medical device: dtc marketing w/ a proven roi (the power of the referral)
DESCRIPTION
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.TRANSCRIPT
DTC MARKETING
WITH A PROVEN ROI: Digital Co-Marketing and the Power of the Referral
Dan Stempel, MD Connect 08.12.2014
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A Unique ‘Dual’ Perspective
Medical Devices (15+ years) Digital Marketing (8+ years)
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Strategic Patient Referral
If you own the patient…
…you own the doctor.
MD Connect
DTC CHALLENGES
DTC Costs (…a lot!)
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How can you compete?!?!?
Targeting?
What you want:
Patients with a specific condition
What you get:
Demographics (age, gender, socioeconomic status)
Geographic distribution
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ROI Tracking: Focus on what matters!
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Impressions
Visitors/Clicks, Rankings, Likes, Followers
Over 90% of agencies focus here
Referrals (Patient Leads)
• Online
• Offline (Phone) (often >80%)
• Quality ( appointments & procedures)
Increasin
g Valu
e
Taking the “Direct” Out of DTC
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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.
‘Indirect’ DTC (Practice Enhancement) Tools
Print Ads
Direct Mail
Radio Ads
Patient Brochures Posters
PR / Press Kits
Find-A-Doctor Locators
A NEW PARADIGM: DIGITAL CO-MARKETING
MD Connect
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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
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Patient Preference?
“All Medicine is Local.”
Local & Targeted
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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?
* With microsite
3 Key Components
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1. Targeted online media
2. Microsites Visitors Referrals
3. Tracking out to referral Online & Offline (phone)
(Online) Media Targeting
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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
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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
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
Retu
rn o
n In
vestmen
t (RO
I) Patient Search
Process
$$$$
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In-Media Targeting: Keywords
Benefits of Targeting
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$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%
Program-specific website(s)
Localized MD/Hospital-focused
Co-branded
Conversion-optimized Specialty-focused, ‘just right’ content
Low cost (free?)
Microsites
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Performance Tracking (Referrals!)
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Phone Auditing
& Lead Scoring
Referrals Not visitors, impressions
Tracked back to media, keywords
Go beyond the referral appointment Phone auditing, lead scoring
Performance Tracking (ROI)
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RESULTS MD Connect
• 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
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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
MarketingService
All Product(Pull-Through)
Capital (Laser) Disposable(New
Accounts)
Disposable(ConvertedAccounts)
Disposable(ExistingAccountsSecured)
Device Company Revenue
18 Lasers Sold
Significant Pull-Through $
12 Compet. Conversions
Marketing Investment Value1
Vascular/Vein (150+ clinics and counting…)
>150,000 Referrals Driven
• 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
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• 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
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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
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Orthopedic Surgery
Case Study #3: Investment & Return
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$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)