Account based marketing in ophthalmic devices & implants industry

Account based marketing in ophthalmic devices & implants industry

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  Account Based Marketing inSurgical Ophthalmology Industry By Manikantan Jayaram Senior Sales & Marketing Manager – Care group Sight Solutions
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  Author’s profile • Startedcareer as a strategic consultant for healthcare technology & healthcare services industries • Over 13 years of experience in B2B space in Brand Marketing, Market Development, Account Based Marketing, Digital Marketing, Marketing Communication and institutional sales management • Worked as Country Manager – Marketing for STAAR Surgical, India between 2012 and 2019 leading Account Based marketing and Marketing Communication • Extensive and authoritative experience in the field of lens based premium refractive implant market in India • Currently leads Sales & Marketing efforts of Care Group Sight Solutions LLC – A leading player in Global Opthalmic supplies industry
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  Traditional Sales &Marketing in Ophthalmology • “Mass” approach • Cookie cutter ideas in Marketing & Lead generation • “One size fits all” thinking • Marketing & Sales are not in synchrony • “Carpet Bombing” of Marketing Communication • Role of Marketing limited to mostly event planning & creative design • Role of sales limited mostly to “Field visits”
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  Account Based Marketing(ABM) • Intensely Focused/customized Marketing approach • Targets large volume individual hospital or a small set of medium to large volume hospitals with customized marketing for each one • New way to cultivate relationships and deepening such relationships with hospital’s Management • “Land & Expand” – add value – sell more to identified hospitals
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  Account based Marketing(ABM) Never mind which fish you catch as long as you catch Very particular about which fish to catch
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  Inbound vs ABM Identifytarget hospitals/Surgeons Engage them with personalized campaigns Build lasting relationships leading to new opportunities Approach all possible hospitals/surgeons Engage with as many as possible on various platforms Identify target hospitals/Surgeons Traditional Marketing approach in Ophthalmic industry ABM approach in Ophthalmic industry
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  Why ABM • Challengingtimes. Especially COVID 19 has changed they way businesses are to be conducted • Resource rationalization & travelling rationalization • <5% of new prospects convert to business • Almost 60% of revenue is from about 20% of hospitals • High ROI (84% of B2B marketers agree!)
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  Advantages of ABM •Syncs Management, Marketing, Sales, Finance, Clinical support & Services teams to plan, target, sell and develop relationship with hospitals • Creates alignment of various departments within organization • Creates/identifies new metrics to measure success • Reduces sales cycle time/Conversion time • Specific focus with excellent customer service with lead to exponential growth • Better “Waste” management
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  Critical elements ofABM • Starts from better selection of target hospitals/surgeons • Identify different decision makers in each hospital and their aspirations/priorities • Identify the hospital’s target audience, their profile and their behavior to tailor your offering and messaging • Design different modes of campaign to convey your messaging to the target hospitals – Ex. Focused meetings & Offsite meetings with exclusive & select small group • Create opportunities for new format (apart from symposium or traditional paper presentations) of interactions with target surgeons during conferences/CMEs
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  Key success factorsin ABM • Create & deliver target specific marcom for your customers’ customers • Invest in your customers’ success to reap rich dividends on the long run • Better rearrangement of existing customer data opens up new opportunities • Better homework on identified targets yields great results • Fail fast and move on (In case…) • Know when to stop pursuing
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  Benefits of ABM •Rational use of marketing budget • Rational use of time and personnel • Strategic approach to sales • Strategic deployment of sales & marketing executives • Increased revenue yield per customer/hospital • Hence better ROI • Lean and agile process
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  Future of ABM •Better targeting with new AI powered software • Better marcom content delivery through programmatic marketing