Best Marketing Strategies For Introducing New Medical Device Products
If you are developing new medical device products for the healthcare industry, you know the scrutiny that each product must undergo before being made available for sale. Even though medical device products have a long product development life cycle, the demand never stops.
As the population ages, hospitals and clinics require more and more from their device manufacturers, which interprets into higher competition for medical device companies. It’s imperative that when introducing new medical devices into the marketplace, you have a defined marketing strategy designed to stand out from the masses.
Today, we will look at the best marketing strategies for introducing new medical devices into the healthcare field.
So let’s get started!
Understanding the American Medical Industry
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In short, the U.S. population is aging, and it is posing a growing challenge on several levels. The latest census shows that 16.5% of the U.S. population of 328 million people, or 54 million, are over the age of 65.
The number of people over the age of 85, who generally need the most care, is growing even faster.
To help meet the growing demand for elderly care, President Biden has proposed a boost in Medicaid by $400 billion over the next decade. This Medicaid program is designed to help fund in-home care for the disabled and elderly population. The proposal also includes increasing wages for caregivers, hopefully boosting the economy back up once again.
Increases in chronic conditions also come into play when dealing with an aging population, and the idea of decreasing repeat visits and improving patient satisfaction requires greater care coordination between patient and provider.
This is the calm before the storm for the healthcare industry. At the same time, it is a perfect time for medical device companies to produce products that can significantly help meet the rising demand of hospitals, clinics, in-home care facilities, and other healthcare organizations.
Let’s look at three primary strategies for introducing your new medical device products into the marketplace.
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Strategy #1: Tap Into Your Audience’s Needs
The fundamental rule of marketing is to know your target market. But you will need to dig deeper than that to stand out among the fierce competition. Your company needs to learn the issues, problems, challenges, and concerns facing your audience, then let them know that your medical device is the solution to that particular problem.
If you know that you have a unique device that can eliminate some of the problems physicians and patients face, your marketing strategy should center around those highlights and why they should buy from you.
Strategy #2: Narrow Down the Essential Buyer’s Journey
There are a few crucial decision points in the buyer’s journey toward purchasing products. Due diligence is required for more significant purchase decisions, and it won’t happen overnight.
There tends to be a longer purchasing journey. Therefore, you will want to have as much information and material as possible to knock down any objections or concerns that may come up in the research process. Education is critical as well during this time.
There are three main stages to be aware of when buyers make decisions.
Awareness is the first stage and essentially encompasses the moment your device shows up on someone’s radar. Staging your product before a potential buyer could stem from advertising, such as the internet, TV, and radio.
There are various marketing methods to create awareness, such as search engine optimization, online display advertising, pay-per-click advertising, etc. Consult with a good company with marketing experience in the medical device industry when looking for unique strategies.
During the consideration phase, buyers are looking for that final validation to help them make the right decision. They already know your product provides a solution to their problems, and they want to learn to what degree your medical device can help them.
Publishing clinical results, whitepapers, and blogs containing data and research will all help increase the consideration of your product over someone else’s.
The final stage is after the buyer has done all of their due diligence and read all of your marketing material and clinical trial outcomes, which ultimately leads them to make a final decision about your products.
You can provide device guides and ROI analysis at this point to help solidify the decision whether or not to buy your medical device products or not. Testimonials and social proof are another impactful way to back up your product as the solution to your buyer’s problems.
You can offer additional demo requests, consultations, and web conferencing to finally close the deal.
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Strategy #3: Stress the Value to the Customer
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Ultimately your devices are designed to help the patient but don’t forget you have to market to the buyer first and build the case for why your product will help their patients. Your marketing material should reflect this and be geared towards the buyer and how your products can benefit not only them but the patients they will be serving.
All of your marketing material should be written and designed using professional language that physicians and doctors can relate to. Developing a persona around your buyer will help your marketing team focus on the message that needs to be conveyed.
This is where having an outside expert team to help with developing a marketing strategy for your medical device equipment comes in handy.
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Based on the above strategies, using an outside marketing firm that specializes in medical device equipment can be extremely beneficial for achieving your company’s revenue goals.
Working with your in-house team in conjunction with an outside hired agency can work wonders for your new medical device equipment entering the marketplace.
Contact us today for more information on how Liquid Smarts can help you develop a marketing strategy for your medical device products.