Driving value in life sciences: The rise of B2B marketing

The need for health system or B2B marketing in life sciences is growing rapidly with over 70% of patient care now managed by large, organized health systems. As access to sales representatives becomes increasingly limited and health systems transition to value-based care models focused on population health, life sciences companies are adapting their strategies to stay relevant. To address these needs, many organizations take advantage of life sciences consulting or have formed dedicated B2B marketing teams with three primary focus areas. These areas include branded engagement to support contracting, above-brand engagement for education programs and clinical protocol enablement and account-based marketing to deliver localized, tailored campaigns for specific account initiatives. This strategic shift underscores the importance of targeted, collaborative marketing in navigating the evolving healthcare landscape.

The perfect B2B marketing approach

 There are four key challenges faced by B2B marketers:

• Determining where B2B marketing capabilities should reside within the organization
• Ensuring the right talent and skills distinct from brand marketing
• Effectively measuring the impact of B2B marketing tactics
• Securing organizational buy-in through proper sponsorship
  
  

The optimal approach depends on the organization’s key account management (KAM) strategy. For some, the focus is on selling products to health systems, such as formulary updates or electronic medical records projects, while others emphasize advanced solutions like population health programs or health equity initiatives. Any strategic decision should align with business objectives.

Guiding principles for B2B marketing

 The life sciences industry has yet to agree on standardized B2B marketing metrics, but several guiding principles can help shape effective measurement.

• Metrics should align closely with key account management (KAM) program objectives and tie back to broader brand and business unit goals.
• Leading indicators should go beyond activity volume, focusing on the quality and scope of relationships with key decision-makers, such as C-suite and D-suite stakeholders, and tracking metrics like the number of projects initiated.
• Incorporating customer feedback into marketing strategies is essential to refine engagement efforts.
• Shared metrics tied to mutual objectives, such as improving patient outcomes and enhancing care delivery, foster accountability and ensure value for all parties involved.

The future of B2B marketing will see a noteworthy evolution. Embracing intelligent process automation in B2B marketing can significantly enhance efficiency and streamline processes for companies, allowing them to gain a competitive advantage. However, the successful implementation of automation requires careful planning, data integration, and a focus on human oversight to ensure the technology is used effectively.