According to recent studies, the universal market size for medical devices is forecasted to reach over $610 billion by 2025.
Standing out in the modern marketplace is more challenging than ever.
Thankfully, there’s only one thing standing in the way of surging sales, new customers, and success.
And that’s a comprehensive marketing plan.
Continue reading to find out to take your business to new heights by creating a competitive medical device marketing plan!
Related: LiquidSmarts Services & Training
Know Your Consumers’ Problems, Needs, and Identify Key Buyer Personas
Starting with the marketing basics, identifying your target audience is the first step to creating an effective medical device marketing plan.
What kind of problems and needs do your target customers have?
Specifying your buyer persona is critical for building a reliable foundation for your marketing strategy.
Why?
Med device advertising campaigns tend to be role focused. Identifying a target buyer is the first step in a medical device marketing strategy. You need to know where you’re aiming to get, before you start. Best practices in digital marketing apply here, where a persona enables you to perceive both current and future clients better, whether it’s their interests, practice area focus, a subsegment of the Medical Device industry, with specific healthcare professionals with predictable habits, pain points, demographic data, etc.
This market research will help you identify whether you’ll be selling to a hospital, private practice, doctor, or patient and identify the buyer persona’s pain points.
Determining your target audience’s pain points, or needs, is particularly important because this is what will allow you to craft compelling content that attracts prospects.
Analyze and Understand Your Competition
The next step to creating a solid marketing plan for medical devices involves analyzing your competitors.
Watching which of your competition’s marketing efforts succeed or fail can help you improve your marketing plan accordingly.
You want to identify which marketing tools and methods competitors rely on to market their products and attract customers.
Similarly, analyzing how your competitors increase website traffic and boost conversion rates will also help guide your marketing plan.
Ultimately, analyzing your competitors’ advertising campaigns will help create, not only a reliable marketing plan, but a competitive one as well.
Build a Value Proposition That Attracts Consumers Along The Buyer’s Journey
This third step in your marketing plan of messaging around the value of your medical device relates to your buyer persona.
Building a value proposition is an integral part of the marketing plan because this is where you spell out how your medical device can solve your buyer persona’s real-life problems.
What are the benefits of your products? What makes your products better than your competitors?
The value proposition for a medical device should not only include messages centered around the results for patients but should also be adapted for medical professionals.
It would be best if you framed your products’ beneficial outcomes for patients from the perspective of a medical professional since they are your buyer persona. In this way, messaging should entail professional language instead of simplifying the wording for patients.
It’s helpful to create different value propositions for your unique buyer personas so you can customize messaging based on each prospect.
Leverage Sales Team Insights & Develop a Clear Sales Process
Next up for creating a solid medical device marketing plan is to adopt strategies from your sales team!
To mirror your sales process online will take more than just understanding your sales team’s basic methods and challenges. It’s essential to go in-depth into each phase of the sales process and follow the concerns, goals, and challenges connected to each step.
Although the online sales process is different from what your sales representatives partake in, the foundation remains the same.
It’s the same target audience needing solutions to the same problems!
With the sale sales cycle stages and triggers, knowledge from sales teams can benefit your overall marketing strategy through their customer understanding.
But don’t forget— because most sales cycles occur before the target customer engages with your business, you will have to adapt the sales steps according to the journey your leads take to become clients.
Establish a Sales Funnel
The next step is to take all that you’ve learned to create a marketing funnel to convert website leads into paying clients!
You have to guide your prospects through the buyer journey from the first stage of learning about your company to the last stage of purchasing your product.
There are numerous techniques and hundreds of effective marketing strategies, including influencer marketing, SEO, social media marketing, pay-per-click campaigns, etc.
One effective tool, in particular, is content marketing. Content marketing can effectively guide your audience through the funnel.
Content marketing is a potent approach for converting leads, whether informative articles, white papers, case studies, clinical reports, or even placing demo videos and customer testimonials on your landing pages.
Regardless of which tactics you decide, you want each message to customers to have a distinct objective and role in the sales funnel.
Create a Content Strategy
An integral part of a marketing plan is content strategy.
Understanding your audience’s concerns and questions is only part of creating helpful content.
It’s essential to consider the type of content and which placement will be effective at certain stages of the sales funnel.
For example, blog posts are a popular choice among marketers because they effectively attract new leads to websites, introduce them to what a company does, and illustrate reliable expertise.
Similarly, content like white papers and other high-quality content is also crucial at the end of the buyer journey when prospects expect extensive details and data reports to support your product’s value.
Align Your Sales and Marketing
Sales and marketing collaboration is significant towards the end of the buyer journey.
When customers are ready to be clients, it’s time for sales representatives to step in. Marketing and sales must work together to maximize efficiency in converting leads.
At the beginning of this alignment process, the marketing team connects with sales to collect important information necessary to create content.
However, alignment occurs when marketing and sales fluidly work together throughout the sales process.
As a bonus, this alignment also saves your company time and money!
Track Your Sales Progress & Adjust As Needed
Crafting a solid medical device marketing plan requires flexibility and adaptability.
It’s essential to track your progress throughout the sales process to maximize your position against competitors.
It’s important to keep a record of the number of leads and revenue generated. It will also be helpful to monitor reactions to your product from the target market so you can make the needed adjustments to your marketing methods.
In this way, placing efforts on conversion rate optimization will help track the most successful tactics and, therefore, drive sales.
A comprehensive track record of your marketing performance will enhance your efforts and significantly improve outcomes.
Need Help Getting Your Medical Device Marketing Off The Ground? Contact Liquid Smarts Today
Having a strong medical device marketing plan can transform your business.
As a revolutionary global services and technology company, Liquid Smarts can take your company to the next level.
Say goodbye to ineffective and outdated practices and hello to a competitive marketing plan with Liquid Smarts!
Wanting to increase engagement and sales volume? Rely on LiquidSmarts and their revolutionary methodology to transform your business!