Surviving in the Medical Devices Market: 4 Tips for a Good Marketing Strategy
An excellent and detailed marketing strategy is the key for modern companies to succeed in the highly competitive marketplace today. Every marketing plan is different depending on the product, the company, and the situation existing in the market. Medical device marketing strategy mainly includes functions such as product positioning, portfolio differentiation, competitive assessments, market segmentation, […]READ MORE >>
An excellent and detailed marketing strategy is the key for modern companies to succeed in the highly competitive marketplace today. Every marketing plan is different depending on the product, the company, and the situation existing in the market. Medical device marketing strategy mainly includes functions such as product positioning, portfolio differentiation, competitive assessments, market segmentation, customer awareness, and loyalty-building programs. Although the medical devices market continues to be strong, the demand for these products are expected to soar higher in the years to come; more obstacles seem to be rising on the marketing front. From communicating to hospitals and physicians, or directly to end-consumer patients, it is getting harder than ever to locate the target audience, present a compelling message, and motivate a buying-oriented action. So how can companies in the medical devices market make themselves stand out from competitors and garner market attention without busting the budget? A good marketing strategy might be the answer. Here are four tips for companies in this sector for crafting an ideal marketing strategy:
Know your audience
Defining your target market is one of the first steps involved in efficiently marketing anything. Moreover, the complex and sensitive nature of medical devices makes it extremely important to get to know the target audience better. Firstly, decide whether to focus on medical professionals and facilities, or end users. Developers of large medical equipment or commercial equipment normally appeal to physicians and facilities. Even though patients are the end users, buy-in from practitioners is vital. They prescribe or recommend treatments for their patients. For smaller devices, it makes sense to concentrate on reaching out to consumers or adding this market segment to your marketing strategy.
Build relationships in the industry
Building professional relationships in the healthcare industry is a very subtle marketing strategy that medical devices companies can follow. Personal visits to medical offices and trade shows are common places, where the sales representatives of medical devices often connect with practitioners or facility reps. At these events, sales personnel get the opportunity to discuss the benefits of the equipment and demonstrate how it works to the medical practitioners. Most importantly, building relationships with prominent practitioners help develop peer influencer programs. This can also result in repeat sales in the long run.
Embrace digital technology
Going digital is the new normal in the healthcare industry and so is the case for companies in the medical devices market. When it comes to building a good marketing strategy a mere face to face sales attempt might prove insufficient or in some cases unsuccessful. So what next? Today savvy marketers are relying on creative direct email pieces to alert professionals about innovations in medical devices and the types of medical issues they resolve. Social selling, including LinkedIn, Twitter and Facebook, are additional platforms to create awareness. Once the interest of the prospects is captured, the next step is to drive the recipient to your website. On-site, companies can present their products through landing pages by discussing the benefits of the devices offered by your company. Videos, including demonstrations and testimonials, also help prove the value of your offering.
Employ content marketing
An efficient content marketing strategy will turn out to be a great plus point in attracting end users. It can be done through writing articles and incorporating images and videos that relate to the problems your targeted consumers experience. Integrate search engine marketing strategies as well, to drive traffic from potential customers. After you drive traffic to the website, present your solutions and the benefits they offer in resolving their pain points or medical problems. Even if you sell commercially, demand from end users sparks demand among facilities and medical practitioners.