ABM Strategy for

B2B Healthcare Prospecting

Binnovate Digital's CMO process, integrated with the principles of account-based marketing, is our unique and targeted approach to B2B healthcare prospecting

Groundworks:

  • In this guide, we will share with you a step-by-step guide on the same healthcare prospecting and sales process that we used in growing our healthcare startup from bootstrapped to raising $2.2M in funding, through an ABM (account-based marketing) process that we customized for healthcare.
  • We used the same process as a case study, which we then applied to: 

    • A digital health solution in ophthalmology, which generated 125% ROI within 6 months. 

    • A medical device targeting hospital and clinic pharmacies, resulting in a 30% increase in revenue and a 200% increase in sales prospects, including Tier 1 hospital systems in the US within 10 months.

    • Established the sales prospects for a healthcare innovation platform from an average of 1 sales call a month to 10 sales calls per month 

    • Got as much as a 30% reply rate on a prospecting process from a healthcare consultancy service

  • Who is this guide is for:

    …if you are a medical device, digital health, medtech or consultancy serving the healthcare market, this guide will help you on how you too can implement it for your sales team—whether that’s a team of 1 or a full department.

    …if the target healthcare customers you’re serving are going through long sales cycles (3 months or more)

    …if your average contract value (ACV) is at least $20,000 or more per closed account 

    …if you have narrowed your ideal customer profile (ICP) to at most 3 roles within the target organizations. If you’re earlier than this, we recommend you hustle to get the first 12 or more research calls and close at least 1. 

    …if you have at least 1 case study or a successful pilot, then this process works even better

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Part 1: A Closer Look at ABM

What is ABM and how does it compare to other B2B selling processes

ABM or account-based marketing is a B2B marketing strategy that focuses on targeting and engaging specific high-value accounts or companies rather than using the “spray-and-pray” method. This means we do not cast a wide net to attract a broader audience and hope for the best.

It involves crafting highly personalized marketing campaigns and content to resonate with the needs, interests, and pain points of the target accounts. ABM is typically used in B2B contexts where the sales cycle is longer, and the value of each customer or account is significant.

Here's how ABM compares to other B2B selling processes:

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The Sales Funnel in Healthcare B2B Client Acquisition

In the fast-evolving landscape of healthcare where innovation is key, connecting with the right decision-makers within hospitals, health systems, and specialty clinics can be challenging. That's where Binnovate Digital is revolutionizing B2B healthcare sales prospecting by integrating ABM into the healthcare sales prospecting process.

1

Understanding the Relationship of Your Go-To Market Strategy vs Your Product’s Annual Contract Value (ACV):

In the competitive world of healthcare sales, having a well-defined go-to-market (GTM) strategy is crucial for success. It helps you streamline your prospecting efforts, optimize resource allocation, and maximize revenue generation. In this blog post, we will explore the key considerations for defining your GTM strategy in the context of healthcare sales.

2

Understanding the Healthcare Market:

Before diving into prospecting and sales activities, it is essential to have a solid understanding of the healthcare market. This includes identifying your target audience, analyzing the competitive landscape, and determining the challenges and opportunities within the industry. Conducting thorough market research will inform your GTM strategy and enable you to tailor your messaging to resonate with healthcare professionals. The best resource we're using in this subject is Jacco van de Kooij's winning by design: 

One particular distinction in healthcare sales is that the stakes are high -- where Annual Contract Value (ACV) often reaches significant sums, the right approach to market penetration is crucial. Here's why outbound outreach stands out as the optimal strategy:

3

Understanding the High ACV Landscape:

Healthcare solutions often come with a high ACV, reflecting the value and impact they bring to institutions and patients. With such substantial investments at play, waiting for clients to discover your solution might not be the most efficient route.

4

Proactive Engagement with Outbound:

Given the high ACV in healthcare, a proactive approach is paramount. Outbound outreach, which involves directly engaging potential clients, ensures that your solution is on the radar of the right decision-makers. Whether it's through targeted email campaigns, strategic cold calls, or industry-specific events, outbound tactics place your offering front and center.

5

Tailoring to Product and Market Dynamics:

While inbound strategies can be effective for well-established solutions in saturated markets, they often rely on the hope that the right stakeholders stumble upon your content. In contrast, outbound strategies, especially for novel or disruptive products, allow for precision targeting. You're not just casting a wide net; you're spearfishing, ensuring that your high ACV product gets in front of those who will see its value.

6

Synchronized Marketing and Sales for High ACV:

In a high ACV environment, the alignment between marketing and sales becomes even more critical. Outbound strategies ensure that the leads generated are of high quality and relevance, making the sales process more streamlined and effective.

7

Leveraging Thought Leadership for Direct Impact:

While thought leadership is essential in both inbound and outbound strategies, in an outbound approach, it can be directed with intent. Collaborative efforts with industry leaders can be showcased directly to potential clients, ensuring that your expertise is not just seen, but also felt.

8

Building Relationships with Precision:

In the realm of high ACV healthcare sales, relationships are everything. Outbound strategies allow for a more personalized approach, understanding the unique challenges of each stakeholder and tailoring solutions accordingly. This direct engagement fosters trust and positions you as a valuable partner, rather than just another vendor.

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The problems of traditional healthcare buying process

In the healthcare industry, prospecting poses significant challenges. The traditional methods have proven to be inefficient and time-consuming, often leading to missed opportunities. A shift in the buying process, complicated by the need to engage with multiple decision-makers, has further complicated the prospecting process. 

In addition, the high cost and risk associated with healthcare make it a space where mistakes can have costly consequences. Furthermore, the ever-changing regulatory landscape adds another layer of complexity, making the prospecting process even more cumbersome.

Given these challenges, healthcare companies have begun to look for new and improved methods of prospecting. This is where the value of hiring a prospecting company comes into play. The expertise and comprehensive understanding of the healthcare landscape that these companies offer can significantly streamline the prospecting process.

At Binnovate Digital, we are equipped with the team, tools, and funnels to overcome the problems of the traditional healthcare buying process. Here’s the reality that we face today, and how we’ll solve them.

Tough-to-Reach Decision-Makers

In the healthcare sector, the buying process is a complex endeavor, requiring the engagement of many stakeholders.

C-Level Leaders

Each of them has a unique role, and their decision-making influence varies. The C-level leaders, including Chief Medical Officers (CMOs), Chief Information Officers (CIOs), and Chief Executive Officers (CEOs), often hold the final say in purchasing decisions, basing their choices on strategic and financial implications.

Product DevelopersProduct developers, on the other hand, are primarily concerned with the technical aspects of a product or solution. They need to ensure that the chosen solution is compatible with existing systems, can effectively address the problem at hand, and is user-friendly for healthcare practitioners.

Investors

Investors, including venture capitalists and private equity firms, are critical stakeholders in the healthcare space. They are driven by the potential return on investment and growth opportunities a product or solution may bring.

Healthcare Organizations

Healthcare organizations, comprising hospitals, clinics, nursing homes, or outpatient facilities, reflect the end-users of the product or solution. Their preferences heavily depend on patient outcomes, cost-effectiveness, and ease of implementation.

Regulatory Bodies

Regulatory bodies, such as the Food and Drug Administration (FDA) in the U.S, play a crucial role in the healthcare buying process. Their guidelines and approval are essential to ensure the safety, effectiveness, and quality of the products or solutions. They also set the industry standards for medical devices and digital health tools.Successful healthcare prospecting requires a comprehensive understanding of these diverse stakeholders, their priorities, and requirements. These stakeholders and decision-makers are often hard to reach, making it difficult to build an effective case for why a product or solution should be chosen.

Why Are They Hard to Contact?

These decision-makers are often hard to contact due to several reasons. First, their time is highly occupied, as they are engaged in critical roles that require serious commitment and attention. Second, they are frequently inundated with a high volume of sales pitches, making it difficult for new propositions to stand out and be considered. Lastly, the complex nature of healthcare products and solutions often necessitates a highly specialized understanding, making effective communication challenging.

The result? Long, unpredictable, and expensive sales cycles. The unpredictable and lengthy sales cycles associated with traditional methods of healthcare prospecting can be a nightmare for companies. With lengthy purchasing processes, companies often struggle to stay afloat in the current market dynamics and face the risk of falling behind competitors. Furthermore, due to the high costs associated with healthcare, any mistakes in the prospecting process can be extremely costly.Thus, breaking through these barriers requires a well-strategized approach that aligns with the specific requirements of stakeholders and decision-makers and communicates the unique value proposition effectively.

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You can try doing ABM on your own, but...

Account-based marketing is emerging to be a powerful strategy for B2B companies to target high-value accounts with personalized campaigns. While ABM may seem promising, attempting it independently can bring about several potential challenges that businesses in the healthcare industry need to consider.

Scalability

Scalability is a critical concern when trying ABM on your own. If you opt for ABM without the right resources and expertise, you may find yourself targeting only a small number of accounts. This limited scope can hinder your ability to predict sales outcomes and maximize the full potential of your marketing efforts. It's essential to strike a balance between precision and scale in your ABM approach.

Specific Skill Set

Crafting personalized messages, analyzing data, and managing multiple touchpoints with key accounts are skills that may not be readily available within your existing team. Acquiring or developing these skills internally can often consume valuable time and incur significant costs.

Speed

ABM demands meticulous research, precise targeting, and tailored content for each account. The process of planning, setting up campaigns, running them, and iterating based on results can be tedious and time-consuming. In today’s fast-paced landscape, delays in reaching potential clients can mean missed opportunities.

Cost

Opting for a solo approach can lead to substantial expenses, especially when considering the requirement for specialized expertise and cutting-edge technological resources. By implementing a comprehensive ABM strategy that encompasses these key components, companies can unlock an unprecedented level of marketing potential and drive exceptional business growth.

Tech Stack

Implementing an effective AMB strategy demands a comprehensive tech stack that covers planning, outreach, engagement, and follow-ups. To unleash the full potential of ABM, each tool within this stack requires dedicated training and ongoing maintenance. 

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Binnovate's CMO Process

Binnovate’s Cohort, Message, and Offer (CMO) process is a tested sales process based on ABM, specifically designed for healthcare. It originated from our management team’s previous experience in the digital health field—growing a nephrology product from Amsterdam to the US, now into the clinical validation phase, and has raised $2.2M to date and closed its first 2 enterprise healthcare clients.

Our CMO process is a finely-tuned strategy designed to connect with decision-makers in the healthcare industry. This structured approach ensures that our outreach is highly effective, personalized, and aligned with the unique needs and challenges of different healthcare professionals.

Part 2: Solution

At its core, the Binnovate CMO process provides: 

  • Scale
  • Personalization
  • Speed of Iteration

Here's How CMO Works

Cohort Identification

Our journey begins with meticulous cohort identification. In the healthcare sector, there's a diverse array of decision-makers, from C-level executives (above-the-line) to managers and supervisors (below-the-line).

To maximize our impact, we don't adopt a one-size-fits-all approach. Instead, we create distinct ideal customer titles and profiles for each category of decision-maker. These profiles are based on their roles, responsibilities, pain points, and goals.

Personalized Messaging

Crafting compelling messages that resonate with each cohort is where Binnovate Digital truly excels. We recognize that generic and one-size-fits-all messages simply don't cut it in the healthcare industry.

That's why we take a personalized approach, carefully crafting targeted messages that directly address each cohort's unique pain points, aspirations, and priorities. We aim to capture attention, ignite interest, and drive a meaningful response. With our expertise and dedication, we ensure your messages stand out and make a lasting impact. 

The Offer

The last step in our healthcare sales prospecting is the offer. The offer is the strategic approach we employ to tailor our services and products to the specific needs and interests of healthcare sales prospects. Rather than creating entirely new offers, our focus lies in personalizing the offer based on the identified cohort. 

For instance, if the cohort consists mostly of sales executives, we emphasize the sales benefits. Alternatively, if the cohort comprises chief operations officers, we highlight the cost-saving benefits. This targeted approach ensures that our healthcare sales prospecting efforts effectively resonate with the intended audience, resulting in higher engagement and conversion rates.

Since each offer is unique, we need you to book a discovery call to discuss your needs.
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  • FROM INTAKE TO STRATEGY
    Starting with the intake form, our clients answer a comprehensive set of questions. This form allows them to share their current learnings, tactics, strategies, metrics, cohorts, competitor analysis, target market profiles, avatars, and ICTs. The goal is to transform this intake form into a CMO strategy.

    At Binnovate Digital, we develop a unique CMO strategy for each cohort. This strategy is tailored to fit the needs of a single cohort and includes a personalized message and offer. Ideally, we execute the CMO strategy on a monthly basis, but we can also expedite the process to 2-3 weeks per CMO if necessary.
  • THE CMO
    Each CMO is redefined for an ideal customer company and ideal customer title. This allows us to create an ideal customer profile that helps us generate solutions specific to their needs.

    We analyze personalization points, which provide us with insights about the client's company, including current events or professional information we gather from LinkedIn profiles of prospects.

  • IPS Fulfillment
    Once we identify the specific problems, we provide the client with a personalized benefit or offer for each ICP or CMO. The final step is IPS fulfillment, where we relay the ICP problem list, personalization points, and benefit/value offer to our team. Based on the nature of the problem and benefit/value, we assign the client to T1 (email outreach), T2 (LinkedIn outreach), and T3 (SDR outreach or cold calling).

    We then book calls and forward them to the clients, who will ultimately close the deals. What sets Binnovate's CMO process apart is our ability to develop a comprehensive and effective strategy based on a targeted problem list, personalization points, messaging, and offer.

    Our entire CMO process is highly scalable and can be implemented within a short period of time.

Following our CMO approach to ABM, Binnovate Digital eliminates problems…

In our pursuit of refining the Cohort, Messaging, and Offer (CMO) process, we have successfully addressed several critical challenges that commonly plague companies in the realm of prospecting and sales.

Through our strategic approach, we have effectively eliminated these pain points, revolutionizing the way businesses approach their marketing strategies. Among the difficulties we have mitigated are:

Scalability

The age-old problem of targeting a limited audience without the ability to predict sales outcomes has been a persistent headache for businesses. We have developed innovative solutions that enable scalability without sacrificing precision.

Speed

Adopting an AMB strategy often involves extensive research, setup, execution, and iterative processes, which can consume valuable time and resources. Our streamlined methods empower you to accelerate your marketing initiatives without compromising quality.

Expense

Traditional marketing approaches can become cost-prohibitive, especially when specialized skill sets and technologies are required. Our strategies are designed to optimize efficiency and reduce unnecessary costs.

Specific Skill Sets

Our team has the specialized skill set necessary for businesses to implement effective ABM strategies. Clients don’t need to form their own in-house sales team since Binnovate already has the inside sales experience.

Tech Stack

From planning and outreach to engagement and follow-ups, managing a complex technology stack can be overwhelming. Our approach simplifies this by providing a unified framework, sparing you the expense and hassle of mastering multiple software platforms.

Key Takeaways

At Binnovate Digital, we strive to empower clients by optimizing their inside prospecting and sales process. We understand that your time is valuable, and your sales team's interactions should be focused on engaging with prospects who are not only pre-qualified but also genuinely interested in what you have to offer. 

Here’s how we make that possible:

Efficient Prospecting

By leveraging data-driven insights, we identify and target prospects who align with your ideal customer profile. This strategic approach ensures that your team is reaching out to individuals or organizations with a genuine need for your products or services.

Streamlined Sales Process

With pre-qualified and warmed-up prospects, your sales team can focus on what they do best—closing deals. We provide them with the tools, insights, and support they need to make the sales process smoother and more efficient. This translates into shorter sales cycles and higher conversion rates.

Precise Qualification

Our process includes a comprehensive qualification system. Prospects are assessed based on criteria that matter most to your business. This step ensures that your sales team spends their time engaging with leads who are more likely to convert, maximizing the return on their efforts.

ROI-Based Partnership

Before entering into a partnership, we conduct a thorough evaluation of your business, goals, and previous case studies. We assess whether our services align with your needs. This enables us to determine if we have a strong potential for a successful collaboration.

We ensure that both parties have a clear understanding of what can be achieved through our services. We discuss key performance indicators (KPIs) and define realistic expectations for the ROI you can anticipate. In short, we only take in clients that we are confident we can turn an ROI.

We are so confident in our ability to deliver results that we stand by our work with a guarantee of ROI. If, for any reason, we fail to meet the mutually agreed-upon KPIs and do not generate a positive ROI within the defined timeframe, we are committed to working for you for free until we do.

By offering this guarantee, we demonstrate our unwavering commitment to delivering measurable value and ensuring that your investment in our services yields tangible returns.

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Take your healthcare sales prospecting game to the next level with Binnovate’s CMO process. We provide clients with a full suite of healthcare prospecting teams, tools, and funnels.

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