Four Key Pillars to a Med-Tech Company’s Online Presence
81% of US adults use the internet every day, and the web has become a primary resource for researching a company or a medical procedure. The medium has tremendous power. Yet, the relevant knowledge level in med-tech CEOs runs the gamut from savvy business builders to technical luddites missing out on a cost-efficient method to build their pipelines.
My own start with the internet as an awareness tool began in the mid-nineties when I started an environmental non-profit here in Boston. We built a website to spread the message and build our ‘oyster restoration’ brand, then expanded into a blog and social media presence. As the organization grew, we tracked many metrics including web-site hits, search rankings, social media followers, shares, and inbound requests. As a nascent organization calling on government officials and potential partners it was helpful to say we had our field’s top ranked blog, hundreds of followers, and a high rank in Google searches. For a small entity, we seemed much larger, which gave us credibility and helped us garner support. A web and social media presence helps accelerate business success.
In med-tech companies we look for expertise in four areas.
Awareness- A comprehensive website and a LinkedIn presence are the minimum for establishing a presence. They provide a conduit for investors, customers, patients, and potential employees. And, if it is a space with multiple competitors, can lay the groundwork for differentiation in the marketplace.
Clinical Engagement- We like to see user-clinicians discussing the technology and its use. The material can be case discussions on LinkedIn, YouTube, or the company website itself (although this can be tricky with FDA regulations around promotion.) Through these pieces we can learn what the user community thinks and the approach’s advantages.
Education- Many companies sponsor webinars and medical education that can be extremely informative and cost effective for the company. The cost of a human sales force continues to rise, and it is increasingly challenging for sales reps to access clinicians. The days when a few pizzas or a box of doughnuts were provided access a medical practice are long gone. And Covid made this challenging situation even worse. I recently met with a small pharmaceutical company that has done away with its field sales force entirely to focus on internet outreach. That company is generating profitable growth.
Patient Funnel Building- One feature that once was cutting edge and is now becoming more common is using the website to build patient flow for physician users. A good set-up can guide a patient through self-selection for eligibility and connect them with a nearby practitioner. This builds on the earlier mentioned awareness as the company first needs to get patients to their site through Search Engine Optimization (SEO) and other means.
These elements are important and, in some cases, critical to growing the business. The best CEO’s can quote the relevant website hit statistics, views, and the subsequent return on investment. Conversely a CEO who knows nothing about the area in the business can indicate that it is not a priority and that an opportunity is being missed. This happens more frequently than one would think.
Here are two mistakes I have seen in the past few months. A company with a ground-breaking therapy had a woefully inadequate website with minimal discussion of the relevant benefits, the treatment process, and a referral channel. This is a shame as many more patients could see a dramatic improvement if they only knew. Ironically, at the same time the company is funding an extensive sales force with no sales rep generating the volume to pay for their significant cost. In every substantial sales force, there are one or two bad hires. My recommendation was to outplace those laggers and invest in a comprehensive internet marketing effort. A single body focused on building the web-profile can make an enormous difference.
Another company tragically lost a golden opportunity to gain market share when their main competitor’s product was pulled from the market due to a toxic material. On an internet search, it was impossible to find any information about how their product was a superior substitute for the embargoed competitor. This was an ideal opportunity to access new customers and win competitive accounts with a better product. A campaign of webinars and customer testimonials such as “How we made the switch seamless and painless” would have been timely. Instead, the window of opportunity was frittered away.
A web presence with awareness, clinical engagement, education, and patient funneling not only boosts a med-tech company's exposure, but also it demonstrates a shrewd, well organized executive team.