Advanced B2B Marketing (ABM) has been growing in popularity among businesses in the healthcare industry as a powerful marketing strategy to target and engage with high-value customers. ABM enables companies to build deeper and more fruitful relationships with customers who are most likely to benefit from their products and services. In the healthcare industry, it can be a particularly effective strategy for health tech and healthcare service firms that face unique challenges.
The Importance of ABM for Health Tech and Healthcare Services Firms
The healthcare industry is known for its complexity, ranging from regulatory issues to legacy systems. Selling to healthcare organizations is even tougher because they have specific requirements and challenges to meet, in order to offer patients the best possible care. The competition is fierce, and companies need to find a way to stand out. While having an excellent product and reputation are essential factors in the healthcare industry, they may not always be enough. ABM provides firms with a customized approach tailored to the unique needs of healthcare organizations.
ABM providers know that every company is different in terms of its marketing experience, sales process, and team structure. They have created an ABM acceleration process to enable firms to work through the various steps at their own pace.
Think: crawl, walk, run
The ABM (Account-Based Marketing) acceleration process is structured in a “Crawl Walk Run” framework. It begins with laying out your customer base and identifying high-value customers. The four steps to the ABM process are as follows:
1. Groundwork: Create a target account list that takes into account your firm’s strategic imperatives and insights on potential accounts.
2. Alignment: Align sales and marketing teams across target accounts to help build awareness and trust with potential customers.
3. Pilot: Run a small pilot using intent data to confirm the account list and engagement tactics.
4. Scale: Build a long-term account-based marketing (ABM) program to create a sustainable approach to targeting and engaging high-value customers.
Case study: Using ABM to cross-sell RPM to current customers
To illustrate how ABM can work, let us take a closer look at a case study. In this case study, the healthcare company wanted to increase their revenue from current customers by cross-selling Respiration Rate Programs (RRP).
Goal of the pilot
The company aimed to cross-sell RPM to its current customers who were already using their core product. To do this, they used account-based marketing (ABM) to target specific accounts and engage them with unique content that highlighted how RPM could benefit their businesses.
Intent data provides an in-depth understanding of customer needs and preferences, enabling the company to target the right customers with the right message. The intent data is gathered from sources such as website visits, social media, and other interactions with the firm, providing valuable insight into customer behavior.
The Sales Development Team (SDRs) used ABM to contact targeted accounts and engage them with personalized campaigns, which resulted in significant outcomes. The SDRs booked over 30 meetings and generated 15+ qualified opportunities. The sales teams then closed $2.5 million worth of business that could be attributed to the 120-day pilot.
Moving forward with a long-term ABM program
After a successful pilot, the company is taking the next step in their ABM journey by creating a long-term ABM program to increase engagement with high-value customers and accelerate revenue growth.
Taking the Next Step in ABM Journey
The company believes that Account-Based Marketing (ABM) can transform the marketing and sales process for health tech and healthcare service firms. To achieve this, they are developing a long-term ABM program based on the “crawl, walk, run” model to build upon the knowledge gained in the pilot and create a scalable and efficient marketing process.
The program aims to develop a sustainable marketing approach that is adaptable to the dynamic needs of the healthcare industry. One of the primary goals is to have an expert insight underpinning the development of a new thought leadership content program to increase engagement with high-value customers.
Account insights and thought leadership
Developing a thought leadership content program requires the firm to identify the healthcare industry’s most relevant challenges and opportunities and to use research and data to create valuable content. Account insight provides knowledge of the unique needs of healthcare organizations, enabling firms to create relevant content that resonates with customers.
In summary, the healthcare industry is turning to ABM models to address the complexities of selling to healthcare organizations. The ABM acceleration process offers a customized approach tailored to the unique needs of healthcare organizations. A successful pilot program has shown the potential of ABM in increasing engagement and driving revenue growth. ABM is transforming the marketing and sales processes for health tech and healthcare service firms and is undoubtedly a valuable strategy for organizations in the healthcare industry.