The 3-step formula that medical societies can use to adapt to the digital future
The writing is on the wall - the future is largely digital and the only way to thrive in it is to adapt do it.
However, that leaves us with the big question - adapt yes, but HOW?
After carefully researching this topic through interviewing leaderss at medical societies, physicians and pharma companies, we have derived a 3-step formula that societies can use to multiply the impact of their education.
The formula is Value x Leverage = Impact (or V x L= I). Let’s unpack it.
Value: the core value of medical societies is their content. It’s credible, scientifically rigorous and broadly accepted by physicians. When it comes to annual meetings, content is usually in the form of lectures and posters.
The first step in this formula is to strengthen the value, and that is done through protecting the core content (copyright) and repurposing it. By ‘repurposing’ we mean mixing formats and content in different ways - video lectures, posters, MP3 lectures, infographics, and conference summaries.
By protecting the content and repurposing it, societies take the first step in multiplying their impact as they can cater to wider variety of learner types (audio, text, visual, short form, long form) and also be ready for wider distribution of their content...which brings us to the second element of the formula, which is:
Leverage. Leverage includes two things:
- Technology partnership. Partnering with platforms like EvermedTV ensures societies that their content will reach exponentially broader, global audiences.
- Pharma sponsorship ensures that the core content reaches international audiences (so not only US) in 100+ countries around the world.
In order to use the leverage successfully, societies should make sure that both tech partners and pharma sponsors have:
- Aligned mission around medical education
- Aligned incentive to bring this education to as many healthcare professionals (HCPs) as possible
- State of the art technology that is reliable, delivers high performance,and can scale to tens of thousands of simultaneous users in over 100 countries without loss in quality
- A beautiful and easy to use interface (robust search, personalized content, mobile responsiveness)
- Access to analytics that can further inform society strategy
Let’s now talk about the final result - the impact.
Once societies strengthen their core value through protecting their content and repurposing it, and then use the leverage of technology partnerships and pharma sponsorships, they are able to exponentially increase their impact.
Remember, the formula is Value x Leverage = Impact.
What do we mean by Impact in a digital age? Very simply, it’s:
- Increased reach globally, of both society’s science as well as their brand
- New revenue streams from distribution through new partners
- Membership growth (this one is very interesting, and we’ll cover how to do it in a separate article)
- Improved patient care (what education aims to do in the first place)
Again, it’s V x L = I
What do you think? Has this formula struck a chord? If yes, feel free to contact us here and we can share details on how exactly you can enhance Impact through your Value and EvermedTV Leverage.