The healthcare technology arena is booming right now. Due to the pandemic strike and digital advancement, smart healthcare products demand has skyrocketed lately.
It is projected that the digital medical service sector will grow at a CAGR of 8.5% between 2020-2026.
On top of it, smart healthcare products and services are segmented into numerous verticals nowadays, such as:
- Electronic Health Records
- Smart Pills and Syringes
- Smart RFID Cabinets
- Internet of Medical Devices and so on
Here if you want to sell your healthcare technology products, you have to first recognize your customers. That’s because those times are gone when only patients were interested in healthcare products.
Today, the wide medical market is targeting different types of customers. For example, health and fitness mobile applications are used by people suffering from a medical condition and who wish to stay healthy.
Therefore, it’s a bit challenging for medical service providers to segment their targeted accounts first and then pitch them sales accordingly.
However, if you adopt the right strategies to approach your healthcare products’ potential prospects, you can pretty easily churn a good revenue. In this post, some of the finest healthcare technology product selling strategies are discussed. So, let’s dig further to grow your MedTech products sales.
How Healthcare Industry Flows
Before selling healthcare technology products, you have to first understand how this industry works. To be honest, the healthcare industry works on the same lines as the B2B industry, in which providers sell to payers.
However, not all aspects of the healthcare industry are the same as the B2B industry. Now, have you ever heard of someone undergoing surgery for just experience?
So, healthcare technology products might be sold in exchange for monetary value, but they are more related to the state of body and value. Now, a person suffering from sleep apnea requires a CPAP machine to breathe properly. There’s a life value attached to this machine, which isn’t the case in many other B2B companies’ products.
Thus, selling healthcare technology products is based on a value-based model where the delight of saving life comes first, the recurring monetary benefits. Therefore, the basic principle of healthcare services account identification must include:
- View your accounts/customers as a value rather than customers
- Focus on trust-building
- Engage with customers early and introduce them to the good health system when they are young
- Enforce an economic model that allows everyone to affordable medical services at the time of crisis
6 Strategies for Selling Healthcare Technology Products to the Right Accounts
Since healthcare operations are similar to B2B operations thus, you can use generic B2B lead generation strategies to sell your healthcare technology products. However, you can’t simply opt for the direct B2B SaaS product marketing strategies; you have to spin some strategies as follows:
1. Start With Collecting Intent Data
The first step in selling healthcare technology products is knowing which accounts are ready to convert instantly. When you know about the accounts that are looking for your product online, you can better target them as they are already in your sales funnel.
Today, almost 87% of people first search online for a product before making the purchase decision. Here using the intent data method, you can easily categorize your potential accounts into hot, warm, and cold leads.
Many of you might already know what intent data is. But if you don’t, intent data shows which accounts are actively researching online. Since 83% of adult internet users search for health information online; thus, gathering your healthcare products’ intent data is very important.
There are many ways to collect intent data. You can contact a third-party intent data collector to help you out. Also, the professionals can share various types of intent data with you, such as:
- How much content is consumed?
- What type of content is consumed?
- How much time does the user spend on the page? Etc.
If you don’t want to use professional services to collect intent data, you can also monitor engagement on your products, blogs, and other content pages. This will also provide you a broader view of your accounts.
2. Go for ABM Strategy
Once you have gathered intent data, the next step is to use the data effectively. Here account-based marketing is a marketing approach that can help you better channelize your intent data.
ABM allows you to personalize campaigns to engage with each potential account. This way, you can spread your marketing messages to the relevant accounts. Moreover, ABM takes marketing beyond the lead generation, such as:
- Using ABM, you can sell your healthcare technology products with customer-specific needs and attributes.
- Helps to streamline sales and marketing teams workflow.
- Shorten sales cycles that improve prospects’ nurturing rate.
- ABM is a measurable metricthat can help healthcare marketers to know the exact ROI.
- This marketing technique reduces the wastage of a company’s resources.
Apart from all these benefits, ABM lets you sell your smart medical services in numerous ways, including events, webinars, email campaigns, etc.
For reference, look at this COVID-19 related email by Quest Diagnostics. They had sent an advisory email to all their customers to stay healthy during the pandemics. This type of personalized email helps a lot in connecting with the right accounts.
3. Build Relationships With Your Partners
To develop your healthcare system products, you might have partnered with many third-party vendors, including business consultants, technology partners, and many other professional services.
Here you should flaunt your partner relationships. That’s because it establishes your brand’s trusted image and allows you to connect with potential leads.
You see, folks, your partners’ accounts might also be interested in your products or vice versa. This means your partners’ customers are also your potential leads, which can easily turn into your customers.
Take Kyruus‘ home page for an example. Kyruus is a patient management solution partnered with HealthSparq, a platform that helps people make better health choices.
When two brands combine, they can easily expand their clientele. By building better relationships with your partners, you can access their accounts and easily make them your customers.
4. Leverage Content Syndication
Shockingly, in selling healthcare technology products, content syndication can play a significant role. So today, if you are a healthcare startup aiming to keep the Customer Acquisition Cost (CAC) under budget, content syndication is for you.
You see people; over 25% of people only click on the first search results. That means if your product link doesn’t appear on the first page, you will lose many potential customers.
Secondly, content syndication helps you connect with prospects through third-party sites. This way, you can get to know how many new accounts are interested in your product rather than your core audience.
Overall, content syndication helps in the entire process of lead tracking and capturing. Therefore, big influencers like Jeff Weiner (LinkedIn CEO), Blake Irving (GoDaddy CEO), and Jeff Haden (Inc Founder) invest in content syndication. So, do try it to sell your healthcare products.
5. Use Social Media to Know Your Customers
Social media is the sharpest weapon in your hand to recognize your hot accounts today. Using social media, you can directly interact with your customers and analyze where they are located in your sales funnel.
Almost 40% of people said they found information on social media to cope with chronic conditions and improve their diet. Similar to search engines, social media is a great source for patients to retrieve healthcare information.
Here leveraging information, you can find hot accounts to sell your healthcare technology products. But, how?
It’s pretty simple. If a person likes your social media page, they are already familiar with your product and interested to know more about it. So, your half-work is done here. Now, by posting engaging and relevant posts on social media, you just have to encourage your followers to buy.
You can take inspiration from Rally Health‘s Instagram page to create result-driven posts for your product page.
6. Partner With Leading Health Publications
All the above-disclosed strategies are perfect for identifying accounts for selling healthcare technology products from intent data to social media. But they all require your time and resources. And, for a new health tech company with limited resources, it’s not feasible to allocate so many resources for lead identification.
So, what’s the solution?
The best solution is to partner with leading healthcare publications. You see, health marketers, health publications are numerous resources to collect and analyze data, which you don’t have. Here partnering with leading publications allows you to run various market analyses to identify your prospects.
There are so many different global health publications available such as STAT, Science Magazine, Scientific American, and more.
Sell Healthcare Technology Products in No Time
Once you have identified your potential accounts, you can sell your smart medical products in no time. Additionally, it takes less time and effort to convert active leads into customers.
So, if you wish to reduce your marketing budget and increase your sales, start finding the relevant leads right now. Of course, it might take some effort to recognize qualified leads in the beginning. But if you follow the top strategies, you can sell your healthcare products like a hot piece of cake.
Once you have boosted your sales using the potential lead method, don’t forget to share your experience here.