Account-Based Marketing in Healthcare

Account-Based Marketing in Healthcare

Marketing any business can be time-consuming and challenging, but account-based marketing can bring extremely valuable returns on investment in the healthcare space. With this strategy, companies can simplify the buying process, create a personalized experience, and replicate the patterns of success they see within the industry.

According to MarketingProfs research, companies that have aligned account-based marketing strategies between their sales and marketing teams have seen 208% growth in their marketing revenue. If your business has been considering the best use of advertising dollars for a better return on investment, account-based marketing might be just what you are searching for.

What Is Account-Based Marketing?

Healthcare businesses know that they need to generate leads to keep their companies afloat. Account-based marketing (ABM) is one way to target individuals with a high potential to convert into high-value customers.

According to a recent survey, 87% of account-based marketers say that ABM initiatives outperform other marketing investments and 60% of companies see at least a 10% increase in revenue in the first year of a new ABM program.

The key here for healthcare businesses is to cultivate a customized approach to marketing when it comes to high-value customers. Approaching the right people and nurturing these leads is essential to closing the deal.

How to Use Account-Based Marketing in Healthcare

The healthcare industry is complex and has multiple stakeholders involved in the decision-making process. In fact, a recent study disclosed that an average of 7 stakeholders make purchase decisions for the organization. ABM enables healthcare businesses to identify and target key decision-makers with customized messages tailored to their specific needs and interests. By doing so, healthcare organizations can establish themselves as thought leaders and trusted partners in the industry while increasing the likelihood of converting these decision-makers into high-value customers. Some practical strategies for implementing ABM in healthcare include:

Targeting Healthcare Providers

ABM can help medical practices and healthcare companies target specific healthcare providers, such as hospitals, clinics, and private practices, with personalized messaging and content. By focusing on the unique needs and pain points of each account, ABM can help companies establish trust and build long-term relationships with key decision-makers.

Personalized Messaging

ABM allows medical practices and healthcare companies to create personalized messaging and content that resonates with the specific needs and interests of high-value accounts. In fact, research showed 80% of consumers react positively to personalized experiences. By tailoring their messaging to the unique needs of each account, companies can establish themselves as thought leaders in their field and build trust with potential clients.

Promoting Specialized Medical Products

ABM can be used to promote specialized medical products and services, such as medical devices or laboratory equipment, to specific accounts that are likely to have a need for them. By targeting these high-value accounts with personalized messaging and content, companies can increase their chances of closing deals and growing their business.

Establishing Thought Leadership

ABM can be used to establish thought leadership and authority in a specific area of healthcare, such as medical research or patient care. Companies that use ABM have also reported an 84% improvement in reputation. Therefore, companies targeting accounts that are likely to be interested in this content can position themselves as experts in their field and build a loyal following of potential clients.

Creating Account-Specific Campaigns

ABM allows medical practices and healthcare companies to create account-specific marketing campaigns that are designed to address the specific needs and pain points of individual accounts. By focusing on the unique challenges and opportunities of each account, companies can increase their chances of closing deals and growing their business.

Building Relationships with Key Accounts

ABM can be used to build long-term relationships with key accounts in the healthcare industry, such as pharmaceutical companies or medical device manufacturers. Companies that have adopted ABM have reported an 80% improvement in customer relationships, according to Cyance. By fostering collaboration and promoting mutual success, companies can establish themselves as trusted partners and grow their business over time.

Tips for Healthcare Businesses

The B2B marketing services in the healthcare industry can be difficult to tap into for several reasons. There are unique complications that make it more likely to frustrate marketing and sales professionals, but ABM can help to simplify the process.

Simplify Buyer Collectives

When it comes to closing a deal in the healthcare niche, buyer collectives can be complicated. Many different people might be involved in the process, but only a handful of them have the power to make any key decisions.

Oftentimes, the decision-makers are influenced by the opinions of other team members, which means that it is important for B2B marketing services to cater to everyone who has a say in the matter.

Account-based marketing makes it easier for companies to see the role of each individual who is involved in the sales funnel and allows customized messages to be sent to each of these key players. SiriusDecisions found 30% of marketers that worked in an account-based manner reported greater than 100% engagement increase with their decision-maker targets.

Personalized Experiences for Siloed Personas

Much like the work ABM does to simplify buyer collectives, it can also help to engage the right people who are otherwise siloed. These people may play a key role in making decisions but have limited communication with one another. This is why it is crucial to stay top of mind for every player in the business.

Send out personalized messages that will matter to each individual. This can even prompt communication between departments, helping to break down the typical siloes.

Replicate Data

How much time can one company spend creating purchasing models for a client? Hours can be spent trying to manage B2B marketing services that are customized to a particular account.

ABM makes it easier to see patterns among similar companies and to replicate the strategy that has proven to be most effective. With an account-based marketing approach, businesses can more easily:

  • Find the decision-making individuals and create inroads with them
  • Understand the importance of peer influence in decision-making
  • Identify the unique roles of key players

It requires some research to input data related to each potential client, but the result is more than worth it. Seeing the patterns between roles and relationships at the business level will make marketing more effective. In short, account-based marketing allows companies to scale what they are already doing.

B2B Marketing Services for Healthcare

Insights ABM is ready and willing to help companies in the healthcare industry to better manage their account-based marketing strategies. Contact us today to learn more about our B2B marketing services!

Joe Cantu

Joe is a digital marketing strategist and media buying/planning leader with 13+ years of expertise in marketing strategy and program management, omnichannel campaign delivery, brand building, data analytics, and customer experience/UX optimization. He has helped drive growth for industry-leading clients, including F500/F100 firms.