Building a GTM Engine

Insights from the Healthtech Marketing Summit

On April 29th, the Healthtech Marketing Summit brought together industry leaders to discuss strategies and best practices for go-to-market success in the healthcare technology space.

One of the standout sessions, “Building a GTM Engine,” delved into the key components of a well-oiled go-to-market machine. The panelists, led by Bob Blount, Health Launchpad principal, were Bob Abrahamson, Chief Marketing Officer, pCare, a Uniguest company; Cathy Finley, Senior Vice President, Marketing & Product Management, Dr. Evidence; and Ben Person, CEO of Tenon .

They shared their insights on foundational elements, execution tactics, collaboration, and the role of technology in driving effective GTM strategies.

Listen as we explore:

  • The critical importance of thorough market segmentation and customer profiling in laying the foundation for a successful GTM strategy
  • Proven tactics for developing compelling value propositions and messaging that resonate with your target audience
  • Strategies for maximizing content efficiency and consistency across multiple channels and touchpoints
  • The power of close collaboration and alignment between marketing, sales, and product teams in ensuring a unified go-to-market approach
  • Best practices for aligning your SDR strategy with your unique business model and sales cycle
  • The essential components of a robust marketing tech stack and how to leverage them for data-driven optimization
  • Navigating the complex compliance landscape in the healthcare industry and staying ahead of evolving regulations
  • Adapting to market shifts and keeping your messaging and value propositions relevant to changing customer challenges
  • Prioritizing a customer-centric mindset in all aspects of your go-to-market strategy
  • Measuring and optimizing go-to-market performance using key metrics, dashboards, and integrated CRM and marketing automation systems

Whether you’re a seasoned healthtech marketer or just starting to build your go-to-market engine, this episode is packed with actionable insights and real-world examples.

Read the detailed article based on this episode.

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Agility in the Face of Market Shifts

The ability to adapt to market shifts emerged as another key theme. Panelists emphasized the importance of staying attuned to changing dynamics, such as the nursing shortage and retention challenges in the wake of the pandemic or the impact of rising interest rates on hospital budgets for capital investments. By monitoring these shifts and swiftly integrating insights into messaging and value propositions, healthtech companies can demonstrate their understanding of customer challenges and position themselves as relevant solutions.

“You have the changes in health care; you have rising interest rates. So cash and the ability to pay for capital products are a challenge for hospitals right now. Part of our product is hardware and capital investments. So we need to understand and recognize that this is a market shift we must address because cash flow is an issue for these folks.” Bob Abrahamson

The Customer-Centric Approach

While the session covered many topics, a common thread was the paramount importance of a customer-centric approach. Whether in choosing between sales-led, product-led, or market-led GTM strategies or in crafting messaging and value propositions, panelists consistently emphasized the need to put the customer first. By deeply understanding the target audience’s needs, challenges, and preferences, and aligning all aspects of the go-to-market engine around those insights, healthtech companies can differentiate themselves and drive meaningful impact for their customers.

Brand Awareness and Expansion Challenges

The session also touched on some of the key challenges faced by healthtech companies in their go-to-market efforts. For newer entrants, generating brand awareness in a crowded and mature market can be a significant hurdle. Panelists discussed strategies such as investing in brand-building initiatives and leveraging thought leadership to establish credibility and gain visibility. For companies targeting life sciences customers, the impact of widespread downsizing and budget constraints was identified as another challenge. In response, panelists suggested doubling down on customer retention and expansion efforts, focusing on landing and expanding within existing accounts and cultivating a strong network of brand advocates.

“Biggest challenge for us and our current company is brand awareness, and we’re a brand new company. And so how do you get your brand known, especially in a market that’s fairly mature?” – Ben Person

Ten Actions You Can Take

  1. Conduct thorough market segmentation and customer profiling to identify target personas, their pain points, and goals.
  2. Develop a compelling value proposition and messaging that resonates with your target audience.
  3. Optimize content by repurposing and reusing it across multiple channels and touchpoints to maximize efficiency and consistency.
  4. To ensure a unified go-to-market approach, foster close collaboration and alignment between marketing, sales, and product teams.
  5. Align your SDR strategy with your business model, considering factors such as sales cycle length and the need for multi-persona engagement within target accounts.
  6. Leverage a robust marketing tech stack, including CRM, marketing automation, sales engagement, and account-based marketing platforms, to enable data-driven decision-making and optimization.
  7. Stay abreast of compliance requirements and proactively collaborate with clients to navigate the complex regulatory landscape in the healthcare industry.
  8. Monitor market shifts and swiftly adapt your messaging and value propositions to demonstrate relevance and understanding of evolving customer challenges.
  9. Prioritize a customer-centric approach in all aspects of your go-to-market strategy, from messaging to product development and sales enablement.
  10. Continuously track and optimize go-to-market performance using key metrics and dashboards, leveraging the power of integrated CRM and marketing automation systems for data-driven insights.

If you are looking for ways to get AI sales outreach started, we offer an AI Coaching program that is tailored to your needs. You can learn more here.

Posted by Adam Turinas
Posted in Healthtech Marketing Show, Uncategorized on May 28, 2024

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About the Author Adam Turinas

Hi, I am Adam Turinas, Health Launchpad's founder. I am passionate about helping healthtech firms succeed through better sales and marketing. I have hard-earned experience in healthcare technolgy as I started two healthcare businesses in the US, the first with zero healthcare experience. We sold the second business to a strategic buyer seven years later. Over 9 years building a healhtech businesses, I have learned how to sell and market effectively to healthcare organizations. Prior to this, I spent two decades in digital marketing across healthcare and other consumer industries where I sold over $100 million in products and services to corporations and healthcare orgs. I would love to talk with you. You can book a call with me on the right hand side. Best Adam (This is page 0 of many)Enter your text here...