Commercial models in the medical device and diagnostic industry have changed dramatically since COVID-19.Key drivers accelerating this trend include:
MedTech companies are accelerating from pilots to the implementation of new models including: less traditional utilization of field sales; more utilization of digital data and capabilities; and sequencing channel engagement using digital technology to improve access to medical information and deliver more personalized customer experiences.
Data showed during the COVID-19 pandemic, companies with relatively mature omnichannel capabilities were more resilient and recovered faster than their industry peers. The companies with the least capabilities, however, shrank during that period. According to a 2022 McKinsey MedTech Omnichannel survey, “revenue growth from 2021 to 2022 shows that companies with the highest omnichannel maturity experienced more than twice the revenue growth of those with average maturity.” Yet, “less than 16 percent of MedTech firms are using data to drive real-time suggestions for optimizing customer engagement.”
MedTech Marketing at the Intersection of Digital and Data
For MedTech companies looking to adopt digital, the overarching goals are often the same as for any marketing strategy: companies want to achieve adoption, growth, and loyalty for their device or diagnostic. The right mix of tactics and channels, digital or otherwise, still depends upon the strategic objectives specific to the product.
Real-world examples include:
Advancing Personalization through “Insight Signals”
Personalized engagement is what success looks like in a data-driven omnichannel solution, where insights are achieved and processed to address a customer need. These insight signals are the convergence of data (e.g., persona, engagement, preference, real-world behavior) to power omnichannel engagement at scale.
In an omnichannel strategy, insight signals can be used to determine everything from best channel type (in-person or digital), best channel, next message, and even the best time to connect with a customer. For advanced campaigns, these signals can be used to trigger, sequence, or feed a next-best tech solution to drive deeper, more relevant interactions with your audiences.
Further, and moving toward a seamless integration of sales and marketing, insight signals – and data from the marketing campaigns they inform and optimize – better support field sales teams’ needs including customer segmentation, planning, and engagement.
Use Case: Digital Strategy Helps Diagnostics Manufacturer Increase Orders
IQVIA recently partnered with a diagnostic manufacturer to bring a unique physician engagement strategy into its digital marketing campaign for a liquid biopsy test. E-mails to physicians were triggered by specific physician digital research events (e.g., visiting the product’s website, or researching conditions that can be diagnosed by the test), with various call-to-actions including how to order the test. This unique and innovative approach ultimately resulted in a doubling of diagnostic test orders directly from physicians, as well as doubling of product brand recognition, as measured by the manufacturer itself.
For Digital Transformation in MedTech: Start Where You Are
The digital transformation of healthcare is here and applies to devices and diagnostics as much as pharmaceutical companies, hospital and health systems, pharmacy, or any healthcare company.
Importantly, there is no one-size-fits-all for how to use digital as part of an omnichannel engagement strategy. Every company is starting from a different point and every company’s journey will look different [see graphic]. Even making a small change to your omnichannel strategy will enhance your team’s overall capabilities and improve their ability to achieve business objectives.
Research shows us that companies who engage in even small steps toward the adoption of digital in omnichannel have benefited from greater returns than those that have not. Work with a trusted partner who can help you identify the best digital engagement capabilities and tactics to incorporate and build a path toward advancing your journey toward omnichannel physician engagement.
About the Authors:
Michaela Miller serves as the Vice President, Technology & Analytics, within IQVIA’s U.S. MedTech organization in Boston, MA (firstname.lastname@example.org)
Nicola Partridge is the Director of Digital Healthcare Product Strategy at IQVIA U.S., located in New York, NY (email@example.com).
About IQVIA MedTech
IQVIA MedTech is a global strategic partner for accelerating MedTech innovation. By intelligently connecting the right insights, technology, and MedTech expertise, we help enhance healthcare outcomes of the medical device and diagnostics industry. Wherever you are on your omnichannel journey, IQVIA MedTech can help with data collection and processes, as well as designing and executing an omnichannel strategy that’s tailor-made for your organization.