you reach out to the buyer within that health system. You can use their positive feedback and testimonials, along with additional tactics, to influence the buyer.
Develop a content strategy with the buyer in mind. Since you are targeting decision-makers, create content geared toward each stage of the buyer journey. For example, focus on identifying problems or pain points for prospects in the awareness stage. Then move onto suggesting solutions for those problems in the consideration stage. Finally, position your health tech platform as the solution in the decision stage.
If you have support from physicians, you should include their perspectives in your content strategy. For instance, you could include specific problem areas practitioners see in their day-to-day environment as well as their assessment of your platform. You also could share case studies from physicians in other healthcare systems to highlight actual results.
It will take time to nurture your relationship with the buyer, so you should create a variety of content to use. Testimonial videos, demos, spec/pricing sheets and brochures can all be used in the late stages of the buyer journey.
Watch your timing. Research the fiscal years for the health systems you’re targeting and create marketing timelines that align. Hospitals can choose their own reporting period, but in many cases, fiscal years run from July 1-June 30, Oct. 1-Sept. 30 or Jan. 1-Dec. 31.
Ideally, you want to reach the decision phase of the buyer journey toward the end of the fiscal year since that’s when it’s time to determine budgets. Factor in long lead times, especially for larger health systems.
Leverage your connections. Decision-makers often trust their peers for input and guidance. That’s why you should look to your existing contacts to form new relationships. When appropriate, ask current customers for testimonials or set up a referral program to drive more business, and don’t be afraid to ask physicians in your network to help set up meetings with buyers.
Startups and early-stage health tech companies also could ask their health-focused investors to make introductions with potential buyers instead of starting from scratch.
Create email drip campaigns. Sometimes you need to look beyond your connections to generate meaningful leads. Lead generation tools, like SalesIntel, can help you build lists you can use for targeted email automation campaigns.
For instance, you can segment contacts based on job title and system revenue, and push a series of content that speaks to specific challenges they may be facing. Aim for an email every 1-2 weeks over several months and A/B test messages and timing with smaller groups before adding your entire list to the automation.
Be where the buyer is. Even when you have physicians on board, it’s still important to build brand awareness and establish credibility among buyers. Position your platform and your company’s SMEs in trade publications and outlets, like CIO and Healthcare IT Today. Generate earned media when possible and explore paid opportunities like sponsored articles and e-newsletter ads to maximize frequency among your target audience.
In addition, apply to speak or exhibit at health tech conferences, like the HIMSS Annual Conference, to further connect with health IT decision-makers and showcase your understanding of the industry. Plus, in-person events give you an opportunity to show how your health tech platform functions and relates to their needs.