The ever-evolving healthcare landscape rarely gives space to anyone to catch their breath; every player in the space always has to gear up. With multiple stakeholders and intricate regulations, key stakeholders in healthcare need all the help they can get.
Account-based marketing is a beacon that illuminates the part of targeted engagement with the key players in the health industry. Transcending conventional marketing methods, ABM gives the tailored approach healthcare needs to reach key stakeholders, driving impactful outcomes.
The question remains: will healthcare be able to navigate this uncharted water called ABM skillfully? Stay with us to unravel the complexities and redefine the future of healthcare with personalized account-based marketing.
A Glimpse Into “Account-Based Marketing“
Account-based marketing is a strategic approach to B2B marketing that flips the traditional marketing funnel upside down. Instead of casting a wide net to gather potential customers, ABM focuses on targeting high-value accounts.
Identifying the needs and pain points of these target accounts, the marketing strategy swoops in with a personalized approach to be the day’s savior.
- An account-based selling strategy starts by identifying target accounts that can yield high profits.
- Focusing on the potential buyer’s personas, sales teams using ABM create personalized messaging systems that resonate with the potential customers.
- Using personalized messaging, ABM deepens engagement and creates stronger bonds, which drives the buying process.
The effectiveness of the account-based model is further pronounced in healthcare, involving a robust network of decision-makers. It fosters a collaborative approach to identifying and nurturing high-value accounts, aligning sales and marketing efforts more closely.
So Far So Healthy: Account-Based Marketing Healthcare Till Now
Healthcare’s account-based marketing strategy focuses on converting specific high-value accounts to valuable customers. The ABCs of this strategy are alignment, balance, customer centricity, data-driven, engagement, personalization, and focus on results.
The collaboration between the sales team and marketing is one of the major bedrocks of account-based marketing. With the sales and marketing teams on the same side, sharing insights, goals, and marketing strategies becomes easier. The unified approach seamlessly identifies and nurtures key accounts and provides excellent customer service.
ABM focuses on customer lifetime value, targeting the most valuable customers. This helps strike a balance between quality and quantity. Rather than waste resources on wrong accounts, the ABM sales team optimizes the specific accounts with high-value prospects.
With fewer accounts to manage, account-based sales development teams give individual accounts the feeling of being one of the right accounts.
The drive for ABM is understanding the customer’s pain points, pressure, needs, and wants. The desire to fulfill the customers’ needs leads to a drive for customer success, ensuring the sales team focuses more on fulfilling the customer stakeholders.
Data is the backbone of account-based selling in Big Pharma. The sales team relies heavily on data and analytics to identify target accounts while coordinating marketing campaigns. Taking it further, thorough research and analysis help gather insights about the target accounts, their decision-making structure, behaviors, and preferences. Eventually, data can enable personalized and targeted marketing campaigns.
Engagement and Personalization
ABM emphasizes creating and fostering relationships with key players within the target account list. A healthcare account-based selling marketing team can use personalized communication, customized content, and engaging interaction to drive the sales process.
With ABM based majorly on a successful account-based approach, being on the same page with new and existing customers is important.
Focus on Results
The account-based selling strategy is result-oriented, focusing not only on the quantity of account engagement and the leads’ quality, conversion rates, and generated revenue. This account-based selling model prioritizes continuous measurement and optimization to achieve sustainable business growth ultimately.
Application Of ABM For Satisfying The Key Players of the Big Pharma
Account-based sales strategy in healthcare adopts a unique approach that focuses on the multiple stakeholders of the industry. Using personalized messaging to reach the target account lists, healthcare’s ABM caters to providers, payers, and patients of the system. Ultimately, it contributes to improved healthcare outcomes and excellent customer service.
Pharma’s account-based selling targets healthcare providers like hospitals, individual practitioners, clinics, and physician groups. ABM sales teams focus on understanding the challenges of this group. These challenges include adopting new technologies, adhering to regulations, improving patients’ outcomes, and reducing costs.
The account-based sales strategy then focuses on tailored solutions to these problems. The sales team can create educational content for these challenges or foster personalized interactions with key decision-makers. They can also showcase a product or service streamlining operations within their specific settings.
The saying that ‘the piper dictates the tune’ has always indicated that the paying party holds the largest sway. Although this class is not direct consumers, they are major stakeholders responsible for the monetary part of keeping big pharma moving. Therefore, it is obligatory to consider their concerns.
The healthcare payers include insurance companies and health plan organizers. They may have concerns regarding managing costs, improving health outcomes, and covering more populations with available resources.
ABM marketing campaigns focus on solutions that can optimize operational efficiencies, reduce claims, and improve the overall health of the covered population.
The healthcare industry is fast becoming customer-centric, emphasizing customer stakeholders more than other decision-makers. With the account-based model centering mostly around targeting and delivering to high-value accounts, the customers are crucial to ABM.
The account-based approach uses a personalized messaging strategy to deliver high-value, empowering patient content. Account-based sales campaigns promote health education and encourage proactive patient participation in healthcare decision-making.
Account managers can proffer solutions like educational content, interactive health-management tools, and personalized patient outreach.
Challenges and Considerations in Healthcare ABM
Healthcare is a complex and challenging landscape that requires marketers to put more effort into the sales process. While considering the daunting regulations and numerous decision makers, a sales model can lose its glamour in Big Pharma’s tapestry.
What pitfalls can the account-based selling model encounter in the healthcare industry?
Complex Decision-Making Processes
Healthcare decision-making processes can be cumbersome, involving many stakeholders, including professionals, patients, and the government. The process can be tiring because it is difficult to get many people with varied interests and backgrounds to align. Also, it can elongate the duration of decision-making, wasting valuable time.
The account-based model requires personalized strategies for specific accounts. Therefore, without debate, it can demand more resources like time, personnel, funding, and technology.
Changing Healthcare Ecosystem
Healthcare is an evolving landscape that constantly changes with the advent of new treatment methods, technological advancements, and shifts in patient paradigms. With the system keeping it on its toes, an account-based sales strategy may not fully evolve before the industry moves on to the next.
A Glimpse Into The Future: What Healthcare Will Be Like With Account-Based Sales
Account-based selling has a bright future in healthcare. With its personalized touch aligned with the emerging healthcare goal of personalized medicine and a patient-centric approach, ABM has come to pharma to stay. So, you should have some things to look forward to in pharma’s account-based selling.
Virtual And Augmented Reality
AR and VR are revolutionizing the healthcare industry. These immersive technologies showcase medical procedures, simulate patient experiences, and educate healthcare professionals on new trends. With their advancement, account-based selling finds it easier to reach the necessary targets.
Internet of Medical Things (IoMT)
The Internet of Medical Things can provide voluminous real-life data. With its integration with account-based marketing, there will be enough data at the fingertips of ABM marketing executives. They can further use this data to deliver personalized messages to the target market.
AI and Predictive Analytics
ABM owes a portion of its growth so far to AI and predictive analytics. Machine learning algorithms help analyze large volumes of data to predict healthcare trends, personalize engagements, and anticipate needs. With the continuous growth of AI and predictive analytics, ABM can look forward to better analytics and predictions.
Many waters are difficult to navigate in healthcare. Account-based sales strategy is quite new to the healthcare industry with a murky nature stemming from its infantile stage. However, the novelty does not obscure its many benefits to the industry.
With a focus on using data-driven insights to drive personalized campaigns to target accounts, account-based selling maximizes available potential. It depends on the balance between the sales and marketing teams to get high-quality results through personalized engagement.
Many pharma companies are seriously considering account-based selling strategies, to the point of dedicating an entire sales team to it. However, why go the hard way when you can go the smart way? Remember, smart work over hard work any day!
Platforce has dedicated resources to doing the hard work for their clients, expending resources to provide the best tools for excellent account-based selling strategies. Contact us today to take the burden of brainstorming ideas from scratch and use our solutions to get the work done in half time. Do not forget that you also get to optimize your resources better.