Empower your Life Sciences sales planning with airSlate SignNow

How to create outlook signature

welcome again everyone i'm sarah from the definitive healthcare team thank you so much for joining us today for our webinar planning your 2022 medical device marketing and sales strategy i'm excited to be hosting today's session with brittany morin visadry principal customer success manager and ashley rolling senior product marketing manager here at definitive healthcare ashley rolling is a senior product marketing manager for medical devices at definitive healthcare with a decade of experience in marketing in the life sciences she specializes in marketing plan development go to market strategy and other commercial strategic initiatives she has previously held physicians at icu medical and hospira advisor company brittany morin mizadri is a principal customer success manager at definitive healthcare and has experience partnering with our medical device pharmaceutical provider and staffing agency clients with a master's degree in medical sociology she also writes about the intersection of social and clinical sciences and the implications on patient care welcome brittany and ashley now i'd like to hand off to ashley thank you sarah and thank you everyone for joining today's webinar we have a lot of content to cover over the next 30 minutes so quickly running through the agenda we're going to primarily discuss best practices through the review of case studies from other medical device companies before we jump into that we're going to review and align on key elements of the strategic plan to align marketing and sales once we've covered that content my colleague brittany will take a deeper dive into three case studies as a marketing or sales professional your annual strategic plan should include many elements today we are going to focus in on these six key areas and given our time we will be honing in on the bolded subsections your plan if your plan doesn't include these categories you may want to consider modification and it's important to call out that as you put together your strategic plan you should have a realistic idea as to how you're going to bring them from idea to execution whether you're part of a mature commercialized organization or new to market it's important to realize that the market share market trends competitive landscape and more can change drastically in a short time how you plan and execute each year is always important and you should be informing your plans with healthcare commercial intelligence in the opening section for setting business goals and priorities you'll want to ensure you have an accurate description and understanding of your market as well as the ability to define the market size and market share breakdown some examples of common business goals and other priority initiatives could include items like growing the business fifteen percent in the next year or capturing five percent market share the overarching items in this section should be informed by data and analytics stemming from the detail in these other five sections moving on to market understanding this section should include market trends which are not only critical to identify but also to understand how your business may be impacted in terms of the ability to sell or market effectively understanding your customers sounds like an obvious requirement of your strategic plan however special attention should be paid to understanding your total addressable market there may be areas of the patient journey uh that allow for earlier intervention or doctors that may not specialize in a specific therapeutic area that turn out to be a key missed market once you have an understanding of the full market potential a segmentation and targeting strategy will be essential to ensuring that you're creating or delivering the right message and right solutions to your targets taking an even deeper dive from there is understanding personas who are your decision makers who are your influencers where are referrals coming from what's important to them and what problems are they trying to solve understanding who your competitors are their market share who they are affiliated with via sunshine act reporting data can help to give you a competitive advantage this information should help to inform sales and marketing strategy and will be important in achieving new market entry or market share capture initiatives product personas and messaging alignment under the product understanding category should tie in several elements of your strategic plan and begin to inform actionable marketing content and sales strategy marketing programs should not only be purposeful but include the right message to the right targets to aid the sales organization marketing budgets are limited and results matter therefore it's important to strive for making every dollar spent move the needle later in the presentation we'll cover a case study highlighting the best practices for how one medical device company was able to effectively deploy a blockbuster campaign that hit the right targets as i touched on in the previous slide data and analytics improve the effectiveness of your plan throughout your strategic planning process you should be asking yourself some key questions aligning to the categories we previously reviewed the questions that you see here really just scratch the surface and as you begin to take deeper dives into your marketing and sales plans to answer these questions you'll inevitably have several more and continue to need more data the leadership teams in your organization value data and analytics which is why your strategic plans should be should be developed with a data-driven approach not only that but accomplishing your goals will depend on the quality of your data if you're making decisions based on market share or market trend data that your company purchased four years ago or even one year ago you're setting yourself up for failure because the information is outdated and no longer relevant and as mentioned previously you should have a realistic idea as to how you're going to execute on your strategic plan based on surveys from medical device leaders the answer is data medical device leaders have been the target of many surveys around the importance and necessity of accurate and timely data and these results shouldn't shock you 69 percent of medical device executives rank data and analytics as the technology that will have the greatest impact in the next five years and 56 percent of ceos are concerned about the integrity of the data upon which they make their decisions so let's make sure your plans and decisions are being made with the right data the volatility of the medical device business environment can cause many companies to adopt reactive strategies as opposed to proactive ones and data can allow medical device companies to be more successful we've talked through some best practices at a high level and now we're going to talk through some considerations in the strategic planning process the first is competitive landscape and account targeting if you're new to market and starting from scratch you'll need to quickly understand the competitive landscape identify account targets and how to segment them mature markets may run the risk of new market entrance encroaching on your market share and understanding how to combat that will be an important aspect of your plan in one case study that we'll review you'll see how one medical device company was able to identify a completely missed market opportunity the second consideration is in maximizing your marketing budget budget is precious and you want to ensure that it's being spent as effectively as possible by reaching targets that can move the needle for your organization and finally if you have go-to-market strategy as a key business goal in the next year you know that the process is filled with many challenges in one case study a medical device company was able to effectively accelerate their go-to-market timeline and you may be able to find synergies and how they accomplish that feat these will be explored in more detail through the review of the three case studies which my colleague brittany will cover with you today i wanted to note that you may or may not recognize yourself or your company in every case study example that we'll be reviewing as we do recognize that every medical device company offers vast differences in clinical solutions however the commonality is in the need to develop an annual strategic plan using a data-driven approach take it away brittany thank you so much and thanks for everyone who's joining us today i'm really excited to talk about these case studies uh the next three that we're talking about we have done a lot of really cool projects with our clients this year and we've learned a lot from them as well so i'm hoping that you'll also learn as much from them as we have the first case study that we're going to review is a competitive landscape and market capture so one of our clients let's review here the challenge the solution and the result for one of our clients they had in their sales data an understanding at the account level who was buying their product and they knew that their competitive share let's say was about 80 percent of the market but what they didn't know is who in each of these accounts was buying from them and who was buying from their competitor so what we did is we used our claims data to identify those specific physicians who are buying from their competitor so they could segment each of those accounts and target only those physicians who they were wishing to convert we were able to match against their internal claims data and their sales data and we were able to identify thousands per for a physician using a competitive product so their marketing team uses data to effectively segment target and then position their product to differentiate their product from their competitor so before using our data this client would know that let's say mass gen had an eighty percent share or eighty percent of the doctors at mass gen bought their product and twenty percent bought their creditors but that was as much as they knew now they know down to the physician who uses which product this allows them to target most effectively so when we take a deep dive into our competitive landscape not only are you going to get account level views or physician or influencer level views you're going to be able to identify completely untapped markets being able to identify 8 000 new procedures using competitive data open up their year for them so using this data like i said they were able to effectively target and segment their product um their their market so they could target their product effectively so how does this align with the best practices that ashley was talking about at first we have to define our market we have to know who is buying and who is not who are the major players in that market and what is our total market share from there we need to define the business goals if we don't know where we're going it's going to be very difficult for us to map that that path forward to achieving those goals so we can map those financially we can map them strategically we can map for brand record for brand reputation there are ton of opportunities here to define our business goals but without those two under our business goals and priorities the rest really don't matter from there once we understand our market from there we can really segment and target appropriately so we want to make sure that we're selling to the right people at the account well our our client didn't really know who within their account bought from that bought from a competitor so it was really difficult to know really who to talk to now we understand who is buying our product why they're buying it and we can use that to position to their peers and maybe leverage them as influencers and finally by understanding our market we can identify who our major competitors are as ashley said in mature markets they're going to be new brand competitors coming into the market it's important to understand who are the players who might be influencing shifts in your market when you're in the product the easiest way to start this is to understand who is doing what type of procedures so this or for diagnosing our patients for this example so for this example we're using a diagnosis market overview for a a kidney disease looking at the screen i can see that there are 5 000 providers just over 5000 providers who have diagnosed this type of patient 2021 through october now if in my sales data set i know of 3 000 of them this is an excellent opportunity for me to understand where is the gap in my market similarly we can look at any of the sites of service so perhaps we are tapped into the physician group market we can see how many diagnoses that they're actually doing and are we engaged with them for all of them with each of these we can see really who are the providers at what volume and who might be emerging this year it looks like long-term care facilities there's very few of them but maybe this is an emerging trend since 2019. these are some things to keep an eye on if i'm doing a market overview now let's go into our our next case study here so we want to make sure that we're hitting accurate targets so one of our clients used this data to identify their top market opportunity so they could target physicians for a marketing campaign revolution is to effectively and accurately segment these physicians to ensure that the marketing spend and the campaign tactics are targeting potential customers performing the highest volume of procedures as actually said before when it comes to your marketing budget every dollar counts and you have no time and you need to make sure you're spending those resources in the right places doesn't make sense to be sending marketing or spending your marketing capital on targets that are not as effective so with this project our client was able to identify their actual market opportunity which was 30 percent higher than what the sales force has estimated now i'm not sure how many of you have had this experience where the sales force is telling you this is our total market opportunity and you're developing your marketing campaign around that estimate but using real life and real contemporary data you're going to be able to understand your total market opportunities you can see perhaps where there are untapped opportunities and where you can redirect those marketing dollars i mean 30 more market opportunity that's where i'd want to spend some money so let's bring this back to some best practices again we want to understand our customers we're looking at a total addressable market what is our our total market size here from there we can effectively segment and target it before they weren't touching that 30 so that extra 30 percent may alter who they decide to target um specifically the personas who are who are those that were missing what's important to them and what can we solve for them from there product understanding is very important so we want to identify the decision makers and influencers who can develop and execute on our our product and we want to deliver that messaging that resonates with solving their problems and then with your marketing programs to have a high level execution you need to use data real world real contemporary data and execute on those high value targets a comprehensive data set should absolutely be informing your marketing plan now in the project what does that look like so before we were looking at a total market diagnosis overview let's drill down a little bit we can see every single physician so we noted before that there were just over 5000 providers who are diagnosing these types of patients with this specific kidney disease by going into the physician diagnosis view what we're able to see is exactly which physicians are diagnosing my patients and at what volumes a challenge i like to share with my clients is take your sales teams top 10 accounts and measure it against the top 10 accounts in definitive health care by volume and do they align if not there's an opportunity for you to really grow that sales force and show them the additional opportunity that they have now let's talk about accelerating your go to market strategy in this day and age especially postcovid timing is everything you need to be the fastest the first you need to get in front of your providers or your decision makers at the hospital executive level so spending time researching those accounts is time that you could be spending developing relationships with your targets so one of our clients their challenge was to understand a rather niche patient population within the hospitals and health systems that treat those patients they were spending so much time researching via publicly available data was very desperate non-curated information to identify account targets i truly can tell you how many of my clients tell me that their research strategy is google that's not the most effective use of your team's time so our solution is to provide them a consolidated and curated data on a single platform the one-stop shop to find everything they need to know about their specific accounts and to address areas of opportunity using the health's own information so how did this help our team our client saw a 70 increase in booked meetings for sales representatives before that all of that time was spent reading their accounts before they made a phone call now we're able to deliver that data that they need to be successful so they can spend the rest of their time the most of their time developing relationships with their clients this enabled the sales team to to really just be effective in the field so we were able to identify high quality prospects so we used our medical claims data and value-based care data to really paint a comprehensive picture of each of their clients with that data we provide tailored messaging so the teams were able to address each of their executive contacts with the combination of the market data information on referrals discharges readmissions that were specific to that account we were able to show them a quantifiable return on investment and 70 extra time to spend with your clients is it's invaluable so we used a combination of claims data specific to these these clients so they were able to spend more time with their clients on their specific needs so for best practices for your go to market strategy we want to go back to defining our business goals if you don't know where you want to go it's hard to get there so we need to know everything about our market with spending all of our time researching it by understanding who are the major players in our market who are the major customers we can then identify what's important to them and how our product can help sales solve their their top problems and then finally understanding the market having the tools to understand trends in a given market is going to position your team as strategic partners beyond a transactional relationship with their clients so let's uh let's look at what this how we would view this in the product so here we're looking at nemours children's hospital so again staying with the same diagnosis here we started with a big picture of how many physicians in the u.s or how many hospitals in the u.s are diagnosing my patients now we want to know who are the top providers in the us so we saw that in the previous screenshot now we're looking at an account specific overview who are the doctors in my account who are treating my patients so here we're able to see the top providers who are seeing my patients so we can see here that our top provider is seeing 21 unique patients in this facility that type of innovation is involving truthfully product this take me maybe three clicks to get to three clicks to know who is the possibly major influencer of your therapy area in your target hospital this is who i would want to spend some time with so let's summarize here ashley what are some of the things that you took away from from today and in preparing for this thanks brittany so i think the biggest takeaway is again that data and analytics really should be informing marketing and sales plans uh it really fits into each of the the key elements of of a good strategic plan and again you know from a planning perspective it's important to continue and repeat that process annually because the information uh the market shifts competitors change um and again it's important to stay apprised of all that now sarah i saw some questions come through today um i want to address one specifically there's a question here from uh from a guest in pandemic times where there are no in-person conferences and trade shows what would be the best market strategy or marketing strategy for new product to the market i can tell you from my clients experience what they're doing but i'd also love to hear from ashley my clients are spending a lot of time on zoom in teams just like the just like us right here um trade shows are opening up again and then also executives are also team meetings where providers may not have that same bandwidth with their their exam rooms or their physician groups or their hospitals being quite busy executives are likely to be taking more meetings right now so a lot of my clients are shifting their focus from providers to either practice administrators or to hospital executives yeah i think that's great brittany and i agree with all of it um you know i would also add to that from you know again ensuring alignment between sales and marketing is going to be extremely important right so you know ensuring that your marketing messaging is extremely relevant and extremely targeted is going to help um you know bring leads into the door as well and then the other thing that i would say too is again you know brittany had touched on with some of the um screenshots of the product being able to really take a deep dive into you know specific physician statistics um hospital readmission rates and and things of that nature so not only tailoring the marketing message but um ensuring that that your your sales data and the information that you're putting together for your pre-call planning is going to be extremely relevant and you know i'd say that of course doing that virtually or in person is going to yield the same benefits great um we do have a few more questions that have come in um it looks like so this person seems familiar with with the product i i'm only seeing medicare when i log in do you actually have commercial claims data as well that is a really good question a lot of our clients have a mix of both claim sets so the standard product comes with the medicare claims data and then if you are interested if your market uh allows for it uh we do also have commercial claims data that is contemporary through last month great um next question is uh very interested in marketing to the physicians who are or could be referring to our rendering providers is that something that we could see in the product yes we definitely have referral information in our commercial data set medicare does not provide physician to physician referral data the same way that commercial claims do so if you are a client my recommendation is to reach out to your customer success manager or your account manager and they can show you how to view that in the product awesome all right next question um do do you have uh physician emails it's yes uh and then i think along with that um do you is there access to hospital and idea decision makers so it depends on who you're talking about with decision makers so in our product we do have all of the hospitals um who are all physicians who are affiliated with the hospital and their contact information and we also have hospital executives so we curate all of their contact information as well awesome all right and i think let's see um somebody did have a follow-up question to i think the first question that you took brittany kind of asking about meetings being more one-on-one is that something that you or ashley would have insight into so i can certainly speak to that my clients are definitely going to one-on-one meetings it's especially because of teams and zoom it's a little bit more difficult to capture all of those calendars at once um so my clients are definitely moving to a more one-on-one setup yeah and i would also add on to that as well you know if you're selling as an example into the hospital setting um you know you're you're going to encounter your your gatekeepers and kind of individuals to to sell and to become champions of your product kind of first and foremost um and then from there you know um it can open up to you know broader bigger more like value analysis committee type meetings as well um but i would say absolutely one-on-one meetings seem to be uh the shifting norm at this point awesome well thank you so much both brittany and ashley thank you to the audience for tuning in um with that we're going to go ahead and wrap up the webinar so thank you so much everybody bye thank you