Driving marketing campaign success with a data-driven approach
An orthopedic medical device company needed a better way to assess their market opportunity as they prepared to launch a marketing campaign. Using Definitive Healthcare data, the team determined their market opportunity was 30% higher than their previous estimate, and this drove a successful campaign with higher-than-average sales conversion.
Key result
30%
increase in market opportunity analysis accuracy
The challenge
Capture a more accurate market opportunity analysis to deliver effective marketing campaigns
A global orthopedic medical device company was developing a new marketing campaign that targeted a suite of products, and they needed to identify which markets and customers to target. In previous campaigns, the marketing team would rely solely on the sales force to provide input on the market opportunity; however, this estimate was often subjective and incomplete. As with all campaigns, the team was working within a finite budget. To maximize their resources and spend, they needed a better approach to identify the market opportunity and efficiently identify and quantify the right physicians to target.
The solution
Efficiently and accurately segmenting the physician market
The marketing team leveraged Definitive Healthcare’s physicians data at the market and account level. They evaluated by region, state, and practice type, the customers who performed the highest volumes of procedures. This allowed them to be extremely targeted as they developed their marketing campaign.
The impact
Increased market opportunity analysis precision by 30%
With Definitive Healthcare data, the team identified the market opportunity was really 30% higher than what the sales force had estimated. This allowed the team to more efficiently use their marketing dollars to launch the campaign and resulted in a more focused effort within their salesforce, yielding above average sales conversion rates.