Extracting maximum value from your MedTech leads

The same rule can (and should) be applied to MedTech marketing – “don’t lose money”.

Here at MedGen we like to take this rule a step even further! Our Buffet-inspired number one rule as the leader in marketing within the MedTech vertical is:

Maximize value, always

This rule directs and influences everything we do for our clients. For example, unlike most marketing companies on the planet, we’re not satisfied with ‘just’ generating leads; we also want to maximize the:

• Number of leads we generate
• Quality of those leads
• Lifetime value of those leads

In 2022, being ‘good enough’ at marketing is no longer good enough. Everything needs to be focused on providing exceptional value to allow you to continue generating maximum profits.

In this article, we’ll explain a few of the ways we help our clients extract maximum value from their leads.

1 – Running at two different speeds

As marketers, it can be easy to focus exclusively on purely short-term results. Typically, these will be measured by somebody taking a specific action right now, like making a purchase of a medical device or booking a sales appointment. (The lure of the “BUY NOW” button can be incredibly powerful!)

There is nothing inherently bad about short-term results (after all, we want our marketing to generate a response of some kind), but a solid, healthy MedTech business is one that is built upon a combination of both short and long-term marketing.

This means not focusing exclusively on a one-time purchase but also on how to maximize the lifetime value (LTV) of a customer. And as every customer first begins as a lead, we want to focus on maximizing the value of every lead we acquire.

This is best done by thinking of marketing as a long-distance race, not a 100m sprint. (Of course, there’s nothing wrong with running the longer-distance race as quickly as possible – you just need to be aware of where the finish line is so that you don’t burn out at the halfway point!)

2 – Embracing complexity

Human nature means that many marketers approach problems trying to find the simplest solution. If the problem itself is simple, a simple solution will often be all that is needed. However, if the problem or opportunity is complex a different approach will usually be needed.

Smart marketers (and we like to think we have many of them working here at MedGen!) embrace complexity, because they know that your competition is highly unlikely to be doing so.

Rather than leading towards a simple one-step sale, a more complex approach to marketing may involve:

• The addition of multiple upsells or downsells
• Retargeting
• Laser-like focus on particular customer types (to the exclusion of non-ideal customers)
• Creating different landing pages – and crafting a bespoke offer - for each customer type
• Combining different types of media, both online and offline for maximum influence
• Multi-step strategic marketing funnels
• Relentless follow-up (done properly, this can often produce subsequent sales in 5 – 20% of non-buyers)

If the thought of introducing more complexity into your marketing is a bit worrying for you, you’re not alone (that’s why most marketers and marketing companies run away from it!). Here at MedGen we have in-depth, multi-year experience of complex marketing across a wide variety of MedTech businesses.

We can take the complexity on for you, making the complex…simple!

3 – Better money maths

At its core, marketing is a combination of mathematics and psychology. If you can get both of these working together, you will get improved results from your marketing.

A good copywriter with experience in the MedTech vertical can be a very effective way of incorporating psychology into your marketing.

Improving ‘money maths’ involves more nuance as there are so many variables, including:

• Cost per lead
• Cost per sale
• Lifetime value of a customer
• Pricing of product/service (e.g. one-time fee or payment plan?)
• The difference in the above numbers for different channels used

If you can make the maths work in your favour, it means you can then afford to spend more (not less) to acquire a lead than your competition. Although this may seem counterintuitive, paying more for a lead is akin to marketing alchemy as it allows you to screen out the lowest quality leads, so that you spend more time with the people who are most qualified and more likely to buy from you.

This will usually improve your closing ratio and allow you to sell at higher prices, creating an ever-expanding loop of marketing effectiveness and value creation.

4 - Testing

The above three steps can all be turbocharged by this fourth step – testing.

Despite the well-known quote, knowledge by itself is not power. It is the application of that knowledge that is power.

At MedGen, we are fanatical about testing. Not because we love massive amounts of data for the sake of it (well okay, some of us do!), but because of what having that accurate data enables us to do for our clients.

For example, running split-tests allows us to optimize the speed we run a marketing campaign at, the offer(s) we make to the market, the marketing complexity involved, and a whole lot more!

Our proprietary machine learning and tracking technology gives us accurate, real-time data of multi-channel marketing campaigns, so that we can optimize as needed through creative and AI-driven approaches, FAST.

Data drives everything we do, including maximizing the value of leads.

Do you need help?

The steps above may seem overwhelming at first glance, but to us they are a regular part of our working day. (And because we’re part of the Creative Clicks Group, our working days are 24/7 every day of the year!)

As you would expect from your marketing partner in the MedTech vertical, all our solutions are GDPR/HIPAA-compliant to ease your regulatory burden (yes – this is yet another way we embrace complexity!).

MedTech companies who have partnered with us have already seen exceptional growth in the value they are able to create and then extract from their leads. Why not contact us today to see what we could do for you?