Is ABM At The Tipping Point in Healthcare Technology?

Over the last three years, health tech marketing firms have split into three camps: Not interested, ABM-curious, and ABM practitioners. Less than 10% of firms fell into the practitioner camps, and the rest seemed split evenly between ABM-curious and uninterested.

That has changed.

In May, we surveyed 40 healthcare technology marketing leaders who are part of the Healthtech Marketing Network to understand where they are in their ABM journey.

I was surprised. Based on the people we spoke to, ABM has become a priority.

ABM Is On The Rise

The discussions with healthtech marketing leaders indicate that adopting ABM is taking off.

As the chart above shows:

• Most companies are in the early stages of exploring and experimenting with ABM
• About a third are investing in resources and technology to make it a reality
• Some organizations have been executing ABM programs for several years

There is no one-size-fits-all approach to ABM in healthtech. Each organization's specific goals, resources, and target accounts dictate the most appropriate type of ABM program.

Read The Full Study

You can view the full study online without registration here .

It's About Time

To be candid, this shift is overdue. The complexity of the healthcare technology buying process, involving multiple stakeholders across different departments and levels of the organization, makes ABM particularly suited to our industry.

According to a recent HIMSS study:

• 60% of organizations report five or more people are part of the technology-buying process
• 27% report ten or more people are involved in decision-making
• 69% report that the typical technology investment lifecycle takes 13+ months

This complexity underscores the need for a deep understanding of different stakeholders, their pain points, challenges, and goals. It also highlights the opportunity for companies to position themselves as trusted partners who can navigate the complex landscape of healthcare technology.

ABM done well can be a better approach than more traditional B2B approaches.

ABM Technology and Data Use Are Still In Their Infancy

Technology and data are crucial enablers of effective ABM programs. Surprisingly, our research found that few companies use dedicated ABM platforms. Instead, most support their ABM programs with marketing automation platforms like Marketo, Pardot, or Hubspot.

Data quality and accuracy are critical considerations for ABM. Companies need to ensure their account and contact data is clean, complete, and properly segmented to support effective personalization and targeting. This has been a bigger lift than most expected.

Intent data has a great deal of promise but the verdict is out on its effectiveness.

Best Practices For Getting Started

For those just starting with ABM, the research participants offered a lot of advice. Best practices include:

1. Starting small with a pilot program focused on a manageable set of target accounts
2. Securing buy-in and support from leadership and key stakeholders
3. Building a strong business case that clearly articulates potential benefits and ROI
4. Continuously monitoring and measuring performance, adapting based on data and feedback

You can read the full list in the study .

Strategies for Scaling ABM Programs

The third of companies surveyed who are employing ABM had a range of common strategies for scaling ABM:

1. Using a tiered approach that aligns different levels of personalization with account value
2. Leveraging technology and automation to streamline certain aspects of the ABM process
3. Breaking down silos between marketing and sales teams
4. Creating dedicated ABM teams
5. Investing in the right processes and infrastructure to support larger, more complex programs

These are detailed in the study , especially how to build sales and marketing alignment.

The Way Ahead

While it's too early to state the impact of ABM in healthcare technology definitively, the commitment from practitioners indicates that its promise is as relevant to our industry as it is in other B2B sectors.

The study shares data and an example of what a future with ABM at the heart of your marketing can look like.

Webinar

Last week, with the help of the awesome Stacy Malyil Sand and Samantha Downing , we presented the findings on the State of ABM in Healthcare Technology.

This included:

?? Where healthtech companies are on their ABM journey.

?? What strategies are being employed and how

? What technologies are being used. You may find this surprising

??♂? How more advanced ABM'ers are scaling ABM

?? How to build sales and marketing alignment

?? Must do's to get started

Getting Moving?

By the way, if you are thinking about getting started with ABM, here are five things you can do:

1. Check out more about the ABMLaunchpad . This is a resource center focused exclusively on ABM for healthcare. It includes online learning, articles, podcasts, and much more.
2. Learn about?ABM Acceleration : This is our proprietary and battle-tested approach to ABM.
3. Buy Total Customer Growth: Our?book ?on how to win and grow customers for life with ABM and ABX.
4. Download tools and templates:?You can download tons of tools and templates to help you with your pilot. This?registration ?page is to get the assets referred to in the book.
5. Work with me directly.?Let’s?book a growth session ,?and we can explore ways to get started with ABM.