Medical Device Marketing Strategy That Works
These days, the medical device market has increased tremendously. According to recent studies, the global medical device market size is expected to reach $612.7 billion in 2025. But the competition is very high, and medical device companies of all sizes face many challenges. So how can your new medical device business survive and stay ahead of the competition? With so many players in the market, what should you do to reach your potential customers and remain in their minds?
The answer is obvious. You need a comprehensive medical device marketing strategy to acquire new customers, increase the number of sales, and grow a successful business. It’s critical to reach the right prospects with the right message if you want to achieve real marketing results.It’s not easy to make your company stand out from the competitors. That’s why in this article, we are going to discuss how to build an effective marketing strategy that can help you reach more potential customers and ultimately be successful without breaking the bank in the process. Keep reading to learn about the best medical device marketing tactics that can help you get better results at a far lower cost.
Why Do You Need a Strategy for Your Medical Device Marketing Campaigns?
There are a lot of great marketing techniques and tools out there, but you will just waste your money if you use them in the wrong way. Besides, every business is unique and may require using different tactics. It would be a mistake to start spending money on paid advertising or social media marketing without identifying your customer needs and creating a sales funnel.
That’s why you need to make an action plan where you should set specific roles and messages to all the tools you are planning to use during your marketing campaigns. You need to create a comprehensive strategy based on the market research to locate your target audience, deliver a compelling message that communicates your value proposition, and motivate your prospects to make a purchasing decision.
Your goal is to convince your customers that your medical devices can meet their needs and solve their problems better than similar products made by your competitors. Using such a detailed plan, you will increase your chances of achieving the maximum profit and sustain your medical device business.
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6 Aspects You Should Consider When Developing Medical Device Marketing Strategy
A detailed marketing strategy is key for all businesses to succeed in a highly competitive contemporary marketplace. You should start by establishing your objectives and setting your realistic goals. Here are some tips on creating a marketing strategy that can be useful for medical device companies.
Identify your customers’ needs
Medical devices are very complex and sensitive in nature, so it’s crucial to get to know your target audience better. Start with identifying your audience’s pain points. It’s a necessary step for selling to both households and hospitals. You should do keyword research to find out which words your customers use to communicate their needs and learn how often they search for medical products like yours.
These days, people express their needs freely and openly. Browse through discussions on medical forums or general Q&A sites like Quora or Reddit. Note what your potential customers are missing in the current offers of your competitors.
Create buyer personas based on your customers’ needs. They are specific semi-fictional representations of your ideal customers. If your company produces medical technology equipment or electronic health record software, you should also target distributors, treating them like your most valued prospects, and create buyer personas for them. All this information will be useful for building your brand fundamentals and telling a story that will resonate with your audience’s needs.
Analyze your competitors
It’s much better to learn from someone else’s mistakes rather than making your own. Take time to examine the marketing activities of your competitors. Your goal is to determine what methods and tools they use to reach their audiences and market their products. You should try to determine which of their medical device marketing methods may work for you as well.
You should find out how your competitors get traffic to their website and what they do to convert their leads into paying customers. Analyze their advertising campaigns to determine which of them were successful and use some of their smart materials for inspiration. Besides, you should look at their social media profiles to get a better idea of what role this channel plays in their marketing strategies.
Create your value proposition
It’s essential to understand how your medical devices can help in solving real-life problems of your target audience and formulate your unique value proposition. Use the language of your customers; do not exaggerate the benefits. You don’t want your communication to look like marketing bullshit.
You need to identify all the benefits your medical devices offer and explain why these benefits are valuable for your target audience. You should tell how your products are different and better than the products of your competitors.
The good idea is to develop specific value propositions for specific buyer personas. It may be the same product; you just need to adjust your messages depending on the type of person you are talking to.
Create sales funnels
Use all the information you have gathered to create a marketing funnel – a process of converting your website visitors into paying customers. You need to lead your prospects through their buying journey from the awareness stage when they first learn about your medical device company to the purchase stage when they buy your product and are happy to tell about it.
Develop specific tactics for every step in the sales funnel
This step puts all the previous research into action. Now you know what your customers need, and what barriers or objections they may have. Moreover, you know which approaches worked or did not work for your competition. Think of each user persona separately. Develop the sequence of messages that would resonate with a specific user persona to neutralize their objections and address their needs.
There are dozens of tactics and hundreds of marketing tools. For example, your plan to generate traffic to your business website may include SEO, influencer marketing, PPC campaigns, social media marketing, and guest posting. Don’t get carried away with creativity. Remember that each message you send to your customer should have a specific objective and role within the sales funnel.
In most cases, the decision-making process for medical devices will be lengthy. Content marketing opens many possibilities in guiding your audience along the funnel. You can do it by writing informative articles and using videos and images related to the health problems that your targeted customers experience. Besides, you can incorporate demo videos and customer testimonials on your landing pages. You should also create content for medical professionals and medical buyers to answer any questions they may have. The content types can include white papers, case studies, clinical reports, product demos.
It’s important to use automation tools and other marketing tools to streamline all your efforts. For example, you can use automation tools for arranging email campaigns and posting on social media.
Track your progress
To stay competitive, you need to monitor the success of your medical device marketing strategy continually. You should track the number of your leads and the revenue being generated. Getting detailed insights into your marketing performance will allow you to optimize all your efforts and improve the outcomes with maximum efficiency. In this way, you will be able to recognize emerging trends and adapt accordingly.
Anticipate that even with the best planning, you will need to monitor how the target market reacts to your offering and, if necessary, make changes in your medical device marketing methods and tools. Therefore, you should plan from the very beginning that you will have to work on conversion rate optimization to drive more sales.
Use software like HotJar, CrazyEgg, and alike to monitor the behavior of your website visitors. Check if they even saw your messages, learn what caused them to leave the site without taking the actions you wanted them to take. This will give you plenty of ideas on what to improve in your communication and product offer.
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Need Help in Developing a Successful Medical Device Marketing Strategy?
Digital marketing is the best way to promote your products and guide your leads through the sales funnel. But building an effective medical device marketing strategy takes time and effort and requires expert knowledge of the latest marketing trends, tools, and best practices. Besides, online medical device marketing is sophisticated, and even a single wrong step may harm your business. That’s why the good idea is to hire an experienced marketing professional.
If you are ready to start marketing your medical devices online, Extrabrains can help you communicate your message to hospitals, medical practitioners, and end-consumer patients and get the results you want. We can help you develop and implement a solid digital marketing strategy tailored to your company’s specific needs and goals.
Let’s talk. We’ll start with free website analysis. Get free advice to help lead you in the right direction.
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