Any product ever made relied on marketing strategies to get known and reach its target markets. Traditionally, it was through large billboards, television and newspaper ads, radio announcements, and event partners.
But since the birth of the internet and the rise of social media, devising a marketing strategy has become pretty cost-effective and straightforward. But it’s not without challenges. The business landscape has become cutthroat, and competing for customers’ attention is more complicated.
This is even more challenging for medical devices. Even if the market has rapidly increased in recent years, the challenge of marketing medical devices is ever-present.
Medical devices are tools utilized by medical professionals in diagnosing, treating, and preventing medical conditions. Most of these devices are employed in the hospital setting, but some are used at home. Some devices, like the ones from KNF USA, are used in the laboratory and during surgical procedures. Some examples of medical devices are scanners, X-ray machines, blood glucose monitors, pacemakers, surgical instruments, and even PPE.
To succeed in the highly competitive market for medical devices, you need to build an effective marketing plan. This post will outline five essential steps to build a medical device marketing plan. By following these steps, you can reach the right people and maximize your medical device’s potential, so read on.
Conducting market research is the first and most detailed step in your marketing plan. This is critical so your product can reach your target audience. Say, for example, your product is a glucose monitoring system. You must do these steps in conducting your research:
Market research is an ongoing process. Even if you already have a viable product, continuously improving can ensure you can edge out your competition.
Your USP will set you apart and magnetize your target market. To identify your USP, you must highlight the unique benefit of your product. In the case of a glucose monitoring system, you can emphasize its advanced sensing technology to help patients manage their condition effectively. By doing this, you’re highlighting the product’s accuracy and reliability.
Your marketing objectives will be highly dependent on your organization’s needs. Do you need to increase product awareness? Maybe generate more leads? Is this a new product you need to launch? Do you want to expand to other markets?
It would help if you first defined these to make a SMART (specific, measurable, attainable, realistic, and time-sensitive) goal. For example, suppose you want to generate more leads for your glucose-monitoring device. In that case, you may attend trade shows and conferences, partner with healthcare providers, and leverage your online presence.
Once you have identified your marketing objectives, you can decide on tactics to achieve them. Apart from the previous example of generating leads mentioned, you may also implement the following:
By crafting a definitive strategy, you know you’re reaching your target market and not wasting time and effort on channels where your presence will not be acknowledged.
You need to analyze your results and tweak them accordingly. What’s excellent with today’s digital technology is that you can immediately know if your campaign is effective. Even in as short as one week, you can check using built-in tools on social platforms if your campaign is gaining traction. Using A/B testing, you can pause or discard the campaign to make way for a new one. This way, you’re using your marketing budget effectively.
A medical device serves a noble purpose, and by crafting an effective marketing strategy, you can ensure that people who need it will benefit from its use. Following the steps this post discussed, you can ensure your medical device achieves its goal of helping lives and achieve your sales goals simultaneously.