The medical device industry has become a booming profit hub. It’s estimated that by 2020, the medtech market will reach annual revenue of $477.5 billion. However, with copious profitability comes fierce competition. There are nearly 7,000 medical device companies currently operating in the US. Given the multitude of organizations vying for success in the space, it’s incumbent upon medical device organizations to differentiate themselves from their competitors. In order to do so, it’s imperative to have all your bases covered when it comes to executing strategies.
Lanmark360 has amassed decades’ worth of medical device marketing expertise in this burgeoning industry, having worked diligently with such companies as Bracco Diagnostics, deftly communicating the value proposition of the CardioGen-82® heart diagnostic system, and Fujirebio, facilitating a widespread awareness campaign aimed at bringing an ovarian cancer biomarker test into focus.
By utilizing simple, yet efficient, strategical approaches, Lanmark360 catalyzed an augmented presence for both organizations by bolstering communication between sales forces and consumers. Here are a few tried-and-true marketing strategies designed to effectively position your company to stand at the forefront in the medical device industry.
Identify Your Target Audiences and Correct Messaging
Before anything else comes into play, it’s vital for any medical device marketer to answer two integral questions – who are my target audiences? And, how do I reach them with compelling messaging? Whether communicating with hospital executives, physicians, or straight to end-user patients, crafting and deploying the right messaging at the right time can go a long way in spurring buying-oriented actions.
Ultimately, the correct messaging, regardless of the audience, should always center on education. Always strive to take your audiences on learning-based journeys through any content you provide, showcasing your products in such a way that each target gains a greater understanding of the importance and functionality behind the equipment and services your company supplies.
Create a Content-Driven Website
There was a time when a website could exist on its own with attractive graphics and a compelling layout and that would be sufficient in garnering new leads. Those days are long gone. In 2018, in order to adroitly market medical devices, maintaining a content-rich and mobile-friendly-website is paramount. Bear in mind, a website is the only marketing channel businesses wield complete control over. Marketers have free reign in the frequency of disseminating information on their website, and should always take advantage of that ability.
Going beyond messaging, the true goal behind having a content-rich website in the first place is to evoke a particular impression or memory. If your website exhibits supreme knowledge in educational marketing, displaying your company as an engaged thought-leader in the medical device community, you’ll begin to earn customer confidence and loyalty. Moreover, a content-driven site can serve as a conversational tool – meaning, visitors to sites start out as strangers. However, if the strength of your site’s content can convert strangers into prospective customers by enticing them to contact you, then your website has accomplished its main purpose.
Maintain a Robust SEO Presence
What good is your enhanced, informative website if it can’t be found on the mighty Google? Search Engine Optimization (SEO), is a process that integrates both technical and creative elements to drive traffic and increase awareness of your website using the correct combination of specialized keywords and pertinent content. Considering that close to 30 million people conduct medical research via Google, having your site appear at the top of any medical device company inquiry plays a huge factor in determining the long-term viability of your online business endeavors. On-Page search ranking factors that are within the publisher’s own control can perform wonders in attracting prospective leads to frequent your website.
Build and Nurture Industry Relationships
While online marketing reigns as king, personal interaction still garners a lot of positive reception. Attending tradeshows or making visits to physicians’ offices is a smart way of marketing your medical devices and equipment. These meetings and events enable companies to connect with practitioners, reps, and decision makers in a personalized setting that often creates beneficial business relationships that eventually lead to increased direct sales and a much higher value leveraging influencers.
Gauge Your Progress
After implementing these strategies, medical device companies must continually gauge the progress their campaigns are producing. Medical device marketers should continually track analytics, leads, and revenue being accrued after enacting an improved marketing approach. Practicing such protocols allows for thorough insight into your plan’s efficacy.
As the medical device industry continues to grow at an exponential clip, the companies that will thrive in this ultra-competitive environment are the ones who will constantly adapt, both in terms of their products and content, while being able to recognize emerging trends accordingly to cover all their bases.
Lanmark360 stands at-the-ready to assist you in creating the medical device conversation of the future. Let’s collaborate today, and together, we’ll innovate the healthcare industry while achieving mutual success and understanding.
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