Launching Success: Optimizing Your Go-to-Market Strategy

Launching Success: Optimizing Your Go-to-Market Strategy

For many, the path from development to commercialization is rife with hidden roadblocks and pitfalls at every turn. No matter how game-changing your solution is, it will never make it into the hands of clinicians without a robust go-to-market (GTM) strategy. Set your launch up for success by leveraging these five steps:

Step 1 | Get Early Feedback

This commonly overlooked step can mean the difference between rapid market penetration and a failed launch. Many companies undervalue this step, jumping to downstream commercialization processes without properly understanding their market landscape. The very first step you should take on the road to market should be seeking feedback from two or three key opinion leaders (KOLs) — recognized industry leaders who advocate for the new technology — and trust their opinions as market validation. But don’t stop there.

At the same time, initiate conversations with a much larger pool of potential users to understand what they care about and why, as it relates to your new solution. KOLs often have one perspective and other providers value other things. Aim to proactively map out the buyer’s journey, considering each decision-maker, their pain points, and what tactics would most effectively motivate them to close the deal. While this level of market research can take time and money, doing so early can protect you from spending substantial resources later on, at which point your high-dollar sales reps will have to conduct this research while on the clock. Initiating the process early and getting feedback will allow your reps to hit the ground running and only focus on closing sales, not defining the market.

Step 2 | Seed the Market

While you can’t market your device before FDA approval, what you can do is build awareness of the shortcomings of the status quo. In other words, prime your market enough to where, after receiving the regulatory stamp of approval and launching your campaigns, your audience can immediately recognize your device as the ideal solution to their challenges. Organize webinars and create content to educate the audience about the problem, identifying the blind spots and pain points in the current standard of care. Segment your audience based on those who are already unhappy with their current solution and are looking for better options, and those who haven’t yet recognized that the status quo is insufficient — the former should be the first audience you target post-approval. Additionally, keep track of conference registrations to gauge which prospects are truly engaged in finding new solutions and want to stay in the know on new innovations. By generating high-level awareness around the challenge, you can get ahead of the game and set the stage for rapid commercial growth.

Step 3 | Identify the Innovators

The next step is to “find the hungry people”, or those who will be the first to adopt your solution. In many cases, these innovators may not be the people you expect. While getting a foot in the door with industry titans may be the ultimate goal, commercializing nowadays requires a more ground-up approach. Instead of targeting the marquee health systems and providers we all know, start small and democratize your outreach. Leveraging digital means, it’s possible to engage all of the target providers at once. Small, private practices are often the first to implement new technologies, as they are eager to enhance their clinical and financial outcomes and the buying process is often much less complex. Selling to health systems requires proving your value to countless decision-makers, each with different goals, before you receive a collective “yes” — and this process can take months if not years. Starting small helps build credibility and awareness, piquing the interest of those heavy hitters and, hopefully, sparking sales conversations with higher-value leads.

Step 4 | Build Proof Points

At this point, you’ve launched your device and are hopefully generating some revenue. The next phase of your GTM strategy involves building your case to convert more, harder-to-reach prospects. The truth is that most of your decision-makers are not trying to change the world or reinvent the industry — all they want is a solution that effectively solves a specific problem and delivers improvements in patient care, financial performance, or operational efficiency. That’s why it’s crucial to gather customer success stories and testimonials starting from your first sales. Measure the impact of your device from the beginning to provide real-life examples of why your prospects need your device. Make it as easy as possible for your audience to say “yes”, leveraging your pre-FDA education content with tangible customer results to make your prospects feel like buying your device is the obvious best choice. By reframing current customer successes as your successes, you can get a large number of prospective users to adopt your technology at a faster rate than is common.

Step 5 | Scale Your Marketing

Your journey to market doesn’t end as soon as you hit “launch”. As your device moves through its life cycle, your marketing and sales strategies will also need to adapt. Scale your efforts on both a corporate level and a personal level to fuel a sustainable commercial engine.

Despite the core focus on technology and innovation, healthcare is a uniquely relationship-driven industry — individuals who know each other, like each other, and want to do business together. Continue penetrating existing accounts, networking with other innovators, and leveraging personal connections to open new doors to sales opportunities. Oftentimes a personal recommendation is far more powerful than a corporate endorsement. Keep a finger on the pulse of new audience pain points and potential decision-makers, refining your marketing tactics to clearly demonstrate your device’s ability to meet the evolving needs of your end-users. As your brand awareness grows, corporate investments will increase, creating a natural cycle of engagement, conversions, and sales.

Whether your company is in the product development or pre-launch phase, Jairus Marketing can help you optimize your marketing efforts to achieve a successful launch. Jairus leverages decades of industry experience and analytics-driven insights to craft high-impact life science, health tech, and medical device marketing solutions for innovators looking to grow quickly.

Want to learn more about how Jairus can optimize your GTM strategy? Book a strategy session to learn more about how our tailored solutions can help you achieve commercial success.
Breaking Down Digital Engagement Metrics for Healthcare Decision-Makers

Breaking Down Digital Engagement Metrics for Healthcare Decision-Makers

Picture this: your medical device marketing team has spent weeks crafting perfectly worded messaging, beautifully designed graphics, and a fully optimized landing page with a fantastic user experience. You launch your campaign and wait patiently for the leads to start pouring in. Except…they don’t.

What happened? Where did your efforts miss the mark? The unfortunate truth is that, without data at the center, even the best campaign will fall short. Different prospects will resonate with and respond to different aspects of your campaign, depending on a multitude of factors that are nearly impossible to predict on your own. However, analyzing performance and engagement metrics on a regular basis can provide deeper insights into dynamic prospect behaviors. Leverage these metrics to tailor your campaigns to hone in on the tactics that most effectively engage decision-makers and unlock greater medtech sales opportunities.

The Top Five MedTech Marketing Metrics You Should Be Tracking

There are countless metrics you can monitor to gauge campaign performance and website engagement. While every measurement can provide valuable insights about your tactics, utilize these five key metrics to gain a complete picture of your marketing efforts with actionable insights for improvement:

  1. Website traffic and engagement. Monitoring website traffic is a core component of determining the success of your messaging, graphics, user experience, and overall brand quality. While a variety of factors impact website traffic, this metric provides a baseline overview of how well your site is attracting and nurturing leads. Dig deeper and monitor where your site visitors are coming from — through organic search, by directly typing in your URL, by clicking a link, or through social media channels — to identify your highest-performing channels. Aim to diversify traffic across all sources, measuring bounce and exit rates to fully map out the buyer’s journey and optimize your website to capitalize on that interest.
  2. Click-through rate. Your click-through rate (CTR) measures the percentage of users who see your ad or call to action (CTA) and decide to take the next step, whether it’s on a social media ad, Google ad, email, or landing page. A high CTR indicates that your messaging has hit the mark with your target audience and has proven enough value to motivate further engagement. Experiment with different CTAs, ad placements, and messaging variations, and watch for sharp increases or decreases in your CTR to determine which tactics are the most effective.
  3. Conversion rate. When a decision-maker makes the jump from prospect to lead, that means you’ve done something right. A conversion is a clear sign that a certain tactic or strategy is landing with your audience. That’s why tracking your conversion rate is crucial to evaluating success and determining how and where your campaigns can improve — and how to optimize other campaigns based on those results. Compare conversion rates across multiple channels, such as social media campaigns and Google ad campaigns, to identify which strategies are generating the most value and leading to the most sales conversations.
  4. Win rate. The most visible metric of campaign success is a high win rate, or lead to customer or lead to sale rate. A high win rate doesn’t just mean that your campaign has reached its goal — it also serves as an overall thermostat of both marketing and sales strength, indicating effective and strategic collaboration to move a lead across the finish line. Investigate whether your win rate is higher for low-value or high-value deals, and dig into upstream metrics to determine where you can tweak your tactics to maximize engagement with higher-value leads.
  5. Return on investment. Far and away, the one metric you should be laser-focused on day in and day out is your return on investment (ROI). Your ROI combines every possible measurement to deliver a high-level overview of your marketing performance — and how that performance stacks up against your investment. ROI speaks directly to the profitability of your marketing efforts to pinpoint the tactics that deliver the highest value and should be optimized to accelerate medtech revenue growth.

Maximize ROI With a Data-Driven Marketing Team

The advantages of tracking marketing analytics are clear, yet it’s often easier said than done — especially for several campaigns across multiple channels. At Jairus Marketing, we take a systematic approach to evaluating campaign performance, continually searching for opportunities to improve messaging, graphics, user experience, and targeting. While great messaging and graphics are essential pieces to the puzzle, Jairus remains hyper-focused on ROI as the most important metric to help our medical device, life science, and health tech clients drive engagement and close more deals.

Interested in learning more about improving your marketing ROI? Schedule a discovery session to access expert strategies to optimize performance with data-driven insights.
Search Engine Optimization for Medical Device Companies

Search Engine Optimization for Medical Device Companies

Lead generation involves more than launching an ad campaign or networking at a conference. What countless medical device companies overlook is the crucial stepping stone to successful lead gen efforts: an optimized website. While every outreach tactic and campaign helps move leads through the pipeline, the one strategy that gives prospects one last push across the finish line is search engine optimization (SEO).

The Key to Unlocking Sales Opportunities

SEO is one of the most powerful tools in your medtech sales and marketing arsenal. At Jairus, SEO strategies are often the primary source of the highest quality and quantity of sales opportunities for our medical device clients. However, SEO doesn’t exist in a vacuum. Website optimization acts as the foundation of a successful lead gen strategy — think Maslow’s hierarchy of needs, with website optimization, sales collateral, and CRM strategies forming the most crucial layer of the pyramid.

If your site isn’t positioned as a lead gen tool to support sales efforts and effectively nurture each prospect’s journey, then every tactic you build on top of it (no matter how well-written, visually appealing, or holistically engaging) will fail to move the needle on sales growth. To truly harness the power of website optimization, facilitate an ongoing SEO strategy that continually evaluates where and how leads are engaging with your website, leveraging those insights to further optimize your website to create a well-oiled, sales-driving SEO machine.

Core Components of a Successful SEO Strategy

The first step to building a high-impact SEO strategy is to launch a website — but not just any website. Each page should function within a larger lead gen roadmap, capturing prospects at every stage of their journey and pushing them towards the ultimate goal: submitting their information to contact your team. Think of each website page as a lead-gen-style landing page, strategically sharing your value props, results, capabilities, and other benefits to leave prospects wanting more. Your website content should prove enough value on the front end to pull prospects into a form fill. Or, if they’re not quite ready to share their information, surround them with more resources and information (i.e., the next level of the pyramid) to continue proving your value and motivate them to engage.

Building a strong website foundation is critical to SEO success, but it’s not the whole picture. Maintaining a robust, high-performing strategy requires three additional elements:

  • Content creation. Publish new blog posts regularly to further increase SEO performance and create new channels for prospects to visit your website. Utilize long-form gated content, such as white papers, case studies, and webinars, to diversify your lead gen strategy by giving prospects a variety of options to engage. Using just one contact form on your website limits opportunities to connect with prospects who may be further up the sales funnel but willing to be educated and nurtured toward the bottom of the funnel.
  • Consistency. Patience is key to website optimization. On the whole, SEO is a long-term investment — but there are opportunities for short-term wins. Launching a consistent strategy from the get-go not only generates measurable results over time but also creates a self-perpetuating model that increases lead quality, shortens lengthy sales cycles, improves close rates, and engages hard-to-reach prospects to drive faster medtech revenue growth.
  • Data analytics. Your initial and ongoing SEO efforts will ultimately go to waste if you don’t have an inside look into which tactics are working and which need refinement. This data will quickly spot the gaps in your strategy and pinpoint which efforts you should scale up to maximize engagement and generate more sales-qualified leads.

Harness the Power of Specialization

SEO is not one-size-fits-all. A cookie-cutter strategy will fail to truly capture interest and nurture leads in your unique niche — the same goes for large-scale medical device marketing efforts. Tailor your SEO tactics to a specific audience and monitor performance to map out every twist and turn of the buyer’s journey and dig into what makes your prospects tick. Pair data analytics capabilities with SEO specialization to achieve complete visibility into SEO performance, creating a fully optimized strategy that maximizes every sales opportunity and accelerates growth.

Looking for a specialized medtech marketing agency to help maximize your SEO strategy? Book a discovery call to learn how Jairus can help you drive sales growth through data-driven website optimization.

2024 Guide to Pipeline Success for Revenue Cycle Companies

2024 Guide to Pipeline Success for Revenue Cycle Companies

Healthcare is growing more complex by the minute, creating an even steeper slope for practices seeking to manage their revenue cycles in-house—that’s why 61% of providers plan to either begin or expand partnerships with RCM vendors.1 On the surface, this is good news for RCM companies. The real challenge, however, lies in the oversaturation of the RCM market. With so many options available, how can you steer your audience to your brand and consistently move deals across the finish line?

After years of driving engagement and boosting sales growth for leading RCM companies, we’ve identified the top six strategies your company can leverage for success in 2024:

1. Establish Differentiation

Every RCM company boasts reliable solutions that improve revenue. What specifically makes your company stand out? Do your homework to develop a strong identity to set your brand apart in a market where most of your competition promotes the same value propositions—especially if you can tie those benefits directly into your prospects’ pain points. This process may require deeper market research, such as competitor or brand positioning analysis. For example, more RCM companies are investing in software that provides real-time updates to enhance financial transparency. If your company offers these reporting solutions, position those capabilities front and center in your marketing and sales strategy. Others are focusing on specific specialties or customer types.

2. Align Sales and Marketing Efforts

Historically, sales and marketing efforts have been fairly siloed for companies in the revenue cycle space. This is an outdated and ineffective approach that only stalls upward growth and creates leaks in the pipeline. For many, this gap is caused by the abundance of data made available by marketing technology. The key is to gather your sales and marketing teams around one table and comb through the data. Identify areas for improvement and alignment, then recalibrate your efforts to not just work side-by-side, but in unison. Ensure a seamless hand-off by prepping your sales team with a comprehensive prospect profile gathered from your marketing analytics.

3. Think Quality, Not Quantity

RCM clients often come to us with low lead-to-opportunity conversion rates (meaning very few leads become customers) due to poor lead quality. One of our initial areas of focus is to improve this metric by optimizing campaigns, enhancing digital infrastructure, and improving audience building. The second part of the equation is refining your offerings and aligning your efforts to that plan. For example, instead of providing RCM services to all specialty practices, focus on the most profitable types (such as orthopedic surgery practices), and tailor your campaigns to that focus. Specialization is crucial for many healthcare businesses, given considerable differences in coding requirements, fee schedules, and reimbursement rates. A behavioral health practice operates under a substantially different RCM framework than an urgent care center, making it a key point of interest to partner with a specialized vendor to ensure maximum revenue capture and collection.

4. Prioritize Prospects’ Digital Experience

We often see that RCM clients’ largest sales opportunities come through their website. Regardless of the field of medicine, website experience and SEO play a crucial role in turning interest into opportunity. One Jairus Marketing RCM client saw a 20x ROI from their SEO strategy, with a 179% increase in SEO-related opportunities in just one year. These results illustrate the foundational role of website visibility and user experience in driving RCM sales, making an SEO-optimized website a critical tool in the RCM marketing toolbox.

5. Simultaneously Generate and Capture Demand

If you’re wondering which demand strategy your campaigns should focus on, the answer is both. A demand capture and generation model fills the pipeline with both near-term prospects for faster closes and future, long-term opportunities. This is where thought leadership comes into play. Implement a robust thought leadership strategy (white papers, case studies, ebooks, etc.) in conjunction with a lead gen strategy to better educate prospects and prime them for a successful sales conversation. In short, prospects who truly understand your value and expertise are more likely to close faster. Here’s the proof: one of our RCM clients achieved a 34x ROI and $7.2 million in new pipeline revenue in just six months.

6. Maximize Your Conference Investment

Conferences are par for the course in the RCM space. Take advantage of this sea of opportunities by connecting with prospects before, during, and after the event. Instead of limiting your potential leads to the handful of people you talk to on-site, start early and identify prospects who are likely to attend the event. Reach out to them ahead of time to request a meeting during the conference. While you’re there, gather as many names and emails as possible to coordinate effective post-event outreach. Once the conference is over, reach out to everyone you connected with and reiterate your USPs, backed by case studies and thought leadership, to pull them into a sales conversation.

Need help with your 2024 RCM marketing strategy? Schedule a strategy session with a revenue cycle management marketing expert today!

Sources

1. Synchrony. (2023, April 6). Study Finds Healthcare Providers Looking to Outsource Revenue Cycle Management Processes [Press release]. https://www.synchrony.com/contenthub/newsroom/study-finds-healthcare-providers-looking-to-outsource-revenue.html

Growing a MedTech Company During an Economic Downturn

Growing a MedTech Company During an Economic Downturn

Heading into 2024, the question facing medtech innovators across the country is: how do we stay afloat and hit sales goals despite economic headwinds? While recession may be top of mind for company leaders across all industries, the healthcare sector is traveling down a separate path with diverse economic roadblocks and hidden barriers to growth. Certain industry players, like diagnostics and post-acute care, face slower growth rates while others, namely hospitals and integrated delivery networks, continue to see an upward trend in profit margins.

With such variance in financial performance, the economic story for medtech companies is far more complex than a straight shot to recession. Digging deeper, we find that, rather than a decline in economic opportunity, innovators must adapt to the downstream effects of paradigm industry shifts.
Healthcare CAGR projections recently decreased by 2%.1
As of August 2023, hospital profit margins are 2.3% higher than in November 2022.2

Pulling Back the Curtain on Industry Hurdles

Global financial pressures may play a role in stagnant medtech revenue growth, but, behind the scenes, we see six key industry changes working to stall pipeline activity:

  1. Non-hospital-based care. Payers continue to incentivize care outside of the hospital setting, such as in ambulatory surgery centers or in-office procedures, to lower costs and offer more convenient treatment options for patients.
  2. Staffing shortages. The pandemic magnified existing concerns among healthcare workers, causing one in five to quit their jobs, with 47% planning to leave their roles by 2025.3 This trend is especially prevalent among nurses, many of whom chose to leave their jobs for traveling roles or early retirement.
  3. Physician-organization alignment. Starting in 2010, physicians moved away from independent practice toward health system employment. Likewise, private equity investment into the provider community significantly increased, contributing to the formation of larger group practices.
  4. Complex decision-making. The days of the sole physician decision maker are over. Now, the decision to buy your product or service is made in the boardroom, often with heavy input from the IT team, Operations, and Finance. With so many voices to consider, both clinical and non-clinical, leaders struggle to know how and when to say “yes.”
  5. Financial considerations. Ripple effects from the pandemic force healthcare organizations to focus on protecting the bottom line in addition to patient outcomes. Operating margins are still incredibly low, meaning financial benefits are just as important as clinical improvements.
  6. Reduced rep access. Hospitals have been closing doors to the OR for over a decade now. The pandemic simply accelerated this trend, and medtech companies shouldn’t expect to regain in-person access anytime soon as the industry shifts to digital engagement.

Turning Economic Challenges Into New Sales Opportunities

While the odds seem to be stacked against medtech sales success, there are steps your team can take today to turn the tides back in your favor. Instead of letting economic disruptions work against your bottom line, take advantage of new opportunities to meet your prospects’ needs and connect with them on a different level.

Implement these five strategies to reopen doors to decision-makers and drive sustainable growth:

  • Adapt your value propositions to more effectively address your prospects’ current challenges.
  • Communicate more than just the clinical benefits of your offering — address pain points on financial, operational, and administrative fronts.
  • Grow your prospect pool and broaden your outreach without expanding the size of your team.
  • Align medtech marketing and sales efforts to engage prospects throughout every stage of the sales funnel.
  • Maximize every sales opportunity by penetrating deeper into existing accounts and relationships.

The healthcare market appears to be on the upswing from a record low in 2022, but that doesn’t mean your prospects aren’t out of the woods yet. Capitalize on this need by broadcasting your capabilities and engaging with your audience online at every possible opportunity. With a recession-focused medical device marketing strategy, your team can insulate your bottom line from revenue loss and stand out as a proven partner for business success. Watch the on-demand webinar from Scott Alexander, medtech industry leader and CEO of Jairus Marketing, to learn more about how to leverage industry challenges to drive future-proof growth.

Sources

1. Patel, N. & Singhal, S. (2023. January 9). What to expect in US healthcare in 2023 and beyond. McKinsey & Company.
https://www.mckinsey.com/industries/healthcare/our-insights/what-to-expect-in-us-healthcare-in-2023-and-beyond
2. National Hospital Flash Report: September 2023. (2023). KaufmanHall. https://www.kaufmanhall.com/sites/default/files/2023-10/KH-NHFR_2023-09.pdf
3. Popowitz, E. (September 2023). Addressing the healthcare staffing shortage. Definitive Healthcare. https://www.definitivehc.com/sites/default/files/resources/pdfs/Addressing-the-healthcare-staffing-shortage-2023.pdf

How to Build a Reliable MedTech Commercial Model

How to Build a Reliable MedTech Commercial Model

Let’s face it: MedTech sales are nowhere near as simple as they used to be. We’re no longer in the good ol’ days of selling — marked by easy entry into the OR and straightforward decision-making processes — and countless medtech companies are burning the midnight oil trying to find new opportunities to grow business.

A Double-Sided Challenge

Among the countless disruptions that continue to wreak havoc on the industry, the top challenge for medtech innovators is pinpointing and engaging the right decision-makers. Getting your product or service into new hands is a far more elaborate process than before. Physicians aren’t the only decision makers for new products and services anymore — the final decision must be made in tandem with value analysis committees, GPOs, and other non-clinical executives that demand end-to-end value to close the deal.

The other side of the equation is just as complex. Many of the stop-gap measures that were necessary during the pandemic now form the new framework for medtech sales in 2023 and beyond. Looking back, the pandemic simply magnified the moves that were already being made in healthcare operations. These trends, including supply chain sophistication and the explosion of physician employment by IDNs, as well as new decision-maker expectations, highlighted the critical challenges of misaligned sales and marketing.

Four Levers to Pull for MedTech Commercial Success

With the growing number of roadblocks to medical device sales, innovators are now searching for new tactics to future-proof their businesses. In order to drive the most sustainable and consistent growth, the ideal commercial model should:

  1. Define the right audience of decision-makers. These are the individuals who have the power to say “yes” to your product or service, and they may not be who you initially expect. Be careful not to downplay the significance of this step — even with an unlimited marketing budget, your efforts will go to waste if you fail to connect with the right prospects. Extend your focus beyond a simple list of names and emails to a more in-depth view of your audience’s challenges and how your solution can specifically address these pain points.
  2. Construct a dynamic marketing ecosystem. The word “ecosystem” is crucial to understanding how to assemble your marketing campaigns. Instead of one-dimensional outreach, craft a step-by-step process that meets prospects at every possible point in the sales funnel with the information they need to take the next step. Through multiple in-person and digital channels, your strategies should build familiarity with your brand and establish a deep level of trust that your solution can and will solve their problems.
  3. Broadcast high-quality, high-impact content. Content is the backbone of your marketing ecosystem. Whether the goal is to awaken your audience to critical issues in their niche or change the way they perceive these challenges (namely, to see your offering as the perfect solution), content is the key that unlocks the ability to influence your audience’s thought processes and buying behaviors. Produce a sizable library of thought leadership and sales content that appeals to different types of prospects and pain points, and integrate these pieces into your ecosystem to entice more sales-focused engagement.
  4. Track campaigns and quantify pipeline success. The best way to sabotage your efforts is to launch without any visibility into campaign progress — essentially steering the ship with both hands tied behind your back. Instead of guessing which strategies worked, use a CRM to provide the granularity of detail your team needs to understand where your efforts sparked interest, which leads engaged on which platforms, and who ultimately closed a deal. A CRM platform quantifies the value of your campaigns in real time, identifying the tactics that will drive higher sales growth in both current and future efforts.

Dodging Common Revenue Pitfalls

Constructing a bulletproof commercial model is no simple task. The evolving nature of the healthcare industry paves the way for unexpected and often hidden threats to revenue growth. As decision-makers require more comprehensive proof of value, medtech companies must comb through their sales and marketing strategies for revenue blockers hidden in plain sight, such as:

  • Poor product-market fit
  • Failure to warm up prospects
  • Too large of an “ask” early on in the pipeline
  • Skipping over thought leadership efforts
  • Limited visibility into campaign results
  • Lack of measurable, data-driven reporting

Achieving success in today’s healthcare climate is difficult, but possible — especially with expert help. To learn more about how to overcome these challenges and build a thriving commercial model, watch the on-demand webinar from Jairus CEO and medtech industry expert Scott Alexander for new insights proven to drive growth.