So, you’ve come up with the perfect idea for a medical device but aren’t sure how to go about marketing and selling it? You’re not alone! In fact, developing the perfect marketing strategy and sales plan can be tricky since there are so many different factors to consider when you’re trying to sell medical devices.
1) Know your audience
The audience for medical device marketing is ever-changing. To create the perfect plan, you need to know who you are targeting. This could be different segments of the market or specific parts of the product offering. For instance, if you want to get your product into hospitals, then your target audience would be hospital executives, clinicians, nurses and other healthcare professionals. On the other hand, if you want to target surgeons directly with sales reps that call on them in their offices, then your target audience would be surgeons only.
2) Set your goals
There are many goals that medical device marketers might have, such as expanding their customer base or improving brand recognition. To get started with your plan, think about what you want to accomplish in the next six months. What do you want your business’s marketing strategy and sales plan to look like?
3) Research your competition
In order to create the perfect marketing strategy, you need to identify your competition in the space. To do this, look at what they are doing well and what they are not doing well. Once you identify those things, try not to copy them but instead make your company different from theirs.
4) Choose your marketing channels
The best way for medical device marketing is to use multiple channels. The most popular channels are email, social media, search engine optimization (SEO), pay-per-click advertising (PPC), and video marketing. Try choosing one channel from each category and experimenting with them. See what brings in the best results. Once you find the right combination, use it consistently so that your customers can find you easily across different channels and at any time of day or night. For example, if email works well, then dedicate your time to sending emails; if Facebook works well, then spend more time on Facebook; if PPC doesn’t work well but SEO does, then spend more time on SEO efforts; and so on.
5) Create compelling content
A successful marketing strategy is key to any company’s success. The medical device industry is no exception. However, with so many companies vying for attention, it’s important that your strategy is as unique as your product.
6) Invest in lead generation
Investing in lead generation is one of the most important steps in marketing. Lead generation helps you find potential customers who are interested in your product or service and gives you the opportunity to follow up with them by engaging with them on social media, sending them emails, or calling them on the phone. A strong lead generation strategy should be incorporated into your marketing plan from day one because it will help to increase sales for years down the road.
7) Measure your results
- Compare the competitiveness of your product against other products in the market.
- Calculate the total number of customers that would need to be reached in order for you to achieve your marketing goal.
- Determine how much time, energy, and money you have available.
- Connect with potential customers through social media outlets such as Twitter, Facebook, or LinkedIn.
- Identify who your target market is and what their needs are.
- Build a strong customer base by building relationships with those customers that come back to you over and over again.
- Meet your goals by using these strategies on an on-going basis rather than just when they become relevant.
- Begin by understanding your target customer – who are they, what problems do they face, and how can you solve their problem? By defining this, you will be able to create a marketing strategy that speaks directly to them.
- Know your competition inside out – what products does the market already offer? What are their strengths and weaknesses? What are the differentiators between these competitors and your company?
- Identify where you want to position your product in the marketplace – which niche should it fill? How should it stack up against existing products on the market? Is there an entirely new area for it to occupy (i.e. wearable devices)?
- Identify where and when you want to sell your product – retail stores, online retailers or both?
- Choose a price point for it that is competitive but also affordable for customers
- Consider any additional items that might make sense with or complement your product
- Research distribution channels
- Explore markets outside of just the United States
- Find ways to cut costs
- Conduct cost-benefit analyses of potential partnerships
It’s important for medical device marketers to have a plan. A marketing strategy and sales plan will help them think through the challenges they may face, as well as provide them with the tools they need to get their message out there. The next time you sit down to create your marketing strategy or sales plan, refers back to this list of seven points.
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