Article: 5 Must Dos for MedTech Marketers!
5 Must Dos for MedTech Marketers!
Following recent interviews with senior marketing executives from NextLevel Life Science’s upcoming MedTech Commercial Leaders Forum (London, October 16-18, 2018), we have distilled for readers five key tips on how to leverage analytics tools with your marketing data.
1. Create digital platforms that enable customers to connect with each other and share best practices, clinical cases, and information as professional peers.
GE Healthcare has built an exclusive platform for clients at gecares.com which has reached nearly 12,000 unique users. With a continued annual growth at 10-20%, GE Healthcare is hoping to eventually achieve a 80,000 user figure.
Building this kind of platform has allowed GE Healthcare to understand customer engagement, retention, upsell, and other trends better. “We see a higher retention rate with customers engaging on the platform than with the other customers,” comments Jerome Chevillotte, Marketing Director at GE Healthcare.
Further analyses are also starting to distinguish the customers who are buying higher value products because of simple product exposure and those who are influenced by their peers on the platform.
2. Define churn scores for customers which lead to actionable and effective counter strategies.
Predictive analytics methods can consume customer behaviors and attitudes to produce a churn score of the probability of that customer leaving. Cristina Crisan Tran, Vice President of Global Customer Marketing & Education at Straumann, clarifies, however, that, “it does not mean it will automatically happen just because the churn score is high.”
Yet the churn scores do identify areas for adjusting the marketing strategy. Knowing where to pay extra attention to certain customers, how to address complaints logged at customer service, and restructuring the visit planning of the sales force are all crucial points of a program to prevent customer churn.
3. Raise brand awareness with smartphone apps that leverage real-time analytics to improve the effectiveness of interventions.
Apps can capture data, for instance, think about measuring the quality of someone performing CPR in real-time. When more lives are saved because people are doing better CPR in response to that data, then incredible value is gained around that app.
Firstly, because of the lives saved with the help of the app. Secondly, for the brand awareness from providing such a useful tool for people.
How does this brand awareness relate to the sale of a company’s more mainline products? Finding a direct relation between the two is a challenge. When there are a few hundred thousand downloads of an app, however, the accompanying corporate identity awareness is certainly a key driver promoting your products.
4. Increase the value of your data with predictive analytics.
Along with the vast number of people who carry either a smartphone or a wearable sensor, there is an enormous amount of detailed information being generated from these devices.
Analytics can begin to reveal patterns here which eventually become predictive with enough of this data. The more data there is, the more reliable and predictive it becomes. So, for example, after monitoring enough severe cardiac cases, you would be able to identify the heart patterns which precede a potential life-threatening cardiac event, and therefore indicate a preventative course of action in time.
5. Assign business value to all the data captured to understand ROI better.
The challenge and the goal behind the collection of your marketing data and any analysis done with it is to achieve an ROI. When you are investing heavily in data collection, mobile technologies, and analytics tools it is certainly difficult to see if that is directly related to the sale of more products.
An easy way, however, to show the ROI is to monetize the data so that you can take that data to a pharma or medtech company who needs it for R&D. “That data monetization is fundamental to many peoples’ strategy and it works,” explains Tim McGough, Vice President of Global Marketing & Sales at Vitruvian Team Consulting.