5 Must-Haves for Your 2021 Medical Marketing Budget
As a 40-year veteran of medical marketing and commercial leader for several MedTech clients, Lisa Bichsel, CEO and founder of BMMG, suggests that dollars be protected in the 2021 budget planning cycle as follows…
1. Tradeshows – Keep your dollars flat over last year. True, your dollars will be spent in different ways, but they will likely add up to the same expense. You may shift from having a few large events you attend to more modest-sized events you exhibit at in-person on a regional basis (think “Florida State [Specialty] Association”). The major conferences that you once exhibited at may not be as well attended. Back off your footprint there to shift dollars to these hub-and spoke events instead. Protect dollars here for development of a virtual tradeshow that can be repurposed at events throughout the year. If your portfolio is vast, consider virtual booths for each care area focus, but also one for the entire portfolio.
2. Application Development – Digital tool development should be well-funded for you to invest in alternative ways to engage with HCPs that would be appropriate within a virtual booth venue, but also could be something on a rep’s laptop, posted on your website, and even used at a physical kiosk for in-person exhibits you conduct.
3. Clinical Education – Put more dollars in your various forms of HCP education. Recognize that you might not have as many highly attended in-person programs such as workshops and symposia, in favor of more frequent ones in regional markets…a “road show,” if you will. This is a challenge, because these events can be costly to produce and you likely have a threshold of attendees to justify the expense. I always say I need 8-10 physician users at a daylong workshop to make the investment worthwhile. Plan these well in advance to ensure a good turnout, and strategically place them in metro areas where there is sufficient draw from HCPs within a 100-mile radius willing to drive – not fly – to attend.
4. Subscriptions –Make sure you have a reputable webinar platform that has all the features you need for a series of web-based events throughout the year. While you’re at it, throw in dollars for other services such as Proximie for virtual case support and EatNgage to conduct virtual dinner symposia led by one of your KOLs.
5. Social Media – Invest well here. If you don’t have a dedicated social media guru, consider that one of your top new hires for 2021. Social media has never been stronger among the medical community, including clinicians who are rebuilding practice volumes and resuming procedures. Capitalize on that with someone who knows the ropes and has bandwidth to plan your posts and religiously execute on them throughout each week.
Have a question? Want to discuss anything above or the unique circumstances of your situation? Please feel free to reach out to Lisa Bichsel at (719) 640-5640 or via email at lisa.bichsel@bichselgroup.com. Happy marketing!