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Medical Device: DTC Marketing w/ a Proven ROI (The Power of the Referral)

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2014 Presentation by MD Connect President Dan Stempel at the 4th annual Digital Marketing for Medical Devices Conference in Minneapolis. Dan discusses a DTC marketing program that has been proven to drive disposable revenue for Medical Device companies.

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Medical Device: DTC Marketing w/ a Proven ROI (The Power of the Referral)

  1. 1. DTC MARKETING WITH A PROVEN ROI: Digital Co-Marketing and the Power of the Referral Dan Stempel, MD Connect 08.12.2014
  2. 2. Proprietary & Confidential A Unique ‘Dual’ Perspective Medical Devices (15+ years) Digital Marketing (8+ years)
  3. 3. Proprietary & Confidential Strategic Patient Referral If you own the patient… …you own the doctor.
  4. 4. MD Connect DTC CHALLENGES
  5. 5. DTC Costs (…a lot!) Proprietary & Confidential 5 How can you compete?!?!?
  6. 6. Targeting? What you want: Patients with a specific condition What you get:  Demographics (age, gender, socioeconomic status)  Geographic distribution Proprietary & Confidential 6
  7. 7. ROI Tracking: Focus on what matters! Proprietary & Confidential 7 Impressions Visitors/Clicks, Rankings, Likes, Followers Over 90% of agencies focus here Referrals (Patient Leads) • Online • Offline (Phone) (often >80%) • Quality ( appointments & procedures) IncreasingValue
  8. 8. Taking the “Direct” Out of DTC Proprietary & Confidential 8 Clients (Hospitals / MDs) $ Marketing through healthcare professionals runs the risk of having your message lost. Medical Device Companies Patients DTC Marketing ensures your story is told the way you want to tell it.
  9. 9. ‘Indirect’ DTC (Practice Enhancement) Tools Print Ads Direct Mail Radio Ads Patient Brochures Posters PR / Press Kits Find-A-Doctor Locators
  10. 10. A NEW PARADIGM: DIGITAL CO-MARKETING MD Connect
  11. 11. Proprietary & Confidential Is it right for you?  Prevalent (highly searched) disease/condition >500K searches per month  Patient-swaying technology Will it affect MD choice?  Consultative sale team  High $ per procedure (disposable) $2K+  Funding? Not a requirement
  12. 12. Proprietary & Confidential Patient Preference? “All Medicine is Local.”
  13. 13. Local & Targeted Proprietary & Confidential 13 Web Visitors Geo-Targeted Technology? Single MD- Hospital Website “Directory” Model Zip Code Search Select 1 Of Many National Site List of (multiple) Local Specialists Client Page (limited info, unbranded) MD?
  14. 14. * With microsite 3 Key Components Proprietary & Confidential 14 1. Targeted online media 2. Microsites Visitors  Referrals 3. Tracking out to referral Online & Offline (phone)
  15. 15. (Online) Media Targeting Proprietary & Confidential 15 Linking Content Match Paid Search (PPC) Geo- Targeting SEARCH Search Engine Optimization (SEO) Affiliate Marketing Microsites Language Targeting Conversion Optimization Extensions Mobile Directories E-mail Video Display Blogs Ratings & Reviews Re-Targeting Focus for Results
  16. 16. Proprietary & Confidential Top Media Choices  Paid Search (PPC)  Big 3 (Google, Yahoo, MSN/Bing)  Display (retargeting)  Social advertising (Facebook)  Interest-based  Contextual advertising  Key themes:  CPC-based bidding  Condition targeting
  17. 17. Symptoms Diagnoses (Dx) Therapies (Rx) Resources • leg pain • swollen legs • bulging veins • varicose veins • spider veins • chronic venous ulcer • vein treatment • vein removal • endovenous ablation • vein center • vein clinic • vein specialist ReturnonInvestment(ROI) Patient Search Process $$$$ Proprietary & Confidential In-Media Targeting: Keywords
  18. 18. Benefits of Targeting Proprietary & Confidential 18 $366 $249 $236 $278 $166 $148 $99 $- $50 $100 $150 $200 $250 $300 $350 $400 Radio Print TV Online (untargeted) Online (targeted) - Month 1 Online (targeted) - Month 2 Online (targeted & optimized) - Month 3 Cost per Referral Good Targeting & Optimization Can Cut Media Costs by 40-60%
  19. 19. Program-specific website(s)  Localized MD/Hospital-focused  Co-branded  Conversion-optimized Specialty-focused, ‘just right’ content  Low cost (free?) Microsites 19Proprietary & Confidential
  20. 20. Performance Tracking (Referrals!) Proprietary & Confidential Phone Auditing & Lead Scoring Referrals  Not visitors, impressions  Tracked back to media, keywords Go beyond the referral  appointment  Phone auditing, lead scoring
  21. 21. Performance Tracking (ROI) Proprietary & Confidential 21
  22. 22. RESULTS MD Connect
  23. 23. • Profile • ~3 million venous-related searches per month • Technology (RF & laser) created 45-minute office procedure with 90-95% efficacy • Office-base reimbursement of $2K - $3K • MDs newer to marketing (more skeptical) • Results • COSTLESS program to device company • Clients receiving 30+ referrals per month • Referrals convert at ~40% to appointment • Clients very loyal (>95% renewal rate) • Nearly 40 clients on program within a year Case Study #1: Vascular/Venous Device Proprietary & Confidential 23
  24. 24. Proprietary & Confidential Case Study #1: Vascular/Venous Device $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 Marketing Service All Product (Pull-Through) Capital (Laser) Disposable (New Accounts) Disposable (Converted Accounts) Disposable (Existing Accounts Secured) Device Company Revenue 18 Lasers Sold Significant Pull-Through $ 12 Compet. Conversions
  25. 25. Marketing Investment Value1
  26. 26. Vascular/Vein (150+ clinics and counting…) >150,000 Referrals Driven
  27. 27. • Profile • Joint replacement technology with significant patient appeal • Significant competition (Stryker, Zimmer, Depuy/J&J, Biomet…) • ~1.5 million joint surgery-related searches per month • High reimbursement ($2K surgeon, $20K hospital/ASC) • Results (within a year) • >30 clients on program • >8 million impressions per month (search + Facebook + 100’s websites) • >1000 verified appointments • Average client ROI of 721% • Google best-in-class case study Case Study #2: Orthopedic Device Proprietary & Confidential 27
  28. 28. • Co-branded microsites • Integrated high-end content Video, animations, illustrations, brochures, PR • >39,000 visitors per month • >650 referrals per month Validated to convert at 35% Case Study #2: Orthopedic Device Proprietary & Confidential 28
  29. 29. Optimization of Spend $151 $132 $104 $89 $89 $40 $60 $80 $100 $120 $140 $160 $180 $200 August September October November December Cost Per Referral Proprietary & Confidential 29
  30. 30. Orthopedic Surgery
  31. 31. Case Study #3: Investment & Return Proprietary & Confidential 31 $22,000 $27,500 $48,490 $61,780 $68,980 $101,220 $8,100 $8,820 $13,625 $17,450 $20,055 $20,600 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 300-400% ROI ( 561% in last month) Investment Return (Disposable Revenue) (minimum)

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